NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Sept. 10:

1. -- U.S. stock futures were falling Wednesday and global stocks sank on worries about the possible timing of the next rate hike in the U.S.

European shares declined. Asian stocks finished the session mostly lower but stocks in Tokyo bucked the trend and rose 0.3%

2. -- The economic calendar in the U.S. on Wednesday includes the MBA Mortgage Index for the week ended Sept. 6 at 7 a.m. EDT, and wholesale inventories for July at 10 a.m.

3. -- U.S. stocks on Tuesday finished in the red, extending their retreat from recent highs, as investors feared they've been underestimating the odds of an earlier Federal Reserve rate hike and after Apple  (AAPL - Get Report)  returned to trading below $100.

The Dow Jones Industrial Average fell 0.57% to 17,013.87. The S&P 500 shed 0.65% to 1,988.44. The Nasdaq slumped 0.87% to 4,552.28. 

4. -- Apple unveiled on Tuesday two larger-screen phones, the iPhone 6 and iPhone 6 Plus, and Apple Watch, the tech giant's smartwatch. Apple also introduced Apple Pay, a digital payments service, that works with American Express  (AXP) , Visa (V)  and MasterCard  (MA) , as well as the big banks such as Citigroup (C) , JPMorgan Chase (JPM) and Bank of America  (BAC) .  

Apple also signed up a slew of retailer partners for the service.

5. -- Dollar General (DG - Get Report)  went hostile on Wednesday in its bid to buy rival Family Dollar Stores  (FDO)  .

Dollar General took its offer directly to Family Dollar shareholders, launching a tender to buy Family Dollar at $80 a share.

Family Dollar already has a deal to sell to Dollar Tree (DLTR - Get Report) for $8.5 billion. It has rejected Dollar General's $9.1 offer because of antitrust risks.

6. -- Microsoft (MSFT - Get Report) is in serious discussions to buy Mojang, the Swedish company behind the popular "Minecraft" videogame, The Wall Street Journal reported, citing a person with knowledge of the matter.

The deal would be valued at more than $2 billion and could be signed as early as this week, the person told the Journal.

A Microsoft spokesman declined comment, as did Mojang CEO Carl Manneh.

Mojang has sold more than 50 million copies of "Minecraft" since it was initially released in 2009 and earned more than $100 million in profit last year from the game and merchandise, the Journal noted. The game is already available on Microsoft's Xbox, as well as on Sony's (SNE) PlayStation, PCs and smartphones.

7. -- Alibaba has received enough orders for its initial public offering to cover the entire deal within just two days of its launch, people familiar with the IPO process told Reuters on Wednesday.

It wasn't clear as to where most of that demand was in the $60 to $66 a share indicative range for the IPO, the people told Reuters.

At the top end of expectations, the IPO of Alibaba, the Chinese e-commerce giant, would raise $21.1 billion.

8. -- Target's (TGT - Get Report) new CEO Brian Cornell plans to double down on just a handful of departments like baby products and fashion, as the discounter works to bring shoppers back to its stores and better compete with online rivals, the Journal reported.

"We've got to major in these signature categories and make some bold changes to re-energize those businesses," Cornell said in an interview with the newspaper. "All categories can't be prioritized the same."

9. -- Krispy Kreme Doughnuts (KKD) posted adjusted profit in its fiscal second quarter of 13 cents a share, below Wall Street forecasts of 15 cents.

The doughnut chain posted revenue of $120.5 million in the period, which topped analysts' forecasts. 

Krispy Kreme backed its full-year profit forecast, saying it expects to earn between 69 and 74 cents a share excluding one-time items.

10. -- Spanish banking magnate Emilio Botin, who built Banco Santander  (SAN) into a global financial giant and was widely seen as the nation's most influential business leader, died of a heart attack. He was 79.

-- Written by Joseph Woelfel

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