Here are five things you must know for Monday, Sept. 23:
1. -- Stock Futures Mixed as Trade Concerns Remain Top of the List
U.S. stock futures were mixed on Monday as Wall Street entered the final full trading week of the third quarter with a new set of concerns, including rising oil prices and gummed-up lending markets to add to worries over growth, trade and interest rate policies from the Federal Reserve.
Trade still tops the list, following terse statements of "constructive progress" from officials in Washington and Beijing after two days of talks near the White House last week were punctuated by an 11th-hour cancellation of a visit to some U.S. agricultural regions by the Chinese trade delegation.
High level talks - which are expected to included Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin - are still slated for October, but investors seemed to indicate little enthusiasm for a near-term agreement.
That reality, set alongside a puzzling surge in overnight lending rates between Wall Street banks, has markets in a cautious mood heading into the final full week of the quarter, as government bond yields decline and safe-haven assets find favor over riskier trades.
Contracts tied to the Dow Jones Industrial Average declined 18 points, futures for the S&P 500 were up 1 point, and Nasdaq futures rose 12.75 points.
2. -- Economic Data, Earnings Reports for Monday
The economic calendar on Monday includes the PMI Composite FLASH for September at 9:45 a.m. ET.
New York Federal Reserve Bank President John Williams, St. Louis Fed President James Bullard and San Francisco Fed President Mary Daly have speaking engagements scheduled for Monday.
Earnings reports are expected Monday from Ascena Retail Group (ASNA) - Get Report and Cantel Medical (CMD) - Get Report . Reports are expected later in the week from Nike (NKE) - Get Report , Micron Technology (MU) - Get Report , BlackBerry (BB) - Get Report , Carnival (CCL) - Get Report and Conagra Brands (CAG) - Get Report .
3. -- Some WeWork Directors Want to Remove Adam Neumann as CEO
Several WeWork directors linked to main investor SoftBank (SFTBY) are trying force out Adam Neumann, the controversial leader of the office sharing company, according to a report in The Wall Street Journal and elsewhere.
The reports come after the company pushed back its planned initial public offering and follows a report in the Journal of Neumann's drug use and drinking.
A spokeswoman for WeWork declined to comment to TheStreet on the matter, saying the company was in a "quiet period," and SoftBank couldn't be immediately reached for comment. SoftBank has invested more than $9 billion into the company.
Some investors feel Neumann's oversized hand in the company has hampered its ability to go public, according to the Financial Times, which cautioned that it was not yet certain that a majority of investors want the increasingly controversial CEO out.
WeWork's parent, We Co., recently pushed back its planned IPO, saying it expected it to come later this year.
The board is expected to meet as soon as this week and potentially consider a proposal for Neumann to become We's non-executive chairman, people familiar with the matter told the Journal. That would allow him to stay at the company, but inject fresh leadership to pursue an IPO that would bring We the cash it needs to keep up its strong growth, the Journal noted.
The company has seen its valuation plummet, to just $10 billion to $12 billion from around $47 billion in early 2019.
WeWork's planned IPO was criticized by TheStreet's Jim Cramer, who also took aim at the reported self-dealing of the CEO.
"No wonder a company, the ultimate unicorn, one that raised money last with a $47 billion valuation, may not attract takers at less than half that," said Cramer.
4. -- Thomas Cook Collapses, Stranding Hundreds of Thousands
Thomas Cook (TCKGY) , the British tour operator, collapsed into bankruptcy, leaving hundreds of thousands of travelers stranded around the world after the 180-year old company failed to secure rescue funding from its creditors.
Thomas Cook, which had hoped to receive a £900 million capital injection from China's Fosun Tourism Group earlier this year, failed to convince banks that its business model was sound enough to support its more than $2 billion in debts, particularly given the slowdown in travel and tourism linked to weakening regional economies and military tensions in the Gulf region.
As talks over the weekend collapsed, Thomas Cook said it was left with no option but to file for liquidation, leaving an estimated 500,000 travelers stranded in airports and hotels around the globe.
"Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable," Thomas Cook CEO Peter Fankhauser said in a statement. "I would like to apologize to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. It is a matter of profound regret to me and the rest of the board that we were not successful."
5. -- 'Game of Thrones' and 'Fleabag' Are Winners at Emmy Awards
HBO's fantasy saga, "Game of Thrones," won the top drama award, its fourth, at the 71st Primetime Emmy Awards on Sunday, while Amazon.com's (AMZN) - Get Report dark comedy series "Fleabag" won best comedy and earned writing and top acting honors for its British creator and star, Phoebe Waller-Bridge.
A second Amazon comedy, "The Marvelous Mrs. Maisel" saw the show's Alex Borstein, who plays the manager of the stand-up comedian at the center of the show, win the supporting actress award for the second year in a row.