Here are five things you must know for Wednesday, Nov. 14:
1. -- Stocks Are Mixed on Global Growth Worries
U.S. stock futures were mixed on Wednesday, Nov. 14, and global stocks traded mostly lower as investors reacted to the slide in crude oil prices and data showing contraction in Japan and Germany, both of which suggested that the ongoing trade dispute between the U.S. and China was harming growth prospects.
Japan's economy shrank by 0.3% in the three months ended in September, while GDP in Germany contracted for the first time since 2015. Both countries cited weaker foreign trade as the principal catalyst for the pullback in the world's third- and fourth-largest economies.
Oil prices rebounded modestly early Wednesday but were coming off a record 12-day decline. Crude slumped the most in three years on Tuesday following a bigger-than-expected buildup in U.S. oil stockpiles and data from the Energy Information Administration that suggested shale oil production could rise to as high as 8 million barrels a day next month.
OPEC General Secretary Mohammad Barkindo of Nigeria said Wednesday the cartel would do "whatever it takes" to address oil market imbalances at its meeting next month in Vienna, raising the prospect of further production cuts from some of the world's biggest producers.
Contracts tied to the Dow Jones Industrial Average rose 3 points on Wednesday, futures for the S&P 500 slipped 0.50 points, and Nasdaq futures were down 15 points.
On Tuesday, the Dow slumped 100 points, or 0.4%, to 25,286, the S&P 500 declined 0.15%, and the Nasdaq closed relatively unchanged. Energy stocks sold off Tuesday after crude plunged more than 7% to $55 a barrel, the lowest since December 2017. Exxon Mobil Corp. (XOM) lost 2.3%.
The economic calendar in the U.S. on Wednesday includes the Consumer Price Index for October at 8:30 a.m. ET. Economists surveyed by FactSet expect consumer prices to have risen 0.3% last month, compared with an increase of 0.1% in September. CPI is forecast to rise 2.5% year over year in October.
2. -- Cisco and Macy's Highlight Wednesday's Earnings Calendar
Macy's Inc. (M) earned an adjusted 27 cents a share in the third quarter on revenue of $5.404 billion. Analysts surveyed by FactSet expected the retailer to post earnings of 15 cents a share on revenue of $5.401 billion.
An earnings report also is expected after the closing bell Wednesday from Cisco Systems Inc. (CSCO) ,
3. -- FAA Investigates Boeing's Safety Analyses
The Federal Aviation Administration has launched a review of the safety analyses Boeing Co. (BA) has performed over the years - and what information it distributed to airlines - regarding potential hazards associated with a new automated flight-control system introduced on the latest versions of the 737 Max aircraft, The Wall Street Journal reported.
The review follows a report in the Journal on Tuesday that said the aerospace giant withheld information about potential hazards connected with the new flight-control feature that is suspected of playing a role in last month's fatal Lion Air jet crash in Indonesia. The Lion Air jet crashed into the Java Sea after taking off from Jakarta, killing all 189 on board.
The FAA said in a statement it was reviewing details surrounding the safety data and conclusions that Boeing previously provided the agency as part of certifying 737 MAX 8 and MAX 9 models.
Boeing fell 0.4% in premarket trading.
4. -- Tilray Falls After Revenue Misses Estimates
Tilray Inc. (TLRY) fell 4.1% in premarket trading on Wednesday after the Canadian cannabis company's third-quarter revenue came in slightly below analysts' expectations.
Revenue rose almost 86% to $10 million. Tilray reported a loss in the quarter of 8 cents a share.
Analysts were expecting the company to report a loss of 12 cents a share on revenue of $10.12 million. In the previous quarter, Tilray lost 17 cents a share on revenue of $9.74 million.
"The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter," said Brendan Kennedy, Tilray president and CEO. "We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray's long-term, sustainable growth as the pace of legalization continues to accelerate around the world."
5. -- Snap Is Subpoenaed Over IPO disclosures
Snap Inc. (SNAP) has been subpoenaed by the U.S. Justice Department and Securities and Exchange Commission for information about its initial public offering in March 2017, Reuters reported.
Snap said in a statement to Reuters it has responded to the government subpoenas and other requests for information.
The previously unreported federal inquiries follow an ongoing shareholder lawsuit in which investors alleged that Snap misled the public about how competition from Facebook Inc.'s (FB) Instagram service had affected the social media app's growth, according to Reuters.
Snap said it believes that the federal regulators "are investigating issues related to the previously disclosed allegations asserted in the class action about our IPO disclosures."
Snap described the lawsuit as "meritless" and said its pre-IPO disclosures were "accurate and complete." It said it would continue to cooperate with the SEC and Justice Department, Reuters reported.
Snap closed Tuesday at $6.71, and was down 5.4% in premarket trading on Wednesday to $6.35. Snap's IPO price was $17 a share.