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Jackson Hole and Fed's Yellen all anyone cares about

Key Points


It's only Monday, but investors were already looking ahead to Fed Chair Janet Yellen's Friday speech in Jackson Hole, Wyoming. U.S. stock futures were rather subdued. The Dow, S&P 500 and Nasdaq closed at records last Monday, but have failed to do so again since. (CNBC)

The Fed symposium in Jackson Hole has been used by central bank chiefs to make important pronouncements. Meanwhile, Vice Chairman Stanley Fischer said Sunday the Fed is close to hitting its targets for full employment and 2 percent inflation. (CNBC & Reuters)

Brent crude futures sank 3 percent to below $50 a barrel on Monday, with analysts saying a rally that saw oil prices rise more than 20 percent in August was overblown.

Shares of Medivation (MDVN) were surging nearly 20 percent in the premarket, after Pfizer (PFE) announced it would acquire the cancer drug firm for close to $14 billion, or more than $80 per share. That's a big premium to an April offer from France's Sanofi (SNY). (Reuters)

Syngenta (SYT) shares were up about 10 percent in premarket trading, after a U.S. national security panel cleared ChemChina's $43 billion takeover of Swiss pesticides and seeds group, boosting the chances of approval of the largest foreign acquisition ever by a Chinese firm. (Reuters)

Valeant Pharmaceuticals (VRX) hires Paul Herendeen as chief financial officer, effective immediately. Previously, Herendeen had been CFO for drugmaker Zoetis (ZTS). Valeant shares were up about 5 percent in the premarket. (Reuters)

In a victory for controlling shareholder Sumner Redstone, Viacom (VIAB) CEO Philippe Dauman has agreed to resign. Dauman gets an exit package worth about $72 million. Meanwhile, Viacom-owned Paramount saw its big budget "Ben-Hur" remake crash at the box office. (Variety)

Kobe Bryant, the NBA superstar who retired at the end of last season, is expected to unveil a $100 million tech venture capital fund, teaming up with longtime investor Jeff Stibel. The pair have invested in 15 companies together since 2013. (WSJ)

With fewer than 80 days until election day, GOP kingmaker and casino mogul Sheldon Adelson still hasn't put any money toward Donald Trump's campaign, according to newly released filings from the Federal Election Commission. (NBC News)

Kellyanne Conway, new campaign manager for the Trump campaign, said the creation of a "deportation force" for undocumented immigrants was "to be determined." Trump has supported the removal of undocumented immigrants. (NBC News)


As investors digest Fed Vice Chairman Fischer's Sunday remarks and await Fed Chair Yellen's Jackson Hole speech Friday, they won't get any more clues in the form of economic reports on Monday. There are not any major corporate earnings reports either.


Volkswagen (VLKAY) resumes contract talks with suppliers today, trying to resolve a dispute that has halted auto production at some of its plants. VW suppliers accuse the German carmaker of cancelling contracts without explanation or offering compensation.

JPMorgan Chase (JPM) receives $645 million from the estate of Washington Mutual, after settling a dispute with the FDIC arising from its purchase of WaMu during the 2008 financial crisis. JPMorgan will drop more than $1 billion in claims as a result of the settlement.

Facebook (FB) shares could rise by more than 20 percent over the next year on strength of growing ad revenue, according to Barron's. Meanwhile, Mattel (MAT) could return an additional 20 percent to investors, also according to Barron's.


Japanese Prime Minister Shinzo Abe stole the show in a brief appearance at the Rio Olympics closing ceremony last night. He appeared as the Nintendo game character Super Mario and offered a glimpse at Tokyo's plans for the 2020 games. (AP)

In the final medal count from Rio, the U.S. led the way with 121 total medals, with 46 gold, 37 silver, and 38 bronze. China came in second with 70 medals, closely followed by Great Britain at 67. Though Britain did win one more gold than China's 26. (NBC News)