Here are five things you must know for Monday, Aug. 19:
1. -- Stock Futures Rise as Trump Says U.S. and China 'Talking'
U.S. stock futures rose on Monday after Donald Trump said the U.S. and China were "talking" but also said he didn't want to do business "at all" with China's Huawei Technologies because it's a national security threat.
Contracts tied to the Dow Jones Industrial Average were up 306 points, futures for the S&P 500 gained 33.75 points, and Nasdaq futures rose 101.50 points.
"We are doing very well with China, and talking!" tweeted the president, who later posted that the U.S. economy "is the best in the world, by far. Lowest unemployment ever within almost all categories. Poised for big growth after trade deals are completed. Import prices down, China eating Tariffs. Helping targeted Farmers from big Tariff money coming in. Great future for USA!"
Since South Korea's Samsung wouldn't see its competing electronics products subjected to tariffs, the import tax could hurt Apple, Cook told Trump, according to Reuters.
"I thought he made a very compelling argument, so I'm thinking about it," Trump said.
Meanwhile, Trump was quoted telling reporters Sunday that Huawei was a "national security threat," just a day after reports said Huawei would get a three-month extension on a key license that allows it to buy parts from U.S. companies.
The current agreement is set to end on Monday.
Trump's musings followed rounds on the news shows Sunday by White House chief economic adviser, Larry Kudlow, who rejected fears of a looming recession, while also saying that talks by phone would continue between officials in Beijing and Washington.
Trump also dismissed worries about a recession. "I don't think we're having a recession," he told reporters as he returned to Washington from his golf club in New Jersey. "We're doing tremendously well."
2. -- Retailers to Open Their Books This Week
Estee Lauder (EL) - Get Report posted robust fiscal fourth-quarter and full-year earnings amid strong sales of its makeup and other beauty and self-care products, particularly in China and other overseas markets. It also issued upbeat guidance for the fiscal first quarter and year. The stock rose 6.29% to $190.50 in premarket trading.
Reports will be released later this week from Home Depot (HD) - Get Report , Lowe's (LOW) - Get Report , Salesforce.com (CRM) - Get Report , Kohl's (KSS) - Get Report , TJX Cos. (TJX) - Get Report , Nordstrom (JWN) - Get Report and Target (TGT) - Get Report .
3. -- Federal Reserve in the Spotlight
Lots of stuff from the Federal Reserve this week. Wednesday will see the release of the minutes from the July meeting of the Federal Open Market Committee, when the U.S. central bank trimmed interest rates for the first time in 11 years, while Thursday will see the beginning of the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming.
Fed Chairman Jerome Powell is scheduled to speak Friday at Jackson Hole. He will make a speech at the event with the theme "Challenges for Monetary Policy."
Wall Street will be monitoring the FOMC minutes and Powell's comments at Jackson Hole, hoping for clues on the Fed's next move.
Donald Trump has regularly and publicly belittled Powell, his own appointee to lead the central bank, for not cutting interest rates faster further, and thus for failing to provide "support" for his economic policies, including the battle with China over allegedly unfair trading practices.
4. -- Lyft's Lock-Up Period to End Monday
The company went public on March 29 at $72 a share. The lock-up period, when underwriters agree not to sell their shares, typically is 180 days.
"We and the underwriters may release certain stockholders from the market standoff agreements or lock-up agreements prior to the end of the lock-up period," the company stated in a regulatory filing dated Aug. 13.
Lyft shares were rising 0.5% in premarket trading to $52.75. The stock has declined 2.45% over the past three months.
5. -- Mastercard Is Assembling Its Own Cryptocurrency Team
Mastercard (MA) - Get Report , a partner with Facebook (FB) - Get Report on the social media giant's Libra cryptocurrency that was announced in June, is now putting together its own cryptocurrency team, the New York Post reported.
"Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?," Mastercard asks in a recruitment listing. Those hired will "monitor cryptocurrency ecosystem trends" and "develop new products and solutions."
Mastercard is doing this because "it wants to be known as more than a card company; it wants to be a technology company," Ted Rossman, an analyst with CreditCards.com, told the Post.
Bill Hardekopf, CEO of LowCards.com, told the Post that Mastercard "sees there's a lot of activity in this area. Even if it isn't going to offer its own cryptocurrency, they know it's important to have people who understand the subject."