Here are five things you must know for Tuesday, Sept. 25:
1. -- Stocks Higher as Fed Meeting Kicks Off
U.S. stock futures suggested a higher start for Wall Street on Tuesday, Sept. 25, amid concerns over the fate of U.S.-China trade talks, rising oil prices and ahead of a two-day meeting of the Federal Reserve.
With no progress being made in the current impasse on trade negotiations between Washington and Beijing, and Chinese officials hinting they may not resume talks until after the U.S. mid-term elections in November, investors were left to ponder the impact of the current round of tariffs, which kicked in Monday, on the world's two biggest economies.
Contracts tied to the Dow Jones Industrial Average
The economic calendar in the U.S. on Tuesday includes the start of the two-day meeting of the Federal Open Market Committee, a meeting at which the U.S. central bank is expected to raise interest rates for the third time in 2018. An announcement of the Fed's rates decision will be made at 2 p.m. ET on Wednesday, Sept. 26.
The calendar also includes the S&P Corelogic Case-Shiller Home Price Index for July at 9 a.m., and Consumer Confidence for September at 10 a.m.
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2. -- Instagram's Co-Founders Are Stepping Down
The departure of Kevin Systrom and Mike Krieger, who co-founded Instagram eight years ago, was first reported by The New York Times. Systrom confirmed the news in a statement that said, "We're planning on taking some time off to explore our curiosity and creativity again."
Systrom, Instagram's CEO, and Krieger, who serves as chief technical executive, launched the app in 2010. It was bought by Facebook in 2012 for $1 billion. Some estimates have pegged its value at more than $100 billion today if it was a stand-alone company.
"Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents," Facebook CEO Mark Zuckerberg said in a statement emailed to USA Today. "I've learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I'm looking forward to seeing what they build next."
Facebook shares fell 2.1% in premarket trading.
3. -- Starbucks Plans Top-Level Layoffs
"We must increase the velocity of innovation that is relevant to our customers, inspires our partners, and is meaningful to our business," CEO Kevin Johnson said in a memo to employees viewed by Bloomberg. "To accomplish this, we are going to make some significant changes to how we work as leaders in all areas of the company."
Johnson added that "starting next week and into mid-November there will be leadership shifts and non-retail partner impacts as we evolve the direction of teams across the organization in size, scope and goals."
A spokeswoman told Bloomberg the changes will include an undetermined number of layoffs and include some employee shifts between company departments.
Shares rose 0.3% in premarket trading.
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4. -- Walmart Embraces Blockchain Technology
5. -- Google CEO to Meet With GOP Lawmakers
Google CEO Sundar Pichai plans to appear at a private meeting of top Republican lawmakers on Friday, Sept. 28, and again at a public hearing later this year, responding to new scrutiny of the company's work with China, its market power and alleged bias against conservatives in its search results, The Wall Street Journal reported.
"Google has a lot of questions to answer about reports of bias in its search results, violations of user privacy, anticompetitive behavior and business dealings with repressive regimes like China," said House Majority Leader Kevin McCarthy (R., Calif.), who is organizing Friday's meeting.
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