Here are five important things investors should know to begin the trading day:
1. Picking Up Speed
The S&P 500 and Nasdaq Composite had six straight days of gains on Thursday, going up by 1.61% and 2.34%. The Dow Jones Industrial Average also went up by 1.39%, marking its third positive day in a row.
Investors are feeling optimistic due to good economic news, despite concerns from a bad jobs report earlier this month. The market is gaining momentum, with major averages rising between 2.5% and 5% this week, and one trading day left.
2. Shopping Surge
Get ready to spend. Consumer spending last month was stronger than expected, according to the Commerce Department, as inflation seems to be easing. Retail sales jumped 1% in July, more than the 0.3% increase economists predicted.
Walmart’s CEO, Doug McMillon, mentioned that prices for groceries and other items are dropping, making it easier for American shoppers. He said that while some costs are still rising, Walmart is working hard to push prices down because they believe they should be lower.
3. Campaign Ideas
Vice President Kamala Harris, the Democratic presidential nominee, is sharing her economic plans for her first 100 days if she wins. Her proposals include lowering grocery and prescription drug costs, increasing affordable housing, and cutting taxes for the middle class.
These plans aim to address major issues American families are facing. Recent polls show that Harris has gained an edge over former President Donald Trump in comparison to President Joe Biden.
4. Peacock’s Sports Move
Comcast’s streaming service, Peacock, is seeing some early benefits as it dives more into sports. NBC has agreed to pay $2.45 billion each year to show NBA games starting in the 2025 season. Earlier this year, Peacock showed its first exclusive NFL playoff game, and new subscribers stayed and explored other content.
NBC Sports President Rick Cordella said that the week after the playoff game had the highest video-on-demand usage. New subscribers are sticking around longer than usual. Sports fans are diverse, so Peacock is attracting more viewers to other types of entertainment as well.
5. ‘The Crimes of Putin’s Trader’
A CNBC investigation reveals how a Russian hacking scheme made $93 million over three years using a fake cybersecurity firm called M-13. The criminals used stolen, nonpublic information about American companies to trade before this information was publicly available, earning millions.
Vladislav Klyushin, one of 12 Russians charged by the U.S. in 2021 with hacking and insider trading, was recently released in a prisoner swap. You can hear the full story in a new podcast.
Summary
Investors should be aware of the market’s recent gains, strong consumer spending, and Kamala Harris’s plans if she wins. Peacock’s sports deals are paying off, and a CNBC podcast covers a major Russian hacking scheme. These points highlight current economic and market trends.
