Here is what you need to know.
- Trump warns the EU on Brexit and trade. President Donald Trump on Wednesday evening tweeted that the European Union’s tough stances on Brexit and trade with the US would come “back to bite you.”
- Brexit has been pushed back until Halloween. It’s possible that Britain will have a new prime minister, a general election, or a second referendum by the time October 31 rolls around.
- A Fed rate hike could still happen this year.“Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year,” said minutes out Wednesday from the Federal Reserve’s March meeting.
- These neglected stocks are set to surge after crushing earnings. Bank of America Merrill Lynch has identified seven companies that it sees crushing earnings, leading to a big spike in their shares.
- Uber is getting ready to price its shares. The ride-hailing company is reportedly seeking an initial public offering that gives it a valuation of $US90 billion to $US100 billion. The pricing of shares is expected to take place Thursday.
- Lyft has had a torrid time since its IPO. Shares have slumped 30% since they began trading in late March, and they’re trading similar to the way Facebook’s did after its IPO.
- PagerDuty is going public. The IT unicorn on Tuesday set the range for its initial public offering at between $US21 and $US23 a share, giving it a valuation of $US1.69 billion at the upper end. PagerDuty will make its stock-market debut Thursday on the New York Stock Exchange and trade under the ticker PD.
- Stock markets around the world are mixed. China’s Shanghai Composite (-1.92%) was hit hard overnight, and Britain’s FTSE (+0.12%) was out front in Europe.
- Earnings reports trickle out. Fastenal and Rite Aid report ahead of the opening bell.
- US economic data keeps coming. PPI and initial claims will be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.48%.
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