Updated from 6:05 a.m. ET
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Here are five things you must know for Monday, Aug. 28:
1. -- U.S. stock futures pointed to a soft open for Wall Street on Monday, Aug. 28, and trading in energy markets was volatile following the massive flooding along the coast of Texas after Hurricane Harvey lashed the area.
Harvey was the most powerful storm to hit Texas in 50 years, according to some estimates. The region in which Harvey touched down is home to a quarter of U.S. crude oil refining capacity.
European stocks traded lower (markets in London were closed), while Asian shares finished the session mixed.
The economic calendar in the U.S. on Monday includes International Trade in Goods for July at 8:30 a.m. ET.
U.S. stocks on Friday, Aug. 25, ended mixed after Federal Reserve Chair Janet Yellen said regulations put into action since the financial crisis have made the system "substantially safer" and boosted its resiliency.
2. -- Hurricane Harvey has caused massive, unprecedented flooding in Corpus Christi, Texas, and Houston, and the storm's impact on the area's refineries, pipelines and storage remains unknown though there is some evidence of major losses.
The relentless rain from Harvey, which was downgraded to a tropical storm, was expected to last through Friday and could bring as much as 50 inches of rain. Ahead of the hurricane, refiners shut down about 900,000 barrels of day of capacity, mostly in the Corpus Christi area. Before the Category 4 hurricane made landfall with winds of 130 miles per hour, the four refineries owned by Valero Energy Corp. (VLO) - Get Report and Citgo Petroleum and Flint Hill Resources shut down production on Thursday.
FactSet, quoting the U.S. Bureau of Safety and Environmental Enforcement, reported that 22% of daily oil output and 25.7% of gasoline production in the Gulf has been shut-in. Gasoline futures spiked as much as 7% on Sunday evening to their highest levels since July 2015.
The Wall Street Journal reported that Harvey knocked almost 15% of U.S. refinery capacity out of commission, which could boost fuel prices across the U.S.
Exxon Mobil Corp. (XOM) - Get Report closed its Baytown refinery, located on the Houston Ship Channel, when floodwaters paralyzed large portions of the area after Harvey was downgraded to a tropical storm from a hurricane, according to the Journal.
The plant is the second-largest refinery in the country, processing as much as 560,000 barrels of oil a day. Royal Dutch Shell Corp. (RDS.A) also shut down its Deer Park refinery.
Futures for West Texas Intermediate crude oil slumped 1.1% to $47.36 a barrel.
Recode's Kara Swisher and The New York Times' Mike Isaac bothtweeted Sunday that Khosrowshahi, Expedia's CEO since 2005, will take the helm. Investors at the start-up, which is now worth nearly $70 billion, ousted co-founder Travis Kalanick after a series of public relations nightmares this year.
Khosrowshahi, a former investment banker, was previously an executive at IAC/InterActiveCorp and serves on the board of New York Times Co.
The final front-runners for the CEO post at Uber were Hewlett-Packard Enterprise Inc. CEO Meg Whitman, General Electric Co. Chairman Jeff Immelt and an unknown third candidate, presumably Khosrowshahi.
4. -- General Electric Co. (GE) - Get Reportwants its industrial software business to cut costs and lift profits next year under new CEO John Flannery, and is considering expanded partnerships and the possible sale of some equity in the unit, Reuters reported, citing people familiar with the business.
GE has had technical problems and delays with its software platform, known as Predix, which connects equipment like turbines and elevators to computers that can predict failures and reduce operating costs.
This spring, GE tackled the Predix problems, which have not been previously reported. With fixes in place, GE will now emphasize sales to existing customers in its energy, aviation and oil-and-gas businesses, and scale back efforts to sell to new customers in other sectors, three senior GE executives told Reuters.
Former CEO Jeff Immelt spent six years and more than $4 billion transforming GE into a "digital industrial" company, Reuters noted.
GE said it now expects $12 billion in digital revenue in 2020, after it redefined digital revenue, compared with previous estimates of $15 billion.
New York-based CBS had "entered into binding transaction documents" to buy the network's owner, Ten Network Holdings Ltd., administrator KordaMentha said in a statement, the Associated Press reported.
CBS is the biggest creditor of Australia's third most popular free-to-air commercial TV network that went into voluntary administration in June.
The sale price will be revealed in a report to creditors within days, according to the AP.
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