Here are five key things investors need to know to start the trading day:

It’s a good week to be a restaurant or hotel in Jackson Hole, Wyoming. Economic policymakers, market participants and government officials are descending on the town for the Kansas City Federal Reserve’s annual policy symposium, which kicks off on Thursday. CNBC’s coverage of the meeting begins today and will feature live interviews with central bank officials throughout the rest of the week, as well as coverage of Fed Chair Jerome Powell’s speech on Friday morning. Powell’s remarks come amid rising speculation about who will succeed the Fed chair when his term ends in May 2026. Treasury Secretary Scott Bessent told CNBC on Tuesday that interviews for Powell’s successor would start after Labor Day. The Fed on Wednesday will also release minutes from its July policy meeting, which will be closely watched given the dissenting votes from two members of the committee that sets interest rates.

Target on Wednesday named Michael Fiddelke as its next CEO, saying its current chief operating officer will succeed Brian Cornell in February. Shares of the retailer were down 10% in premarket trading even though Target also beat expectations on the top and bottom lines for the second quarter. The company posted another sales decline but managed to keep its full-year outlook the same. Meanwhile, shares of Lowe’s rose after the home improvement retailer surpassed Wall Street’s earnings forecast, though its quarterly revenue was in line with consensus estimates. Lowe’s also announced it inked a deal to acquire Foundation Building Materials for about $8.8 billion. Attention now turns to Walmart — the U.S.’ largest grocer and private employer — which is expected to report Thursday morning.

Tuesday was a rough day for risk-on assets like cryptocurrencies and technology stocks. The tech-heavy Nasdaq Composite tumbled nearly 1.5%, with every member of the so-called “Magnificent Seven” index of megacap tech names posting losses. As for crypto, digital currencies like bitcoin and ether pulled back sharply in Tuesday’s session, just days after bitcoin touched an intraday all-time high last week. Stock futures were lower Wednesday morning as traders digested more earnings reports. Follow live market updates here.

The White House expanded its 50% tariffs on steel and aluminum to include additional product categories. The Commerce Department on Tuesday said an additional 407 types of goods now fall under the levies, including everything from car parts, to specialty chemicals, to fire extinguishers. As CNBC’s Erin Doherty notes, the move increases both the scope and impact of President Donald Trump’s sector-specific tariffs, a key part of the president’s trade agenda. S&P Global on Tuesday said it expects tariff-related revenue for the federal government to offset the impact of Trump’s “Big Beautiful Bill,” leading the agency to leave the U.S.’ credit rating unchanged.

Make room, fantasy football. Online broker Robinhood announced on Tuesday that it is launching prediction markets for both professional and college football. Through the new feature, users will be able to trade on the outcomes of some popular games, including regular-season NFL matchups and Power Four school contests. As CNBC’s Laya Neelakandan reports, it marks the latest effort by the online broker to expand its prediction market offerings and step further into the sports-based wagering space.

— CNBC’s Jeff Cox, Pia Singh, Melissa Repko, Gabrielle Fonrouge, Erin Doherty, Dan Mangan and Laya Neelakandan contributed to this report.