Here are five things you must know for Wednesday, Oct. 23:
1. -- Stock Futures Mixed as Warning From Texas Instruments Knocks Chip Sector
U.S. stock futures were mixed Wednesday and the global chip sector slumped following a revenue warning from Texas Instruments (TXN - Get Report) . Caterpillar (CAT - Get Report) also reported an earnings miss, sending its shares sharply lower.
Contracts tied to the Dow Jones Industrial Average fell 12 points, futures for the S&P 500 rose 1 point, and Nasdaq futures were up 3.75 points.
Texas Instruments said Tuesday that it expects fourth-quarter revenue of between $3.07 billion to $3.33 billion, with earnings of 91 cents to $1.09 a share. Wall Street had been expecting revenue in the period of $3.6 billion and profit of $1.28 a share.
The company blamed global trade tensions and weakness among its customers for the weak forecast.
"It is due to macro events, and specifically, the trade tensions, and if you think about when there's tensions in trade and obstacles to trade, what do businesses do? They become more cautious and they pull back, and we are at the very end of a long supply chain," Chief Financial Officer Rafael Lizardi told analysts. "This thing we've been in, it [has been] for four quarters and it's going to be longer than that."
Investor sentiment also took a hit from Tuesday's vote in the U.K. parliament that could trigger a snap general election in the world's fifth-largest economy in order to break a years-long deadlock as to how, when and possibly if Britain will leave the European Union.
British Prime Minister Boris Johnson appeared to be pushing for an early general election after Parliament blocked a fast-track plan to approve his Brexit deal before Britain's scheduled departure from the European Union on Oct. 31.
2. -- Boeing, Caterpillar, Microsoft and Tesla to Report Earnings
Caterpillar (CAT - Get Report) reported third-quarter adjusted earnings of $2.66 a share vs. expectations of $2.88. The heavy machinery maker also cut its full-year outlook and the stock fell 6% in premarket trading.
Earnings reports are expected Wednesday from Boeing (BA - Get Report) , Microsoft (MSFT - Get Report) , Ford (F - Get Report) , eBay (EBAY - Get Report) , Eli Lilly (LLY - Get Report) , PayPal (PYPL - Get Report) , Tesla (TSLA - Get Report) , Blackstone Group (BX - Get Report) , General Dynamics (GD - Get Report) , Las Vegas Sands (LVS - Get Report) , Freeport-McMoRan (FCX - Get Report) , F5 Networks (FFIV - Get Report) and ServiceNow (NOW - Get Report) .
The economic calendar in the U.S. Wednesday includes Oil Inventories for the week ended Oct. 18, at 10:30 a.m. ET.
3. -- Boeing's Head of Commercial Airlines to Depart Amid 737 MAX Crisis
McAllister joined Boeing less than three years ago.
Boeing's 737 MAX jet was involved in two crashes in which a total of 346 people were killed.
Executives had been concerned that McAllister hadn't been proactive enough in communicating with airlines about steps the company was taking in light of the accidents, The New York Times reported.
CEO Dennis A. Muilenburg earlier this month was stripped of his title as chairman.
Boeing's problems continued last week with the release of a Nov. 15, 2016, instant message involving a former Boeing employee, Mark Forkner, a technical pilot involved in the development of training and manuals. Forker's message said the MCAS flight system was "running rampant" while undergoing testing in a flight simulator, according to a report in the Associated Press. The message added that the pilot said he "basically lied to the regulators (unknowingly)."
4. -- Nike CEO Mark Parker to Step Down
Nike (NKE - Get Report) rose slightly in premarket trading Wednesday to $95.61 after announcing CEO Mark Parker will step down in 2020, and board member John J. Donahoe will take over as as president and chief executive, effective Jan. 13.
Parker will become executive chairman of the board. He has been Nike's CEO since 2006.
Nike has been plagued by a number of scandals recently, including one involving track coach Alberto Salazar.
Parker told CNBC Tuesday that the scandal had "absolutely nothing" with him leaving the top job and that succession plans have been months in the making.
"This is not something that happens in a matter of weeks," he said.
ServiceNow shares slumped 8.17% to $209.69.
5. -- Snap Rises on Strong User Growth and Revenue Gains
Snap reported a third-quarter adjusted loss of 4 cents a share, narrower than forecasts, while revenue rose 50% to $446 million and came in higher than analysts' estimates.
Snap said it now has 210 million daily active users, better than Wall Street expectations of 207 million. Snap had 202 million DAUs in the second quarter.
Snap said it expects revenue in the fourth quarter of $540 million to $560 million, which at its midpoint would be below expected sales of $555 million.
Snap said the fourth quarter will include one less week between Black Friday and the end of the holiday shopping season.
"The way the calendar falls this year there's one fewer week of activity between those two holidays," Andersen told analysts. "That's a potential headwind for us, and the guide reflects that."
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