Traders on the floor of the NYSE, August 8, 2022.
Here are the most important information investors need to start their trading day:
1. Stock futures are on the rise
US markets on Thursday were is expected to rise again after a government report showing inflation cooling fueled a rally on Wednesday. All three major indices are having a good day: the Dow Jones jumped more than 500 points, while the S&P 500 hit its highest level since early May, and the Nasdaq hit its highest close since April. Ahead of Thursday’s session, investors analyze Disney’s earnings from Wednesday night (more details below), while eagerly awaiting the producer price index and weekly job claims data later. in the morning.
2. Gas drops to less than $4 a gallon
Gasoline prices in the United States have been falling for several weeks now, but the average cost of a gallon has fallen below a key psychological barrier this week. A gallon of regular gasoline now costs $3.99, the lowest level since March, AAA said Thursday. Prices hit a record high of $5.02 in June and were indeed higher than that in several places across the country. The news came a day after the Bureau of Labor Statistics announced that growth in the consumer price index, a measure of inflation, slowed slightly more than expected in July. Prices remain high, but relief from lower gas prices and slowing inflation could help the economy fend off a recession, at least for now, writes CNBC’s Jeff Cox.
3. Disney’s Streaming Changes
Captain Minnie poses aboard Disney’s new cruise ship, The Wish.
Disney pretty much had the earnings spotlight on Wednesday night, and it took full advantage of it. The entertainment giant delivered a deluge of news that pushed its stock higher in after-hours trading: quarterly results exceeded Wall Street expectations for revenue and earnings, parks business performed well, and streaming subscriber additions easily exceeded projections. The company raised prices for its streaming deals, while slashing its ambitious long-term goal for Disney+ subscribers by 15 million, which several industry analysts had called for. And it looks like the company has given investors what they’ve been looking for, especially as streaming leader Netflix struggles to adjust its business amid heavy subscriber losses and Warner Bros. Discovery places more emphasis on theatrical releases and traditional linear television. Shares of Disney rose a good margin before the bell on Thursday, following Wednesday’s nearly 4% gain.
4. Ford CEO’s EV battery warning
Ford F-150 Lightning at the 2022 New York Auto Show.
Scott Mill | CNBC
Electric vehicle manufacturers, such as Ford Motor and Tesla recently raised prices, driven in large part by rising battery manufacturing material costs. Don’t expect that to change for the foreseeable future, Ford CEO Jim Farley said Wednesday. “I don’t think there will be much relief on lithium, cobalt and nickel soon,” he told reporters. Farley’s warning came as Congress was set to pass a climate and health care bill that includes several provisions aimed at steering Americans away from gasoline engines toward electric vehicles, which are expensive and relatively rare. However, several key industry figures are warning that the legislation could actually hinder sales.
5. The United States is rethinking China’s tariff strategy
A screen shows Chinese President Xi Jinping attending a virtual meeting with US President Joe Biden via video link, at a restaurant in Beijing, China November 16, 2021.
Tingshu Wang | Reuters
The Biden administration is reconsidering its strategy on tariffs on Chinese goods following China’s aggressive response to House Speaker Nancy Pelosi’s visit to Taiwan, reports Reuters. The Chinese government claims dominance of Taiwan, a self-governing island, and it has conducted several major military exercises nearby to protest Pelosi’s trip. President Joe Biden and his team had been considering whether to drop some existing tariffs on Chinese goods, and possibly impose more, but officials have shelved those options and Biden has yet to take action. decision, according to the report.
CNBC’s Samantha Subin, Jeff Cox, Alex Sherman, Sarah Whitten, Pippa Stevens, John Rosevear and Michael Wayland contributed to this report.
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