Hello friends and Fortune readers.
Wall Street stock futures are lower again this morning after another volatile session in China did nothing to ease fears over the strength of the global economy. Crude oil futures are down a little at just below $43, but are still nearly $1/barrel off their recent lows.
Here’s what else you need to know today.
1. FDA finally approves the “Female Viagra”
The Food and Drug Administration has approved (at the third time of asking) the use of Sprout Pharmaceuticals Inc.’s Flibanserin, a new drug that boosts women’s libido and has been termed ‘the female Viagra’. The drug was trialed clinically on over 11,000 women over a 24-week period, and was found to be an effective remedy to “hypoactive sexual desire disorder,” or HSDD), a condition suffered mainly by pre-menopausal women.
2. How close is the Fed to raising interest rates?
That’s the question on everyone’s minds ahead of the Federal Reserve’s release of its minutes from its July policy-setting session. A rate hike may well be on the horizon for September–at least 82% of economists seem to feel that way. Changes to its July statement pointed in the direction of a September hike, and investors will be parsing the minutes carefully for further indication that the Fed feels the U.S. economy is getting closer to its targets.
3. Target is aiming for the sweet spot.
Target (TGT) reports its second-quarter earnings before the market open today, and given updates from other retailers, things aren’t looking rosy. There’s been some high-level departures at the retailer in recent weeks, and new CEO Brian Cornell has only been at the helm since last August. The company’s been busy restructuring operations and focusing on fewer products, including baby, kids and wellness products, which it hopes will help boost sales. Earnings per share are expected to be up slightly year-over-year to $1.11.
4. Lowe’s struggles to play catchup.
Lowe’s Companies (LOW) reports its second-quarter earnings a day after No. 1 rival Home Depot (HD), which raised its 2015 profit outlook for the second time this year. Lowe’s doesn’t seem to be catching the same home improvement bump and is likely to report sales below the average analyst estimate. It also had a rough first quarter with weaker-than-expected sales. Analysts will be listening carefully for a full-year update.
5. American Eagle rides the teen wave.
Teen retailer American Eagle Outfitters (AEO) reports second-quarter earnings today, and analysts expect the company to surpass expectations. A potential earnings beat would be a credit to American Eagle’s on-trend merchandise, lower discounts and tight inventory controls. The company’s been able to efficiently implement an omnichannel strategy that more efficiently moves products between its brick-and-mortar and online stock. Investors will also be anxious to get a sneak peak into this year’s back-to-school shopping season.
Additional reporting contributed by Reuters.