CNBC
U.S. stock futures were pointing to a higher Tuesday open on Wall Street. The Dow, S&P 500, and Nasdaq rebounded with strong gains Monday. But those gains were less than half the losses posted last Friday. Both the Dow and S&P 500 were down about 3.5% for August, and now seem all but certain to post their second losing month of the year. The same is true for the Nasdaq, which was down nearly 4% this month. (CNBC)
* Wall Street sees elevated recession risk, market woes after US and China stoke trade fears (CNBC)
On today's economic calendar, the S&P/Case-Shiller Index is out at 9 a.m. ET. The Conference Board issues its August consumer confidence index at 10 a.m. ET. Meanwhile, J.M. Smucker (SJM) is one of the few companies scheduled to issue quarterly earnings this morning. Autodesk (ADSK) and Hewlett Packard Enterprise (HPE) are out with their numbers after today's closing bell. (CNBC)
* Starbucks CEO sees no signs of a looming recession: 'We're firing on all cylinders' (CNBC)
IN THE NEWS TODAY
China's foreign ministry reiterated on Tuesday that it had not heard of any recent telephone call between the United States and China on trade, and said it hopes Washington can stop its wrong actions and create conditions for talks. President Donald Trump on Monday predicted a trade deal with China. (Reuters)
An Oklahoma judge ruled against Johnson & Johnson (JNJ) in the state's opioid case, forcing the company to pay $572 million. It was the first ruling in the U.S. holding a drugmaker accountable for helping fuel the epidemic. J&J said the decision in the case is "flawed." (CNBC)
* Shares of pharma companies soar after Johnson & Johnson sees smaller-than-expected opioid fine (CNBC)
Kurt Zumwalt, Amazon's (AMZN) global treasurer, has departed after 15 years of helping manage the company's cash and overseeing investments and debt financing. His departure comes as Amazon heads into another heavy investment cycle, while facing growing concerns around the trade war and regulatory scrutiny. (CNBC)
STOCKS TO WATCH
AstraZeneca (AZN) was granted fast track approval status by the Food and Drug Administration, as it attempts to get the popular diabetes drug Farxiga approved for use in preventing heart and kidney failure for patients with chronic kidney disease.
Taiwan Semiconductor (TSM) was sued by contract chipmaker GlobalFoundries for patent infringement. GlobalFoundries is seeking to stop Taiwan Semi's customers, which include Apple (AAPL), from importing affected products to the U.S. and Germany.
Papa John's (PZZA) will name Arby's President Rob Lynch as its new chief executive officer, according to a Bloomberg report. The change could be announced as early as today.
Facebook (FB) is developing a new messaging app called "Threads," according to technology website The Verge. The app is designed to promote constant contact between users and their closest friends. It's seen as a threat to Snap's (SNAP) SnapChat.
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Peter Schacknow
@peterschack
