10 things you need to know before the opening bell

Here is what you need to know.

PepsiCo CEO Indra Nooyi is stepping down after 12 years. Ramon Laguarta, the company’s president, will replace her in October, according to a statement.

There’s no end in sight for Trump’s trade war with China. In an unusual personal attack, Chinese state media said President Donald Trump was engaged in a “street fighter-style deceitful drama of extortion and intimidation.”

HSBC’s pretax profit rose 4.6% for the first half of the year, but investors are worried about rising costs. “Cost growth of 7% reflected increased investments into growth and technology, far outpacing the 2% of revenue growth,” the stockbroker Hargreaves Lansdown said in an emailed statement.

The US government is altering the economy in a way not seen since the 1960s, and it could create turbulence on Wall Street. Ethan Harris, the head of global economics at Bank of America Merrill Lynch, said “bouts of nervousness” could arise if President Donald Trump continued encouraging low interest rates.

One dirty word keeps popping up as Wall Street weighs the next market crash, and it should strike fear into the hearts of investors everywhere. They’re referring to the lack of liquidity – and the myriad problems created when investors are unable to trade without distorting markets.

The pound fell to an 11-month low against the dollar amid growing fears of a no-deal Brexit. The UK’s international trade secretary, Liam Fox, said in an interview that the chance of a no-deal Brexit – in which Britain leaves the European Union without a deal on future trading arrangements – had risen to 60% from 50%.

The owner of the New York Stock Exchange is teaming up with Microsoft and Starbucks to build an ‘ecosystem’ for crypto. ICE, the NYSE’s parent company, has unveiled Bakkt, its crypto asset platform.

Berkshire Hathaway’s profit surges. Warren Buffett’s conglomerate reported a 67% rise in quarterly operating profit, boosted by a rebound in insurance underwriting and a growing economy.

Earnings season continues.Etsy,Marriott International, and Weight Watchers all report after the closing bell.

US equity futures are slightly higher. The 10-year yield is up by less than 1 basis point at 2.96%.

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