For investors to begin their trading day, the following news items are the most crucial:
1. Dog days
Due to the S&P 500’s 0.2% weekly loss and the Nasdaq Composite’s 1.23% weekly loss, stocks are expected to experience a generally negative week. With a negative outcome, both indices would have had weekly falls for the second time. Back-to-back weekly losses for the Nasdaq last occurred in December. The only gainer so far this week is the 0.3% increase in the Dow Jones Industrial Average. Keep up with real-time market news.
2. Taking a break
According to the Bureau of Labour Statistics, the consumer price index increased 3.2% from a year earlier, marking another phase of easing off in inflation. Although the annual rate was slightly higher than the previous month — the first month-over-month rate increase in over a year — the news came in significantly better than what Wall Street had anticipated. Core inflation, which does not include the volatile prices of food and energy, climbed by just 0.2% for the month, as it did in June. The producer price index, which is released on Friday at 8:30 a.m. ET, provides more information about inflation.
Disney hasn’t been hesitant to compete for new ESPN partners. However, as Alex Sherman and Lillian Rizzo of CNBC report, major sports leagues aren’t convinced by the offer. The NBA and MLB have also questioned the benefit of a partnership that may involve exchanging high broadcasting fees for shares in ESPN.
4. Reopened drug case
The Sackler family, who own Purdue Pharma, had a $6 billion bankruptcy deal rejected by the Supreme Court. The agreement would have divested the business from the family’s control and shielded the Sacklers from legal actions over the Purdue-produced OxyContin painkiller.
5. Wildfires in Maui
Following this week’s wildfires that tore through Maui, at least 55 people are dead. The death toll from the fires, which is already the highest since a tsunami struck Hawaii in 1960, is expected to grow, according to officials.