Here are five things you must know for Thursday, Aug. 22:
1. -- Stock Futures Turn Higher Thursday
U.S. stock futures turned slightly higher Thursday as investor reaction to the release of the minutes from the Federal Reserve's last meeting was muted but recession worries again emerged on Wall Street.
Contracts tied to the Dow Jones Industrial Average rose 28 points, futures for the S&P 500 rose 2.05 points, and Nasdaq futures were up 2 points.
Stocks finished with solid gains Wednesday as late afternoon concerns about the bond market didn't detract from strong earnings reports from retail giants Target (TGT) - Get Report and Lowe's (LOW) - Get Report .
The Dow ended up 240 points, or about 0.93%, to 26,202.73, the S&P 500 rose 0.82% and the Nasdaq advanced 0.9%.
The yield curve late Wednesday inverted for the first time since Aug. 15. Yield curve inversions, in which the interest rate on the 10-year Treasury note falls below the rate on two-year notes, are often viewed as a warning sign of a recession.
Federal Reserve officials saw the economy as "resilient" in July, even as they voted to cut interest rates for the first time in more than a decade based on worries about the possible impact on business confidence from Donald Trump's trade war with China, according to the Fed minutes released Wednesday.
"Participants generally saw uncertainty surrounding trade policy and concerns about global growth as continuing to weigh on business confidence and firms' capital expenditure plans," according to the minutes from the July 30-31 meeting.
The Fed's monetary-policy committee, officially known as the Federal Open Market Committee, voted 8-2 at the two-day session in July to cut the benchmark U.S. interest rate by 0.25 a percentage point to a range between 2% and 2.25%.
Despite data showing that the economy was growing at a respectable pace above 2%, the Fed cited gnawing concerns that a slowdown in foreign countries could spill over to the domestic economy, especially if Trump raised the stakes in his trade dispute with China.
The Fed wrote that the central bank's majority "sought to better position the overall stance of policy to help counter the effects on the outlook of weak global growth and trade policy uncertainty, insure against any further downside risks from those sources, and promote a faster return of inflation to the committee's symmetric 2% objective than would otherwise be the case."
Wall Street will now turn its eyes to the start Thursday of the three-day annual Jackson Hole Economic Symposium. The theme for the event this year in Jackson Hole, Wyoming, is "Challenges for Monetary Policy." Federal Reserve Chairman Jerome Powell is scheduled to make a speech on Friday.
The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. ET.
2. -- Dick's Sporting Goods and Salesforce Report Earnings
Hormel Foods (HRL) - Get Report reported fiscal third-quarter earnings that matched analysts' forecasts as demand for the company's staple packaged-bacon and other packaged refrigerated foods offset the ongoing negative impact of African Swine fever on its pork products.
- Dick's Sporting Goods Reports Earnings With Downside Risk
- Salesforce Earnings on Thursday: 3 Key Themes to Watch
3. -- Donald Trump Slams Ford Over California Emissions Agreement
Ford, along with Honda (HMC) - Get Report , BMW and Volkswagen (VLKAY) , reached a voluntary agreement with California on fuel-efficiency rules, while the Trump administration has looked to relax federal regulations on pollution from cars, USA Today reported.
"Henry Ford would be very disappointed if he saw his modern-day descendants wanting to build a much more expensive car, that is far less safe and doesn't work as well, because execs don't want to fight California regulators," Trump wrote in a tweet on Wednesday.
He added in another tweet that "car companies should know that when this Administration's alternative is no longer available, California will squeeze them to a point of business ruin. Only reason California is now talking to them is because the Feds are giving a far better alternative, which is much better for consumers!
The president continued: "The Legendary Henry Ford and Alfred P. Sloan, the Founders of Ford Motor Company and General Motors, are "rolling over" at the weakness of current car company executives willing to spend more money on a car that is not as safe or good, and cost $3,000 more to consumers. Crazy!"
In a statement, Ford said, "This agreement with California provides regulatory stability while reducing CO2 more than complying with two different standards."
4. -- Amazon's New Office in India Is Its Biggest
The new India outpost can hold 15,000 employees across 9.5 acres, according to Reuters, and serves as another sign that the e-commerce giant has no plans to retreat from the growing market.
Despite a burgeoning e-commerce market and rapidly expanding economy, India thus far has proven a difficult-to-crack market for Amazon.
As recently as this month, Amazon was in talks to buy stakes in two of India's largest retail conglomerates, Reliance Retail and Future Retail Ltd. It's also reportedly interested in acquiring Uber Eats India.
The fastest-growing large economy in the world, India was once regarded as the keystone of Amazon's international growth plan. However, government restrictions on foreign-owned e-commerce companies enacted earlier this year, which affected both Amazon and rival Walmart (WMT) - Get Report , have hampered Amazon's ability to establish a dominant position in India.
Amazon's international growth has been lackluster compared to its other business lines. For the second quarter, it reported $14.9 billion in international sales, representing year-over-year growth of 12%, while North American sales grew 20% to $38.7 billion.
5. -- Nordstrom Soars on Earnings Beat but Lowered Guidance
Nordstrom (JWN) - Get Report soared 9.91% to $29.17 in premarket trading Thursday after the Seattle retailer reported fiscal-second-quarter earnings ahead of analysts' expectations thanks to a decline in inventory and expenses.
For the quarter ended Aug. 3, Nordstrom reported earnings of 90 cents a share on revenue of $3.87 billion. Analysts were expecting the company to report earnings of 77 cents a share on revenue of $3.92 billion.
For the second time this year, Nordstrom lowered its full-year earnings expectations, this time to $3.25 to $3.50 a share.
In May, Nordstrom cut its full-year estimate to between $3.25 and $3.65 a share from $3.65 to $3.90. Wall Street now expects the company to report earnings of $3.28 a share.
Revenue for the fiscal year, Nordstrom said, is expected to decline about 2% vs. its prior outlook that called for flat to 2% growth.
The company also said it would open its New York City flagship store on Oct. 24 as part of its strategy to expand local markets.
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