Updated from 5:59 a.m. ET
 
If you'd like to receive the free "5 Things" newsletter, please register here.
 
Here are five things you must know for Monday, July 17:
 
1. -- U.S. stock futures turn higher on Monday, July 17, following record-breaking days for the Dow Jones Industrial Average and S&P 500 on Friday, July 14.
 
Stocks will open Monday with the Dow at 21,639, Friday's record close. The high marked the third record close in a row. The S&P 500 ended Friday at 2,459.
 
European shares traded mixed on Monday while Asian stocks finished the session mostly higher. However, the Shanghai Composite declined 1.4% despite China reporting unexpectedly strong economic growth.
 
Oil prices early in the U.S. rose slightly to $46.55 a barrel on Monday and global oil prices rose as well after the better-than-expected economic data from China boosted demand speculation.

The economic calendar in the U.S. on Monday includes the Empire State Manufacturing Survey for July at 8:30 a.m. ET.

BlackRock Inc. ( BLK)  reported second-quarter adjusted earnings of $5.24 a share; analysts expected $5.44.
 
Earnings are also expected Monday from Netflix Inc. ( NFLX)  .
 
2. -- Investor Nelson Peltz plans to launch a fight for a board seat at Procter & Gamble Co. ( PG) , The Wall Street Journal reported, citing people familiar with the matter.

The move by Peltz would make the consumer-products company, with a market value of $222 billion, the largest company ever to face a proxy fight, according to the Journal.

A victory for Peltz's Trian Fund Management LP is far from guaranteed given how much support the proxy fight must gain from other shareholders, the Journal said.

Trian owns about $3.3 billion of P&G stock. It will seek a single seat for Peltz in a shareholder vote at the company's annual meeting, likely in October. Trian is expected to disclose the campaign Monday, the people told the Journal.

Procter & Gamble shares fell 0.3% in premarket trading on Monday.

3. -- Wells Fargo & Co. ( WFC) is looking to shed more businesses as the bank works to restore investor confidence following a scandal in which customers had sham accounts opened in their names, the Financial Times reported.
 
"We get a little bit smaller, a little bit less complex and we can focus on what we're good at," John Shrewsberry, chief financial officer, told the Financial Times. "We could be more focused."
 
Businesses that could be sold, Shrewsberry said, were "smaller things" worth "hundreds of millions of dollars." He didn't say specifically which divisions could be unloaded.
 
On Friday, July 14, Wells Fargo posted quarterly profit higher than Wall Street expected as lending margins improved after two interest rate hikes by the Federal Reserve and CEO Tim Sloan won court approval to settle a class-action lawsuit by customers harmed in a fake accounts scandal for $142 million.
 
Wells Fargo is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells WFC? Learn more now.
 

If you liked this article you might like

BlackRock to Pay Costs of External Research Per New EU Rules

Big Companies Say They Favor Diversity, Most Refuse to Prove It

China Communist Party Has Just Become Besties With Hong Kong

Hong Kong Investors Now Have a Comrade Shareholder: the Communist Party

What Mutual Fund Mark-Downs Say About Uber