Click here for this week’s major events It may affect trading.
Zuckerberg’s Controversial Logan Appearance: Mark Zuckerberg’s appearance on Joe Rogan’s podcast last week prompted Facebook to limit talk of Hunter Biden’s laptop ahead of the 2020 election as the FBI warned of “Russian propaganda.” sparked controversy after Meta’s CEO admitted that
After the episode was released Thursday, the FBI “regularly notifies U.S. private sector entities, including social media providers, of potential threat information so that they can determine how to better defend against threats.” said.
In a statement released to FOX Business, the agency said it provided companies with “foreign threat indicators to help protect their platform and customers from abuse by malicious foreign influencers.” I was.
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“While the FBI will work closely with its federal, state, local, and private sector partners to keep the public informed of potential threats, the FBI will take action on the information it receives. You may not request or instruct the company to do so.
Mehta said late Friday night that there was nothing new about Hunter Biden’s laptop story.
“The FBI shared general warnings about foreign interference, but nothing specifically about Hunter Biden.
In the final weeks of the 2020 presidential election, both big tech and the liberal media suppressed New York Post coverage that shined a light on the shady foreign business dealings of then-candidate Joe Biden’s son.
Zuckerberg and then-Twitter CEO Jack Dorsey expressed regret over limiting the delivery of The Post’s coverage, after which several news outlets, including The New York Times, Washington Post, NBC News and Politico, Verified the authenticity of the laptop. .
EBT recipient confirms technical issues. A nationwide power outage was reported Sunday, with supplemental nutrition assistance programs, and more than 1 million people unable to make payments at retail stores using electronic benefit transfer cards.
Agencies in Massachusetts and South Carolina reported Sunday that customers were unable to make purchases with their EBT cards.
The South Carolina Department of Social Services tweeted on Sunday that it was aware of an issue processing EBT cards due to a “third-party processor outage impacting programs in multiple states.”
The department later tweeted that all systems had been restored and the processing issue had been resolved.
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The Massachusetts Department of Transition Assistance also tweeted that it had affected EBT card processing in the state, but later said the issue was resolved.
FOX Business reached out to the U.S. Department of Agriculture for comment, but did not receive a response.
Reactions to Powell’s speech: In Friday’s much-anticipated speech, Fed Chairman Jerome Powell said the Fed must continue to raise interest rates and keep them high until inflation is brought under control.
His comments disappointed investors who had hoped that inflation would peak and the Fed would transition from raising to lower rates within the next year.
Friday’s sharp sell-off capped two consecutive weeks of declines in major stock indices and nearly erased the market’s gains since late July.
Tech stocks, which had been soaring earlier in the summer, were particularly hard hit, with Amazon.com and Netflix both down more than 4% in a single day.
|Me: DJI||dow jones average||32283.4||-1,008.38||-3.03%|
|I:COMP||NASDAQ Composite Index||12141.710195||-497.56||-3.94%|
The Dow Jones Industrial Average fell 1,008.38 points, or 3%, to 32283.40, the biggest single-day drop in the leading index since May. The S&P 500 fell 141.46 points (3.4%) to 4057.66. The tech-focused Nasdaq Composite fell 497.56 points, or 3.9%, to 12141.71.
The index remained largely unchanged before the speech and declined steadily throughout the session, with losses accelerating towards the closing bell. All three indexes fell more than 4% on the week after economic data showing underlying strength in the U.S. economy and investor fears of tightening Feds have waxed and waned.
Powell’s comments at the Fed’s summit in Jackson Hole, Wyoming, may focus on central banks moving from a phase of rapid and massive rate hikes to levels that slow hiring, spending and spending. is preparing to move to a stage. grow and maintain that level for some time.
Stock markets rose all summer on hopes that the Fed would ease its anti-inflation stance, that the corporate earnings season would be generally strong, and that some positive data would be released.
Labor market, earnings report updates: Investors can stay up-to-date on the state of the labor market as several key reports are released throughout the week. Bed Bath & Beyond will also be closely watched as the retailer’s management outlines its next strategic steps.
Starting Tuesday, several big names, including Baidu, Best Buy, Big Lots and Kirkland’s, will release data before the market opens, as well as ChargePoint Holdings, Chewy, CrowdStrike, Hewlett-Packard Enterprise and PVH Corporation for the second quarter. Look for Earnings Reports for . after the bell.
|BIDU||Baidu Co., Ltd.||147.71||-3.31||-2.19%|
|bbee||Best Buy Co., Ltd.||74.15||-4.04||-5.17%|
|big||Big Lot Co., Ltd.||22.02||-1.34||-5.74%|
|Kirk||Kirkland Co., Ltd.||4.21||-0.51||-10.81%|
|CHWYMore||Chewy Co., Ltd.||38.10||-2.47||-6.09%|
|CRWDMore||CrowdStrike Holdings Co., Ltd.||194.56||-8.38||-4.13%|
|HPQ||HP Co., Ltd.||31.39||-3.10||-8.97%|
|PVH||PVH Co., Ltd.||64.03||-3.69||-5.45%|
On the economic data front, investors take in the JOLTs report, consumer confidence, FHFA and Case-Shiller’s home price index.
Expect additional second-quarter earnings on Wednesday as Barnes & Noble Education, Brown-Forman, Chico’s FAS, Designer Brands, Express, and Vera Bradley announce earnings results before the market opens. Meanwhile, Cooper Companies, Five Below, Nutanix, and Okta are in the spotlight after the bell.
|BNED||Barnes & Noble Education INC COM||2.29||-0.14||-5.76%|
|CHS||Chicosfas Co., Ltd.||6.38||-0.15||-2.30%|
|DBI||Designer Brands Co., Ltd.||17.22||-0.26||-1.49%|
|Experience point||Express Co., Ltd.||1.95||-0.10||-4.88%|
|VRAs||Vera Bradley Inc.||4.53||-0.24||-5.03%|
|COO||Cooper Co., Ltd.||296.72||-17.25||-5.50%|
|five||Five Below Co., Ltd.||127.14||-7.06||-5.26%|
|NTNX||Nutanix Co., Ltd.||18.14||-1.27||-6.54%|
|OKTA||OKTA Co., Ltd.||93.48||-5.09||-5.16%|
The revised ADP National Employment Report will be the main event in economic data on Wednesday. Investors will also digest weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.
Bed Bath & Beyond will also provide investors with a “Business and Strategy Update” on Wednesday’s conference call. The conference call will be held at 8:15 am ET, and the press release and related materials will be issued approximately 45 minutes in advance.
Rounding out the week of earnings before the market opens are 1-800-Flowers, Build-A-Bear Workshop, Campbell Soup, Duluth Holdings, Hormel Foods, Hovnanian Enterprises, J. Jill, Lands’ End, Ollie’s Bargain Outlet, Signet. Jewelers and Toro. After the bell, look for Broadcom and lululemon Athletica results.
|FLWS||1 800 flower com||8.94||-0.38||-4.08%|
|Chubby||Building BEAR WORKSHOP INC||16.86||-1.36||-7.46%|
|CPB||campbell soup company||50.69||-0.55||-1.07%|
|DLTHMore||Duluth Holdings Co., Ltd.||8.99||-0.59||-6.16%|
|HRL||Hormel Foods Co., Ltd.||51.09||-0.38||-0.73%|
|Jill||J-Jill Co., Ltd.||16.22||-0.07||-0.43%|
|Ori||OLLIE’S BARGAIN OUTLET HOLDINGS INC.||61.13||-4.64||-7.05%|
|SIG||Signet Jewelers Co., Ltd.||68.41||-2.31||-3.27%|
|TTC||THE TORO CO.||84.46||-3.17||-3.62%|
|AVGO||Broadcom Co., Ltd.||520.86||-29.27||-5.32%|
|Lulu||Lululemon Athletica Co., Ltd.||311.31||-12.05||-3.73%|
Economic data for Thursday will be the ISM manufacturing PMI, construction spending, vehicle sales, productivity, and initial and ongoing unemployment claims.
Friday marks the release of the August job report and factory orders.
Higher 10-Year Bonds: Yields on 10-year government bonds rose 0.047 points to 3.034% last week as prices fell from 13/32 to 97 18/32.
Yields are rising for the fourth straight week following last week’s 0.392% gain over the past four weeks, marking the largest four-week yield gain since the week ended June 17, 2022 (pm 3 o’clock yield).
The four-week yield rally was the longest streak since the week ending 14 January 2022, when the market had four straight weeks of gains.
Yields have now increased in seven of the last nine trading days.
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Meanwhile, year-to-date yields are up 1.538 points.