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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, Aug. 20:

1. -- U.S. stock futures were suggesting Wall Street would open lower on Tuesday on concerns the Federal Reserve's phaseout of its stimulus program will hamper markets across the globe, particularly those in emerging markets such as India and Indonesia.

European stocks were moving lower while Asian shares ended Tuesday's session with losses. Japan's Nikkei 225 index declined 2.6%.

2. -- The economic calendar in the U.S. Tuesday is empty.

3. -- U.S. stocks on Monday finished lower on uncertainty over the timing of the Fed's stimulus tapering process.

The S&P 500 fell 0.59% to 1,646.05. The Dow Jones Industrial Average fell 0.47% to 15,010.74. The Nasdaq lost 0.38% to 3,589.09.

4. -- J. C. Penney (JCP - Get Report) is expected by analysts on Tuesday to report a fiscal second-quarter loss of $1.06 a share on revenue of $2.76 billion.

The earnings report from the retailer is its first since the company brought back CEO Mike Ullman, who returned in April. The results also come a week after J.C. Penney's largest shareholder, William Ackman, resigned from the company's board.

In the year-earlier second quarter, J.C. Penney posted a loss of 40 cents a share on revenue of $3.02 billion.

5. -- Home Depot (HD - Get Report), the largest U.S. home-improvement retailer, is forecast to report second-quarter earnings on Tuesday of $1.21 a share on revenue of $21.8 billion.

Home Depot has seen sales rise as the housing industry continues to recover.

Home Depot last year posted net income of $1.01 a share on revenue of $16.01 billion.

6. -- Apple (AAPL - Get Report) asked assembler Hon Hai Precision Industry to begin shipping both a new high-end and low-end iPhone in early September, people familiar with the matter told The Wall Street Journal.

The shipping plans suggest that two new iPhone models could be launched as soon as next month, pointing to a strategy shift as Apple attempts to regain its momentum in the smartphone market, the Journal noted.

The company's suppliers in Asia started mass-producing components in June for both a standard iPhone featuring a metal casing and a lower-cost version, people who work at those companies told the newspaper.

An Apple spokeswoman declined to comment, the Journal said.

7. -- The Justice Department is investigating whether JPMorgan Chase (JPM - Get Report) manipulated U.S. energy markets, the Journal reported, citing people familiar with the case.

The bank last month agreed, without admitting wrongdoing, to pay $410 million to settle allegations raised by the Federal Energy Regulatory Commission that it manipulated markets in California and the Midwest.

The DOJ decided to examine JPMorgan's energy practices in recent weeks as that settlement was being wrapped up, according to the people familiar with the probe, the Journal reported. The people cautioned the investigation is still in its early stages and the outcome uncertain.
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