Here are five things you must know for Tuesday, Aug. 13:
1. -- Stock Futures Point Lower Amid Hong Kong Unrest, Global Trade Tensions
U.S. stock futures were lower on Tuesday as unrest in Hong Kong and the ongoing trade tensions between the U.S and China made for jittery investors.
Contracts tied to the Dow Jones Industrial Average fell 32 points, futures for the S&P 500 were down 3.30 points, and Nasdaq futures slumped 18.75 points.
Stocks finished sharply lower Monday as fears of a global recession from the U.S.-China trade war weighed on Wall Street, while falling bond yields and unrest in Hong Kong dented sentiment.
The Dow, which lost as much as 462 points on Monday, ended the session down 391 points, or 1.49%, to 25,896, the S&P 500 declined 1.23% and the Nasdaq was off 1.2%.
The Hang Seng Index declined 2.1% on Tuesday as pro-democracy protesters crowded into the territory's airport for a second day and continued to disrupt flights. The index has fallen 11% since the beginning of July, when the protests turned more violent.
Hong Kong's protests were paralleled by a collapse in the Argentine peso, which plunged about 30% against the U.S. dollar following the defeat on Sunday of incumbent President Mauricio Macri, a business-friendly politician who has helped steady the nation's finances with help from the International Monetary Fund.
Gold, meanwhile, jumped to a fresh six-year high of $1,521.98 an ounce in overnight trading.
The economic calendar in the U.S. for Tuesday includes the Consumer Price Index for July at 8:30 a.m. ET. Economists surveyed by FactSet expect consumer prices in July to have risen 0.3% from June, with core CPI - excluding food and energy - up 0.2%. Year-over-year CPI is forecast to rise 1.7%, with core CPI up 2.1%.
Earnings reports are expected Tuesday from Tilray (TLRY) , JD.com (JD - Get Report) , Elanco Animal Health (ELAN) , Brinker International (EAT - Get Report) , Advance Auto Parts (AAP - Get Report) and YY Inc. (YY - Get Report) .
2. -- Oregon Joins Lawsuit Blocking T-Mobile and Sprint Merger
Attorney General Ellen Rosenblum said prices will rise and services will shrink if the merger goes through.
"It's important that Oregon join other states in opposing the Sprint-T-Mobile merger," Rosenblum said. "If left unchallenged, the current plan will result in reduced access to affordable wireless service in Oregon - and higher prices. Neither is acceptable."
The Department of Justice in July gave its formal blessing for the $26.5 billion merger, based on the concessions ironed out between the two companies, which includes selling assets to Dish Network (DISH - Get Report) to even out the competitive playing field.
The New York attorney general's office, along with California, are leading the lawsuit.
3. -- Verizon to Sell Blogging Website Tumblr
Terms of Verizon's sale to WordPress owner Automattic weren't disclosed.
Tumblr, which Verizon acquired via its acquisition of Yahoo in 2017, was bought by Yahoo in 2013 for about $1.1 billion.
Yahoo wrote down Tumblr's value by $230 million in 2016.
It had been reported that Pornhub, the porn-streaming giant, was very interested in buying Tumblr.
4. -- Yum! Brands Name David Gibbs as CEO
Gibbs, 55 years old, currently serves as president and chief operating officer of Yum! and oversees the global KFC, Pizza Hut and Taco Bell divisions.
He will succeed Greg Creed, 62, who is retiring at the end of the year.
5. -- Tencent Music Slumps as User Growth Slows
Tencent Music Entertainment Group (TME) was falling 3.04% to $14.01 per American depositary receipt in premarket trading Tuesday after the media streaming company posted a slowdown in user growth during the second quarter.
Mobile monthly active users rose just 1% to 652 million and monthly average revenue per user fell 1%.
Overall revenue at Tencent Music, which is controlled by Chinese tech giant Tencent Holdings, rose to 5.90 billion yuan ($835.95 million) from 4.50 billion yuan a year earlier, but missed estimates of 5.95 billion yuan, according to Refinitiv.
Monthly ARPU from Tencent Music's social entertainment services rose 16.5% to 130.2 yuan ($18.45), the slowest growth since it went public in December 2018, according to Reuters.