Here are the most important news items that investors need to start their trading day:
1. Fed by the Fed
Stocks jumped last week as investors looked toward an expected interest rate cut in September. Federal Reserve Chair Jerome Powell bolstered a solid run for stocks when he indicated the central bank would ease borrowing costs soon. All three major U.S. indexes gained more than 1% for the week and notched their second straight positive week. Economic data due this week includes jobless claims Thursday and personal consumption expenditures on Friday. Follow live market updates here.
2. Chips and consumers
A busy week of earnings ahead will help to shape stocks. One key report will come Wednesday from market engine Nvidia. It’s also a jammed week for retail, including results from Abercrombie & Fitch, whose shares have been on a torrid run. The reports come as investors look for reads on the health of consumer spending. Here are some reports to watch this week:
3. Returning empty
Boeing‘s Starliner capsule will come back to Earth empty. The NASA astronauts the craft delivered to orbit will remain at the International Space Station for six more months. They will now return on SpaceX’s Dragon spacecraft in February. The decision followed issues with the Starliner’s crewed flight test. On Saturday, NASA Administrator Bill Nelson said, “We want to further understand the root causes and understand the design improvements so that the Boeing Starliner will serve as an important part of our assured crew access to the ISS.” He said the decision was made out of a commitment to safety.
4. Trump embraces crypto
Former President Donald Trump has changed his tune on cryptocurrencies. Several years after calling them a “scam,” the Republican presidential candidates has embraced the currencies. He touted the crypto industry during an industry conference in July, in part as he sees the potential for large campaign donations from within it. Trump’s about face came after years of work by crypto advocates to try to convert him to their cause.
5. Fee fight
As the federal government cracks down on so-called junk fees, restaurants are trying to stay out of the fight. Restaurants are increasingly adding extra surcharges to bills, in what they say is an attempt to bring in more revenue and better compensate workers without raising menu prices. But many lawmakers and diners have raised concerns about hidden fees, and some workers have expressed doubts about whether the money will be shared equitably. The restaurant industry has been pushing the Federal Trade Commission and state regulators to make exceptions to rules cracking down on junk fees.
– CNBC’s Lisa Kailai Han, Brian Evans, Michele Luhn, Michael Sheetz, MacKenzie Sigalos and Amelia Lucas contributed to this report.