Updated from 5:56 a.m. EDT
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Here are five things you must know for Monday, Oct. 17:
1. -- U.S. stock futures traded lower Wednesday and European shares declined as investors digested comments made last week by Federal Reserve Chair Janet Yellen.
Yellen touted the benefits of running a "high-pressure economy" on Friday afternoon. A post-financial crisis economy means the central bank should reevaluate its traditional models for economic analysis, particularly inflation, Yellen told a Boston Fed conference. She also noted the measure of supply-driven output as a sign of economic success was in need of revision.
Yellen, however, didn't discuss the central bank's timetable for an interest rate hike.
Perhaps Fed Vice Chair Stanley Fischer will when he speaks Monday to the Economic Club of New York at 12 p.m. EDT.
The economic calendar in the U.S. on Monday also includes the Empire State Manufacturing Survey for October at 8:30 a.m., and Industrial Production and Capacity Utilization for September at 9:15 a.m.
2. -- Bank of America (BAC - Get Report) reported third-quarter earnings of 41 cents a share, up from 38 cents a year earlier. Analysts were expecting the bank to post earnings of 34 cents a share in the third quarter.
The stock rose 1.6% in premarket trading.
Hasbro (HAS - Get Report) reported third-quarter adjusted earnings of $1.58 a share, lower than forecasts of $1.74. But Hasbro shares rose 3.7% as revenue of $1.68 billion topped Wall Street expectations.
Tesla, the maker of electric vehicles, said Monday the companies signed a non-binding letter of intent to begin collaborating on Panasonic's production of photovoltaic cells and modules at a facility under construction by SolarCity (SCTY) in Buffalo, N.Y.
The deal requires shareholders' approval of Tesla's planned acquisition of SolarCity.
Separately, Tesla CEO Elon Musk said in a tweet that his mystery product announcement planned for Monday would be postponed by two days.
Musk said Sunday it needs "a few more days of refinement."
Recode suggested it was possible Musk would unveil the new version of the company's at-home energy storage devices -- the Powerwall and the Powerpack -- by the end of the year. Recode also said Musk could be unveiling Autopilot 2.0, Tesla's semi-autonomous system.
4. -- PepsiCo (PEP - Get Report) Chair and CEO Indra Nooyi pledged Monday to significantly reduce the calories in the company's beverages as it looks to counter health concerns about sugar-sweetened beverages. She also revealed plans to redouble water efficiency companywide.
According to PepsiCo, at least two-thirds of the company's drinks will contain 100 calories or less per 12-ounce serving by 2025. As part of the initiative, the company will increase the focus on zero or lower-calorie products, CNBC reported.
PepsiCo sells beverages in about 180 countries worldwide and still makes more than $1 billion annually from the sale of its flagship sugar-based Pepsi drink, according to CNBC.
"In 2020 we will deliver more planes than Boeing again," Airbus CEO Fabrice Bregier said in a German newspaper interview, Reuters reported.
While Airbus has been leading in terms of new orders for years, Boeing has been ahead since 2012 in terms of deliveries, Reuters noted.