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Here are five things you must know for Wednesday, Sept. 7:

1. -- Apple (AAPL - Get Report) is expected Wednesday to unveil the iPhone 7 and 7 Plus, the latest versions of the iconic smartphone.

While Apple could unveil a number of different things at the event in San Francisco at 1 p.m. EDT, almost everyone will be looking closely at its new iPhone. The iPhone is responsible for a majority of the company's sales. It is in even higher focus than usual after Apple saw revenue decline year over year in each of the past two quarters.

There are concerns that should a new iPhone fail to rejuvenate consumer interest, a lackluster year of revenue could be in store for the tech giant.

Apple fans will be watching for details of the newest features in the iPhone 7, including a rumored dual-lens camera (for the 7 Plus only), a better display, twice as much storage and improved battery life.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

2. -- San Francisco Federal Reserve President John Williams repeated his call for gradual interest rate hikes, preferably sooner rather than later.

It "makes sense to get back to a pace of gradual rate increases, preferably sooner rather than later," Williams said Tuesday in remarks prepared for delivery to the Hayek Group, Reuters reported.

Williams said the economy was in "good shape," and he forecast unemployment, now at 4.9%, to fall to 4.5% in the coming year and inflation to rise to the Fed's 2% target in the next year or two, Reuters reported.

Williams didn't address the survey released Tuesday that found U.S. services companies expanded in August at the slowest pace in more than six years.

U.S. stock futures were mixed Wednesday following Williams' comments. European stocks traded higher while Asian shares ended the session mixed.
 
The economic calendar in the U.S. Wednesday includes the Job Openings and Labor Turnover Survey for July at 10 a.m. EDT, Crude Inventories for the week ended Sept. 3 at 10:30 a.m., and the Fed's "Beige Book" at 2 p.m.

Earnings are expected Wednesday from Valspar (VAL - Get Report) and Verint Systems (VRNT - Get Report) .

3. -- Activist investor Bill Ackman's Pershing Square disclosed a 9.9% stake in Chipotle Mexican Grill  (CMG - Get Report) , sending the shares 7% higher in after-hours trading on Tuesday.

In a filing, Pershing Square said it intended to engage in discussions with Chipotle's board and management. It added that it believes Chipotle shares are undervalued and attractive.

Ackman didn't return a request for comment on the specifics behind his Chipotle stake. A spokesman for Pershing Square declined to comment beyond Tuesday's filing. Chipotle spokesman Chris Arnold told TheStreet in an email that "we welcome their [Pershing's] investment, and appreciate the confidence they've expressed in our brand, differentiated offering, visionary leadership and strong growth opportunities."

Year to date, Chipotle shares have declined almost 14%.

 

4. -- Sony ( SNE - Get Report) is expected to announce Wednesday a new pair of PlayStation systems: the "Neo," a high-end version of the console that the company confirmed it was working on in June, and a still-unannounced slimmed-down version of the existing PS4, CNBC reported.
 
Sony's PlayStation event takes place at 3 p.m. at the PlayStation Theater in New York.
 
5. -- Ford ( F - Get Report) said the automaker and its joint ventures in China sold 96,450 vehicles in August, a 22% increase from a year earlier.
 
Separately, Ford announced early Wednesday that it reached a three-year agreement with the National Football League for Ford to be the official truck of the NFL.