Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Aug. 19:
1. -- U.S. stock futures were pointing to a flat open for Wall Street on Monday as investors look toward the release on Wednesday of the minutes from July's Federal Open Market Committee meeting.
European stocks were trading lower early Monday. Stocks in Japan and China each finished Monday with gains of 0.8%.
2. -- The economic calendar in the U.S. Monday is bare.
3. -- U.S. stocks on Friday slipped, post back-to-back weekly declines as some encouraging economic indicators were outweighed by the possibility that the Federal Reserve will begin to curb its stimulus program before the end of the year.
The S&P 500 fell 0.33% to 1,655.83, putting the index down 3% the past two weeks.
The Dow Jones Industrial Average declined 0.2% to 15,081.47. The blue chip index lost 2.23% last week. The Nasdaq closed down 0.09% to 3,602.78. The tech-heavy index closed off 1.57% last week.
4. -- The Securities and Exchange Commission's anti-bribery unit has opened an investigation into the practices of JPMorgan Chase
The Times, citing a confidential U.S. government document, said the inquiry centered on whether the bank had hired the children of Chinese officials to help it gain business in China.
JPMorgan is said to have hired the son of a former Chinese banking regulator who is the chairman of China Everbright Group, a state-controlled financial conglomerate, the newspaper reported. After the son's hiring, the bank won assignments from the Chinese conglomerate.
5. -- Apple's
TheStreet's Rocco Pendola wrote that gold is big in China, and therefore a gold iPhone would be big in China. But he cautioned: "If you have anything resembling a long-term field of vision for this company, you best be concerned."
6. -- Alibaba, China's largest e-commerce company, could raise billions of dollars in an initial public offering of stock as early as this year and is deciding whether to list its shares in Hong Kong or New York, The Wall Street Journal reported, citing people familiar talks the company is holding with the Hong Kong Stock Exchange.
The IPO could value Alibaba at $70 billion, based on analysts' estimates, making it one of the world's biggest Internet IPOs, according to the Journal.
7. -- Urban Outfitters