Here are five things you must know for Thursday, Feb. 21:
1. -- Stock Futures Turn Lower Despite Trade Deal Optimism
U.S. stock futures turned lower on Thursday, Feb. 21, and global stocks extended gains following reports of significant progress in U.S.-China trade talks and confirmation from the Federal Reserve that it will remain "patient" on future interest rate hikes.
Contracts tied to the Dow Jones Industrial Average were down 30 points, futures for the S&P 500 fell 4 points, and Nasdaq futures slipped 5.25 points.
Negotiators from both the U.S. and China working this week in Washington have drawn up several memorandums of understanding, covering issues ranging from agricultural purchases to intellectual property protection, that would define the nature of any broader agreement the two sides may reach over the coming weeks and months, several media outlets reported Thursday.
The agreements, while still in the draft stage, would mark the most significant progress in the current round of negotiations, which began in early December, and could suggest that Donald Trump is more likely to extend the March 1 trade deal deadline in order the allow the process to play out.
Investor sentiment also was boosted by the release Wednesday of minutes from the Federal Reserve's rate-setting meeting in January, at which the central bank reiterated its aim to be more "patient" on future hikes while still leaving room to take lending rates higher later in the year.
"Many participants suggested that it was not yet clear what adjustments to the target range for the federal funds rate may be appropriate later this year," the minutes read. "Several of these participants argued that rate increases might prove necessary only if inflation outcomes were higher than in their baseline outlook."
The Fed also indicated it would like to halt the reduction of its $4 trillion balance sheet, suggesting the so-called "roll off" -- where maturing bonds are not reinvested into the portfolio -- could end before the end of 2019.
2. -- Durable Goods Orders, Kraft Heinz Earnings Lead Thursday's Calendar
The economic calendar in the U.S. Thursday includes Durable Goods Orders for December at 8:30 a.m. ET, weekly Jobless Claims at 8:30 a.m., the Philadelphia Fed Business Outlook Survey for February at 8:30 a.m., PMI Composite FLASH for February at 9:45 a.m., and Existing Home Sales for January at 10 a.m.
Wendy's Inc. (WEN - Get Report) posted fourth-quarter adjusted earnings of 16 cents a share, 1 cent ahead of estimates, but revenue of $397.8 million missed analysts' forecasts of $400 million. Wendy's said it expects sales growth in 2019 of 3% to 4%. The stock fell 1% in premarket trading.
Gold miner Newmont Mining Corp. (NEM - Get Report) reported adjusted profit of 40 cents a share in the fourth quarter, beating analysts' forecasts of 24 cents. Sales in the quarter were $2.05 billion, topping consensus of $1.88 billion. Shares rose 3% in premarket trading.
Domino's Pizza Inc. (DPZ - Get Report) posted weaker-than-expected fourth-quarter earnings as comparable sales at its U.S.-owned stores disappointed investors amid increasing competition from rivals and delivery services.U.S. company-owned same-store sales rose 3.6%, the slowest pace in four years and well below the consensus estimate of 6.6%.
Domino's shares declined 6.7%.
Earnings reports are also expected Thursday from Kraft Heinz Co. (KHC - Get Report) , Baidu Inc. (BIDU - Get Report) , Hewlett Packard Enterprise Co. (HPE - Get Report) , Zillow Group Inc. (ZG - Get Report) and Roku Inc. (ROKU - Get Report) .
3. -- Lyft Reportedly Plans to List Shares on Nasdaq as Early as March
Ride-sharing company Lyft Inc. might list shares on the Nasdaq Stock Market by the end of next month, according to a report from the The Wall Street Journal, which cited sources with knowledge of the coming initial public offering.
TheStreet could not confirm the report, however, as the company declined to talk about the matter; the Journal also said the company could make its filing public by the end of February. Lyft submitted its IPO paperwork confidentially with the Securities and Exchange Commission late last year.
"We are declining to comment," Lyft spokeswoman Alexandra LaMann told TheStreet in an email.
Lyft and larger rival Uber Technologies Inc. have been racing each other to go public, and Lyft is now ahead in the race, according to another report from Reuters.
Both the Journal and Reuters said Lyft could launch its IPO roadshow next month, with Reuters pinning down the roadshow date to the week of March 18.
4. -- J&J Receives Federal Subpoenas Related to Baby Powder Litigation
Johnson & Johnson (JNJ - Get Report) has received subpoenas from the Department of Justice and the Securities and Exchange Commission in connection with the safety of its baby powder and talc products, the company said in its annual federal report filed with the SEC. The stock fell 1.8% in premarket trading.
The company said it will comply with the subpoenas.
Johnson & Johnson also received requests from lawmakers for documents regarding claims of asbestos in talc products. The company faces many lawsuits alleging talc in baby powder contained asbestos and resulted in cancers and other health problems. The company said it intends to continue to defend itself against the litigation.
Johnson & Johnson last month posted stronger-than-expected fourth-quarter earnings and forecast a modest increase in 2019 sales as the consumer healthcare giant looks to rebound from steep share price declines triggered by a report that alleged it knew for decades that its iconic baby powder sometimes contained asbestos and failed to alert authorities.
Shares of Johnson & Johnson plunged the most in more than 15 years in mid-December after it was reported that the company knew both its raw talc and finished powder tested positive for traces of asbestos, a carcinogen, citing documents linked to a court case that saw a jury in Missouri award $4.7 billion to 22 women who said the products contained asbestos and caused them to develop ovarian cancer.
5. -- Duke's Zion Williamson Is Injured After Nike Shoe Explodes
Nike Inc. (NKE - Get Report) declined 1.9% in premarket trading Thursday after Zion Williamson, one of the most popular collegiate athletes in the United States and a projected No. 1 pick in next year's NBA draft, injured his knee after his Nike shoe collapsed during a nationally televised game in North Carolina.
Williamson, a 6-7 freshman forward who plays for Duke University, left Wednesday's game against the University of North Carolina less than a minute into the game following an "explosion" of his Nike shoe that left him crumpled on the court in pain. Williamson's Nike PG 2.5 shoe appeared to separate from the sole when he planted his left foot near the top of the key and attempted to pivot to his right.
Duke coach Mike Krzyzewski called the injury a "mild knee sprain" but was unable to determine when Williamson would be able to return for the top-ranked Blue Devils.
Nike promised to investigate the incident.
"We are obviously concerned and want to wish Zion a speedy recovery," Nike said in a statement. "The quality and performance of our products are of utmost importance. While this is an isolated occurrence, we are working to identify the issue."