Here are five things you must know for Wednesday, Feb. 21:
1. -- Stocks Tilt Lower
U.S. stock futures traded lower Wednesday, Feb. 21, as investors continued to eye developments in the bond market ahead of the release of minutes from the Federal Reserve's meeting last month that could provide the first specific detail on interest rate hikes under new Fed Chairman Jerome Powell.
Contracts tied to the Dow Jones Industrial Average fell 24 points, while those tied to the S&P 500 declined 0.25 points.
The minutes from the Federal Reserve's Jan. 31 meeting will be released at 2 p.m. ET. The economic calendar in the U.S. on Wednesday also includes the PMI Composite Flash for February at 9:45 a.m., and Existing Home Sales for January at 10 a.m..
The Fed minutes will be released amid one of the busiest three-day stretches in U.S. bond market history, with the Treasury planning to raise just under $260 billion in a series of auctions designed to fund a portion of the nation's surging deficit, which analysts at Goldman Sachs Group Inc. suggested could hit 5.2% of GDP by 2019.
The Dow declined 254 points, or 1.01%, the S&P 500 fell 0.58%, and the Nasdaq closed lower by 0.07%.
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2. -- Wendy's, Roku Highlight the Earnings Calendar
Earnings are expected Wednesday from Wendy's Co. (WEN - Get Report) , Roku Inc. (ROKU - Get Report) , Advance Auto Parts Inc. (AAP - Get Report) , Pandora Media Inc. (P) and Avis Budget Group Inc. (CAR - Get Report) .
Dish Network Corp. (DISH - Get Report) reported fourth-quarter earnings of $2.64 a share, up from 73 cents a year earlier. The latest period included an income tax benefit of about $1.2 billion. Revenue in the quarter was $3.48 billion, down from year-earlier revenue of $3.75 billion, and below estimates of $3.53 billion. Shares fell slightly in premarket trading.
3. -- GM Proposes $2.8 Billion Investment in South Korea
General Motors Co. (GM - Get Report) proposed investing $2.8 billion into its loss-making South Korean operations over the next 10 years and has asked Seoul to provide funds for the investment, a South Korean government official said on Wednesday, Reuters reported.
The U.S. automaker last week announced it would shut down a factory in Gunsan, southwest of Seoul, and said it was considering the fate of its three remaining plants in South Korea.
The proposal is on top of a more than $2.2 billion debt-for-equity swap GM is offering to get financial support and tax benefits from Seoul. Reuters reported the details of that part of the plan on Tuesday.
4. -- AT&T Names First Three Cities to Get 5G
AT&T Inc. (T - Get Report) said it plans to offer mobile 5G to customers in a dozen cities, including parts of Dallas, Atlanta and Waco, Texas, by the end of 2018.
The wireless giant said it would announce additional cities in the "coming months."
AT&T had said in early January that it would roll out fifth-generation mobile internet service in a dozen U.S. cities this year but didn't specify.
The company said late Tuesday that it's the only U.S. carrier that has announced plans to deliver 5G to its customers in 2018.
"We're working on an aggressive schedule to help ensure customers can enjoy mobile 5G when we launch the network this year. We will add more 5G capable mobile devices and smartphones in early 2019 and beyond," AT&T said.
5. -- 3M Settles Minnesota Lawsuit for $850 Million
3M Co. (MMM - Get Report) agreed to pay the state of Minnesota $850 million to settle a case alleging the company damaged natural resources and contaminated groundwater by disposing of chemicals over decades, Minnesota's attorney general announced Tuesday.
The state was seeking $5 billion from 3M in a case that focused on the company's disposal of chemicals once used to make Scotchgard fabric protector and other products. The lawsuit, filed in 2010, alleged 3M damaged Minnesota's natural resources, including more than 100 miles of the Mississippi River, the Associated Press reported. The state also said the chemicals contaminated drinking water, harmed wildlife and posed a threat to human health.