Hello, friends and Fortune readers.
Happy Friday! One more week of summer before Labor Day weekend. A relatively quiet day today, except for a little speech being given out in Wyoming — a speech with market moving powers. Here’s what you need to know about in business news today.
1. Yellen takes the dais today
There are no economic reports on the calendar for today, but there is one important economic event: Fed Chair Janet Yellen will talk about labor and the economy in Jackson Hole, Wyo., this morning — the most important part of this week’s Jackson Hole gathering. Traders will surely be hanging on her every word, so look out to see what happens in the market after she steps off stage. Investors will also be listening closely to European Central Bank President Mario Draghi when he addresses the gathering later in the day.
2. Your favorite mall shoe store reports
Foot Locker has reported earnings this morning, and despite all the problems retailers the chain beat analyst projections and had earnings of $92 million or $0.64 per share, a big uptick from $66 million, or $0.44 per share, in the second quarter of last year.
3. Russian trucks are in Ukraine
A Russian aid convoy crossed the border into Ukraine today, much to the chagrin of the Ukrainian government. All of the major European markets were down following the news as the conflict continues to cause instability in the Eastern part of the continent.
4. Will the new iPhone be delayed?
Take a seat, Applephiles — you may have to wait a bit to get your hands on the latest iPhone. Reuters is reporting that Apple’s suppliers have hit a problem in producing screens for the new gadget, and it could possibly cause a delay in the release date, or a shortage of product available at launch.
5. Under Armour is trying to make Kevin Durant even richer
Traditionally, basketball stars wore either Nike (NKE) or Adidas. Now, Baltimore company Under Armour is getting into the game, offering Oklahoma City Thunder superstar Kevin Durant nearly $250 million to wear its shoes and clothes for 10 years. Durant currently wears Nike.
