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Here are five things you must know for Thursday, Aug. 31:
1. -- U.S. stock futures were rising Thursday, Aug. 31, as Wall Street awaited data on jobless claims and personal incomes and spending and looked ahead to the release on Friday, Sept. 1, of the monthly U.S. jobs report.
The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. ET and Personal Income and Outlays for July at 8:30 a.m.
European shares traded higher while Asian shares ended the session mixed following an improvement in Chinese factory activity.
Donald Trump on Wednesday, Aug. 30, called on Congress to cut the federal corporate tax rate to 15% from 35% as part of sweeping tax reform he wants enacted by the end of the year.
The tax cut would be part of four main goals the president said should be included in a tax overhaul: simplifying the tax code, making it more competitive with tax regimes in other countries, providing tax relief for middle-class families and encouraging U.S. companies to bring back trillions of dollars in profits "parked overseas."
Aside from the call for a new corporate rate, Trump provided no specific changes he wants in the reform.
2. -- Colonial Pipeline Co., the biggest U.S. transporter of fuel, said it would be shutting down temporarily the main pipeline carrying fuel from Texas to the East Coast because of refinery closures related to Hurricane Harvey.
In a statement, the company said that "storm-related refinery shut-downs and the impact to Colonial's facilities" west of Lake Charles, Louisiana, forced it to shut down its line carrying diesel and jet fuel on Wednesday evening, with its gasoline line to be closed on Thursday.
Gasoline futures spiked early in Asia to a two-year high, according to FactSet, while futures for West Texas Intermediate crude oil were up 0.5% to $46.20 a barrel in choppy trading.
Reuters reported that flooding from Harvey has knocked out almost a quarter of U.S. refineries. At least 4.4 million barrels per day of refining capacity was offline, based on company reports and Reuters estimates.
Arkema Group SA (ARKAY) company confirmed two explosions at a chemical factory outside Houston that has led to a local evacuation.
Local media have reported explosions and black smoke at the in Crosby, Texas plant, which manufactures, among other products, organic peroxide, in the early hours of Thursday morning. The plant had been damaged by the high winds and flooding associated with Harvey.
Arkema had warned Wednesday that the plant would catch fire and explode at some point, adding there was nothing that could be done about it.
What you need to about Arkema.
3. -- Walt Disney Co. (DIS) - Get Walt Disney Company Report is preparing significant budget cuts at its Disney/ABC Television Group that will include staff reductions and restructurings, people familiar with the matter told The Wall Street Journal.
Most cuts are expected to take place at the ABC broadcast network, its television production studio, ABC News and local television stations. Cable networks Disney Channel and Freeform also likely see their workforces reduced as well, the people told the Journal.
The cuts are expected to represent 10% of the unit's annual costs and will be identified by the end of Disney's current fiscal year in September, according to the Journal.
4. -- Dara Khosrowshahi, the new CEO of Uber Technologies Inc., said Wednesday the ride-hailing company could go public in 18 to 36 months.
Khosrowshahi, who ran Expedia Inc. (EXPE) - Get Expedia Group, Inc. Report for 12 years, made the remarks as he introduced himself to Uber's workforce on Wednesday during an all-staff meeting at its San Francisco headquarters, Reuters reported.
The CEO's plans include rebuilding Uber's culture and growing market share as well as possibly conducting an initial public offering in 18 to 36 months, according to people who attended the meeting, Reuters reported.
Meanwhile, Mark Okerstrom, who most recently served as Expedia's chief financial officer, was named CEO of the online travel-booking service.
5. -- Dollar General Corp. (DG) - Get Dollar General Corporation Report reported fiscal second-quarter earnings of $1.08 a share, 1 cent below estimates. The retailer raised its fiscal 2017 earnings forecast.
Earnings reports are also expected Thursday from Campbell Soup Co. (CPB) - Get Campbell Soup Company Report , Land's End Inc. (LE) - Get Lands' End, Inc. Report , Lululemon Athletica Inc. (LULU) - Get Lululemon Athletica Inc (LULU) Report , Ciena Corp. (CIEN) - Get Ciena Corporation Report and Palo Alto Networks Inc. (PANW) - Get Palo Alto Networks, Inc. Report .
Updated from 6:06 a.m. ET
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