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Here are five things you must know for Wednesday, Aug. 30:
 
1. -- U.S. stock futures were rising on Wednesday, Aug. 30, and shares in Europe and Asia traded higher as tensions eased a day after North Korea launched a missile that traveled over Japan.
 
"Markets have made the judgment that the post-missile test reactions of the U.S., the U.N. and North Korea do not warrant a move to full 'risk off' mode in stock markets at this stage," said Ric Spooner, chief market analyst at CMC Markets, in a commentary.
 
The U.S. dollar, which hit a two-and-a-half year low on Tuesday, Aug. 29, was rising with the dollar index up 0.15% to 92.47.

U.S. stocks on Tuesday rose as investors brushed aside the threat of a conflict with North Korea. The Dow Jones Industrial Average gained  0.26%, the S&P 500 added 0.08% and the Nasdaq increased 0.3%. 

United Technologies Corp. (UTX - Get Report)  was the best performer on the Dow, rising 2.9% on Tuesday. The defense stock spiked following a Wall Street Journal report that said the company is close to purchasing Rockwell Collins Inc. (COL)  in a deal worth more than $20 billion.

The economic calendar in the U.S. on Wednesday includes the ADP National Employment Report at 8:15 a.m. ET, and the second estimate of second-quarter U.S. GDP at 8:30 a.m. Economists surveyed by FactSet expect GDP to rise 2.7% in the second quarter. Oil Inventories for the week ended Aug. 25 will be released at 10:30 a.m.
 
2. -- Gasoline futures prices in the U.S. have risen more than 10% over the past two days to a two-year high as investors counted the cost of Tropical Storm Harvey's devastation, which has taken out the equivalent of more than 3.6 million barrels of refining potential in the Gulf of Mexico region. Key distribution pipelines that take gas and distillate products to markets around the United States also have been hit, although most are still operating under reduced capacity.
 
But with flood waters in the Houston area not expected to peak until Thursday, the long-term impact of Harvey's destruction likely will put a cap on gas price increases over the medium term as demand wanes amid what is anticipated to be a multi-billion dollar rebuilding effort in America's fourth-largest city. 

In the short term, however, retail gas prices are expected to rise sharply as the impact of reduced supply filters from the Gulf region to distribution points around the U.S., where average prices are hovering around $2.41 a gallon, up 2 cents from Tuesday, Aug. 29, and more than 10 cents from last month's average of around $2.31, according to the price comparison website, Gasbuddy.com. 

Curiously, U.S. crude oil prices aren't reacting in the same way, with West Texas Intermediate crude futures for October delivery trading 0.6% lower from Tuesday's New York close to $46.18 per barrel. 

3 . -- Warren Buffett's Berkshire Hathaway Inc. ( BRK.A - Get Report) has become the top shareholder of Bank of America Corp. ( BAC - Get Report) after exercising its right to acquire 700 million shares of the bank.

The purchase more than triples Buffett's original investment made six years ago.

 
Charlotte-based Bank of America announced the exercise of warrants that gave Berkshire the right to obtain the bank's shares for roughly $7.14 each. The action now gives Berkshire around a 6.6% stake in Bank of America.

Bank of America shares closed Tuesday at $23.58, down 0.59%, and were slightly lower in premarket trading on Wednesday.

 
Dara Khosrowshahi.
Dara Khosrowshahi.
 
4. -- Expedia Inc. ( EXPE - Get Report) CEO Dara Khosrowshahi has been named CEO role at ride-sharing company Uber Technologies Inc.
 
Uber sent a note to its employees late on Tuesday confirming it hired Khosrowshahi. The board of Uber unanimously voted to hire Khosrowshahi following a nine-week search.

Khosrowshahi told The Wall Street Journal earlier Tuesday Journal that he expects former CEO Travis Kalanick would be involved in the company, though he didn't specify in what capacity. Kalanick resigned as CEO of Uber in June over pressure from five major shareholders.

Separately, the Journal, citing unnamed sources, reported the Justice Department was in the early stages of examining Uber's business for alleged violations of U.S. foreign bribery laws.

Uber confirmed to CNBC it was cooperating with the Justice Department on a preliminary probe, but didn't specify the nature of the potential case. According to the Journal, the Justice Department may or may not decide to open a full investigation into the ride-hailing company.

5. -- Earnings reports are expected Wednesday from Bob Evans Farms Inc. (BOBE) , Brown-Forman Corp. (BF.A - Get Report) , Five Below Inc. (FIVE - Get Report) , Vera Bradley Inc. (VRA - Get Report) , Analog Devices Inc. (ADI - Get Report) , Box Inc. (BOX - Get Report) and Workday Inc. (WDAY - Get Report) .

Updated from 6:01 a.m. ET

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