5 things to know before the stock market opens Tuesday

Here is the most important information investors need to start their trading day:

Stocks saw gains on Friday, capping another winning month for S&P 500. The broader market index moved 1.01% higher to finish the session at 5,648.40. It also advanced 2.3% for August, marking its fourth straight month of gains. Its recovery after the global sell-off earlier last month was helped by increases in consumer prices, housing sales and health care. Meanwhile, the Dow Jones industrial average hit a new record high in the closing minutes of the session, closing 0.55% higher at 41,563.08. In August, the 30-stock index rose about 1.8%. The Nasdaq Composite it is also up, gaining 1.13% on Friday and 0.7% for the month. Follow the latest market data.

Inflation increased slightly in July. The consumer price index was up 0.2% from last month and up 2.5% from last year. That’s in line with consensus estimates from Dow Jones. Core PCE was also higher in July, gaining 0.2%. Compared to last year, core PCE was 2.6% higher. That was slightly softer than expected, coming in below the estimate of 2.7%. The data comes as traders bought into the 100% probability that the Federal Reserve will cut interest rates in September. “The US economy is poised to grow at or above the long-term rate of 1.8% as the Fed begins its rate-cutting campaign, which should put a damper on growth and employment,” said Joseph Brusuelas. , RSM’s chief economist.

Elon Musk’s X is still closed in Brazil. On Monday, a panel of judges of the country’s highest court unanimously upheld orders that stopped the use of the social media platform. Supreme Court judge Alexandre de Moraes ordered the suspension on Friday after warning on Wednesday that X could be banned if Musk and X failed to appoint a legal representative for their business in Brazil within hours. 24. The suspension of X within the country took effect on the first Saturday. The financial assets of Starlink – another of Musk’s businesses – have also been frozen in the country to ensure the payment of X fines.

The restaurant industry has seen several Chapter 11 filings this year. So far, at least 10 restaurant chains — not including many franchises — have filed for bankruptcy, with three in August alone. Red Lobster, World of Beer and Sticky’s Finger Joint are among the 10 restaurant chains to file so far. And the total number could increase by the end of the year, as others like BurgerFi have indicated they may want to go bankrupt. The owner of Anthony’s Coal Fired Pizza & Wings said there are “significant doubts” about its ability to continue operating.

Wegovy and Ozempic may have another benefit: reducing the risk of death from Covid-19. According to research published by the Journal of the American College of Cardiology (JACC) last week, people taking a dose of 2.4 mg of semaglutide – an active ingredient in Novo NordiskBlockbuster drugs – had a 33% lower chance of dying from the disease. In addition, co-author Benjamin Scirica said that patients who received semaglutide in his study showed a 29% reduction in death from non-cardiovascular causes. Additionally, other JACC studies published last week revealed that semaglutide also reduced mortality among those with chronic kidney disease and improved heart failure-related symptoms and inflammation. .

– CNBC’s Lisa Kailai Han, Pia Singh, Jeff Cox, Lora Kolodny, Amelia Lucas and Jenni Reid contributed to this report.

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