5 things to know before the stock market opens Monday

5 things to know before the stock market opens Monday

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Here are the most important news items that investors need to start their trading day:

1. The Fed’s up

Jerome Powell at Jackson Hole on August 23, 2024.

David A. Grogan | CNBC

The long-awaited Federal Reserve interest rate cut may finally arrive this week. The central bank’s policymakers are set to announce Wednesday whether they will ease policy after inflation and job growth started to slow in recent months. Heading into the week, traders are pricing in a 59% chance that the central bank will cut its target rate by 0.5 percentage points, according to the CME FedWatch tool. The key decision comes after a strong week for U.S. stocks. The S&P 500 gained about 4% last week, while the Nasdaq Composite climbed nearly 6%. The Dow Jones Industrial Average rose 2.6%. Follow live market updates.

2. Second apparent Trump assassination attempt

Republican presidential nominee Donald Trump was safe Sunday after what the Federal Bureau of Investigation said “appears to be an attempted assassination.” The former president was playing at his Florida golf club when U.S. Secret Service officers “opened fire on a gunman located near the property line” of the course, Special Agent Rafael Barros said at a press conference. It was unclear where the gunman was aiming or if the person fired any shots. The person who the Secret Service shot is in custody and was identified as Ryan Wesley Routh, three senior law enforcement officials told NBC News. The incident is the second apparent assassination attempt on Trump in recent months during the 2024 presidential election.

3. Positive drug data

Pfizer CEO Albert Bourla talks during a press conference with European Commission President Ursula von der Leyen after a visit to oversee the production of the Pfizer-BioNtech Covid-19 vaccine at the factory of U.S. pharmaceutical company Pfizer in Puurs, Belgium, on April 23, 2021.

John Thys | Reuters

Pfizer’s drug that treats a common condition affecting cancer patients took a major step forward over the weekend. The drugmaker released positive trial data for its treatment called ponsegromab, which could become the first drug approved to specifically treat cancer cachexia. The life-threatening condition causes cancer patients to lose their appetite and weight, and affects about 9 million people worldwide. Pfizer said patients who took the treatment saw improvements in their body weight, physical function and quality of life.

4. Higher Shein, Temu prices?

Higher prices could be coming for Shein and Temu shoppers. The Biden administration proposed a rule to curb the use of a tariff law loophole that both of the popular Chinese-linked online retailers have used to minimize their import duties. Shein and Temu’s prices could rise 20% if the so-called de minimis exemption is changed, according to a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party, which made the estimate after investigating the companies last year. Both companies have said their low prices are not reliant on the loophole, and Shein has said it supports reform of the de minimis provision.

5. A late-game agreement

Kansas City Chiefs tight end Travis Kelce (87) runs the ball in for a touchdown against the Tampa Bay Buccaneers during the first quarter at Raymond James Stadium, Oct. 2, 2022.

Kim Klement | USA Today Sports | Reuters

DirecTV users who want to watch “Monday Night Football” can breathe a sigh of relief. The pay-TV provider reached a deal with Disney on Saturday to end a blackout of the media giant’s channels, including ESPN. The agreement gives DirecTV the ability to offer customers multiple genre-specific options, like sports and kids content, and to offer Disney’s streaming services in its packages or a la carte. The blackout lasted through the U.S. Open, a range of college football games and the opening “Monday Night Football” matchup of the NFL season.

– CNBC’s Pia Singh, Rebecca Picciotto, Annika Kim Constantino, Gabrielle Fonrouge, Alex Sherman, Lillian Rizzo and Jake Piazza contributed to this report.

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