Hello friends and Fortune readers.
We have a short week to look forward to, thanks to the long weekend and Monday’s Labor Day holiday, which will close down the slumping markets for a day. Aside from the stock market, which will look to rebound following another turbulent week of trading, much of this week’s excitement will be reserved for the latest Apple “special event”, which is scheduled for Wednesday and could offer first looks at some new smartphones, tablets and maybe even a new Apple TV box. This week also brings the late-night television debut of Stephen Colbert’s highly-anticipated new CBS talk show, which will feature an array of guests from Hollywood, politics, and the corporate world. Meanwhile, several retailers will report quarterly results this week and another crop of tennis champions will be crowned in Queens at the U.S. Open.
Here’s what you need to know to start your week.
1. Apple’s latest big event
Every September, all of the tech world’s eyes turn to Apple (AAPL) and the giant company’s latest product launch event. As usual, this week’s event (scheduled for Wednesday at 1 p.m. EDT) is shrouded in mystery, but that hasn’t stopped analysts and journalists alike from speculating over what could be unveiled in San Francisco this year, including the latest iPhone models as well as a new, larger iPad and an updated mobile operating system.
2. Stock market looks to rebound
U.S. stocks plummeted again on Friday following an uneven August jobs report that saw the unemployment rate tick downward despite the number of new jobs added falling below expectations. The U.S. market alternated between rebounds and further sell-offs last week before ultimately remaining in the red for the week and the year. Meanwhile, global stocks remained volatile amid continuing concerns over the struggling Chinese economy and depressed commodity prices. U.S. markets are closed Monday for Labor Day. A handful of economic reports are due to be released later in the week, including reports on job openings and weekly jobless claims as well as Friday’s updated look at U.S. consumer confidence.
3. Retail earnings continue
Kroger (KR), the nation’s largest supermarket chain, on Friday is expected to report second-quarter revenue that outpaces Wall Street’s forecasts as the company has expanded its organic foods offerings to offset the consumer shift away from big box stores. Athletic apparel retailer Lululemon (LULU) is also expected to report a bump in second-quarter revenue, driven partly by improved online sales and a popular line of men’s apparel, when it reports its latest earnings on Thursday. Other retailers reporting quarterly earnings this week include Barnes & Noble (BKS), Men’s Wearhouse (MW), and Restoration Hardware (RH).
4. Debut of a new late-night TV king?
There have been a lot of changes recently to the late-night television landscape — where ad-spending is actually on the rise, despite uncertainty around the industry in general — but no debut has been more hyped than Stephen Colbert stepping in David Letterman’s shoes as the host of CBS’ (CBS) Late Show franchise. The former host of Colbert Report on Viacom’s (VIA) Comedy Central, the popular comedian kicks off his new gig on Tuesday with guests George Clooney and Republican presidential hopeful Jeb Bush. Stepping away from the traditional Hollywood-centric focus of typical late-night talk shows, Colbert’s upcoming guest list also includes a number of big names from the world of business, among them Tesla Motors CEO Elon Musk and Uber CEO Travis Kalanick. Vice President Joe Biden will also stop by this week and perhaps finally make clear whether he will make his own presidential run in 2016.
5. U.S. Open finals
The last of the year’s four tennis Grand Slam tournaments crowns its champions this weekend and women’s favorite Serena Williams is looking to make history by becoming the first woman to win all four Grand Slam events in the same calendar year since Steffi Graf in 1988. In addition to making history, Williams and her rivals will look to bank a big payday at this year’s U.S. Open. The men’s and women’s singles champions at the tournament will each receive at least $3.3 million (with the possibility of additional bonus prize money) and all of the top finishers at this year’s tournament will earn a combined $42.3 million.
— Reuters contributed to this report.
