Skip to main content

Updated from 5:37 a.m. ET

If you'd like to receive the free "5 Things" newsletter, please register here.

Here are five things you must know for Tuesday, Aug. 22:

1. -- U.S. stock futures were rising on Tuesday, Aug. 22, and shares in Europe and Asia moved higher as investors looked ahead to the meeting later this week of central bankers in Jackson Hole, Wyoming.

Federal Reserve Chair Janet Yellen and Mario Draghi, chief of the European Central Bank, are both expected to speak at the gathering.

"Fed Chair Janet Yellen is likely to look past low inflation and Trump's credibility crisis, and remain resolute in normalizing monetary policy," said DBS Group in a report. 

U.S. stocks on Monday, Aug. 21, closed narrowly mixed. The Dow Jones Industrial Average and the S&P 500 rose slightly, up 0.13% and 0.12%, respectively, while the Nasdaq declined 0.05%.

The economic calendar in the U.S. on Tuesday includes the FHFA House Price Index for June at 9 a.m. ET.

2. -- Donald Trump on Monday, Aug. 21, promised to "change dramatically" the U.S. approach to the long-running war in Afghanistan but he offered few specifics.

Speaking at the Fort Myer Army base in Arlington, Virginia, the president acknowledged his past calls -- especially in the run-up to the election -- for withdrawing entirely from Afghanistan but said that after much consideration he had decided to stay in and "fight to win."

Image placeholder title

Trump targeted Afghanistan as well as Pakistan for what he said has been their roles in harboring terrorists.

The president said the U.S. would shift from a "time-based approach" on Afghanistan and South Asia to one based on conditions. The administration will not talk about numbers of troops or plans for further military activities.

"I will not say when we're going to attack, but attack we will," he said.

TheStreet Recommends

3. -- BHP Billiton Ltd. (BHP) - Get BHP Group Ltd. Report  saw profit for fiscal 2017 jump five-fold to $6.7 billion on a rebound in the price for coal and iron ore and said it was looking to sell its U.S. shale oil assets.

BHP posted earnings per share for the 12 months to June of $1.10 a share, a swing from a year-earlier loss of $1.20. Analysts expected earnings for 2017 of $1.35 a share.

Shares traded in the U.S. were rising 2.3% in premarket trading on Tuesday following BHP's announcement it would seek to exit its U.S. onshore oil business.

"As part of our ongoing review of our portfolio, the board and management have determined that our onshore U.S. assets are non-core and options to exit these assets are being actively pursued," BHP said. "We are examining multiple alternatives but will only divest for value."

Activist investor Elliott Management Corp. has spent months pressuring BHP to sell the shale assets, and spin off the rest of its U.S. oil operations, claiming that the oil business was a poor fit in the mining company and could be worth about $15 billion more as a standalone business.

4. -- Toll Brothers Inc. (TOL) - Get Toll Brothers, Inc. Report   reported fiscal third-quarter earnings of 87 cents a share, up from 61 cents a year earlier. Deliveries in the quarter rose 26%.

Earnings are also expected Tuesday from Inc. (CRM) - Get, inc. Report , Coty Inc. (COTY) - Get Coty Inc. Class A Report , DSW Inc. (DSW) - Get Designer Brands Inc. Class A Report , Intuit Inc. (INTU) - Get Intuit Inc. Report , Medtronic PLC (MDT) - Get Medtronic Plc Report and La-Z-Boy Inc. (LZB) - Get La-Z-Boy Incorporated Report .

Earnings from major retailers have stunk. 

5. -- Tronc Inc. (TRNC)  shook up senior management at the Los Angeles Times, its flagship newspaper, naming media industry veteran Ross Levinsohn as publisher and CEO.

Jim Kirk -- who had just rejoined the company he left (when it was Tribune Publishing, in 2009) after resigning as editor of the just-sold Chicago Sun-Times -- becomes interim executive editor.

Davan Maharaj, the Times' editor/publisher for the last year, and a 28-year veteran of the newsroom, was shown the door.

"My priority is to help ensure the Los Angeles Times continues to flourish and becomes an even more aggressive, competitive and sustainable organization," Levinsohn said. "I am confident that together we will accelerate the Los Angeles Times' evolution and the digital transformation of tronc and produce its next stage of growth -- always keeping our sights trained on our mission of producing ground-breaking and Pulitzer Prize-winning journalism."

More of What's Trending on TheStreet: