Here is what you need to know.
Hurricane Florence is due to make landfall on Saturday. The Category 4 hurricane, whose eye is now expected to make landfall in Myrtle Beach, South Carolina, could produce 40 inches of rain and a 13-foot storm surge.
Insurance and construction stocks have taken a beating ahead of Hurricane Florence. Over the past three trading sessions, Travellers has fallen 3.5% and Summit Materials has lost 9.4% as traders position anticipate damage from Florence.
Trump’s trade war has Chinese stocks taking a beating while the US market soars. The Shanghai Composite has lost about 20% of its value in the six months since President Donald Trump kicked off his trade war with China, while the Nasdaq has gained more than 15%.
New York overtakes London as world’s top financial center. New York has topped the list as the world’s most attractive financial center, according to the Z/Yen global financial centres index. It was followed by London and Hong Kong.
Tech employees may be the big winners of the ETF explosion. Tech employees – who often receive a large portion of their compensation in stock options – are the big winners of the exchange-traded fund market’s $US5 trillion explosion, according to a new study from Vincent Deluard of INTL FCStone.
Ethereum tumbles to a 16-month low. The cryptocurrency fell more than 8% early Wednesday to $US169.12 a coin and has lost more than 30% of its value over the past seven days.
Apple’s iPhone event is here. The tech giant is expected to unveil three new iPhones and a slew of other products at an event in Cupertino, California, on Wednesday that may also include a new Apple Watch and refreshed Air Pods.
Stock markets around the world are mixed. China’s Shanghai Composite (-0.33%) lagged in Asia, and France’s CAC (+0.53%) leads in Europe. The S&P 500 is set to open little changed near 2,891.
Earnings reports trickle out. Pivotal Software will report after markets close.
US economic data flows. PPI will be released at 8:30 a.m. ET, and the Fed’s Beige Book will cross the wires at 2 p.m. ET. The US 10-year yield is down 2 basis points at 2.96%.
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