10 things you need to know before the opening bell

People dressed as Minions cooling off at a riverside scenic zone in Lianyuan, China’s Hunan province.
Reuters/China Stringer Network

Here is what you need to know.

The Fed meets. Markets are pricing in a 0% chance that the Federal Reserve will hike interest rates at Wednesday’s meeting, according to World Interest Rate Probability data provided by Bloomberg. Instead, market participants will be looking for details about the Fed’s plan to unwind its massive balance sheet.

The Brexit slowdown continues. The UK’s economy grew at a 0.3% clip in the second quarter, according to preliminary data provided by the Office for National Statistics. It was the second-slowest growth since the beginning of 2016, trailing only the first quarter of this year.

Warren Buffett is setting his sights on a new target. Buffett’s Berkshire Hathaway is in talks to buy a stake in the Brazil-based reinsurer IRB Brasil Resseguros, according to Bloomberg.

A legendary investor is piling into a market he says Wall Street is ignoring. Boaz Weinstein, known for his winning bet against the London Whale, said in an interview with the Octavian Report that there was a fortune to be made in closed-end funds.

The SEC dealt a blow to ICOs. The US Securities and Exchange Commission says initial coin offerings, the hottest trend in cryptocurrencies, are subject to strict laws and regulations.

Chipotle’s profit more than doubles. The fast-casual burrito chain said net income surged to $66.7 million in the second quarter, more than double last year’s profit of $25.6 million, Reuters says.

AMD beats and raises its full-year revenue guidance. The chip maker announced adjusted earnings of $0.02 a share on revenue of $1.22 billion, and it says it sees full-year revenue increasing by “a mid- to high-teens percentage,” according to Reuters.

Stock markets around the world are up. Australia’s ASX (+0.97%) led the overnight charge, and Britain’s FTSE (+0.66%) is out front in Europe. The S&P 500 is on track to open little changed near 2,478.

Earnings reporting is heavy. Boeing, Coca-Cola, D.R. Horton, and Northrop Grumman are among the names reporting ahead of the opening bell, while Buffalo Wild Wings, Facebook, and Whole Foods release their quarterly results after markets close.

US economic data is light. New-home sales will be released at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.31%.