5 things to know before the stock market opens Thursday, September 8

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington on July 27, 2022.

Elizabeth Franz | Reuters

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

1. Mixed morning

US Stock Futures showed little movement in either direction on Thursday morning, ahead of comments from Federal Reserve Chairman Jerome Powell and jobless claims data. Investors are looking for momentum after Wednesday’s rally, when all three major US averages posted their best day in nearly a month. The Fed is poised to raise rates again this month as its battle against inflation continues, so market watchers are trying to control what will the central bank do next. Analysts at Goldman Sachs raised their rate hike outlook, saying they expect another three-quarter-point hike this month, a half-point hike in November and a quarter-point hike in December.

2. ‘Buy your mom an iPhone’

Apple CEO Tim Cook holds up the new iPhone 14 at an Apple event at its headquarters in Cupertino, California on September 7, 2022.

Carlos Barria | Reuters

Tim Cook doesn’t think it’s that important to Apple to improve the experience of texting between iPhones and smartphones using GoogleAndroid system of. told the Code Conference on Wednesday that he doesn’t hear many complaints from Apple customers and that his priority is getting people to buy iPhones. When someone asked Cook that he couldn’t send videos to her mom because of the disconnection, the Apple CEO replied, “Buy your mom an iPhone.” Fittingly, the trade came on the same day that Apple unveiled your latest iPhone line.

3. GameStop’s Last Play

video game retailer gamestop is pushing further into the virtual world, while throwing a little more red meat into the online meme crowd. The company’s earnings report on Wednesday. It wasn’t pretty. It posted a broader quarterly loss due to a decline in sales, while its cash pile fell to about half of what it was a year earlier. But stocks surged after hours, despite GameStop announcing a partnership with 30-year-old billionaire Sam Bankman-Fried’s crypto exchange FTX. There weren’t a lot of details in the announcement aside from a few vague points about e-commerce and online marketing. GameStop will also be selling FTX gift cards. The partnership comes a couple of months after the retailer started a marketplace for virtual collectibles known as NFTs, which are also traded on FTX.

4. Putin threatens Europe over energy

Russian President Vladimir Putin delivers an open lecture on the Day of Knowledge in Kaliningrad, Russia, on September 1, 2022.

Alexei Maishev | Sputnik | via Reuters

Russian President Vladimir Putin his forces were bogged down in Ukraine, attacked Europe. The region is already facing an energy crisis thanks to Russia’s decision to halt gas supplies in the Nord Stream 1 pipeline. That move is putting pressure on European governments bracing for the cold months ahead. At an economic forum, Putin said Russia could terminate energy contracts in response to political moves, such as price caps on energy imports from his country. “We will not supply gas, oil, coal, heating oil, we will not supply anything,” Putin said. “There would be only one thing left for us to do: as in the famous Russian fairy tale, we would let the wolf’s tail freeze.”

5. The post-cinema world

The Mandalorian and the Child in Disney+’s “The Mandalorian.”

Disney

Movies are still great. It’s the screens that got small. Previous Disney CEO Bob Iger on Wednesday outlined what many industry analysts have been talking about for the past two years: The demand needed to fill theaters is no longer there, even as blockbusters return to theaters after Covid stormed the Hollywood. “I don’t think movies will ever go back, in terms of moviegoing, to the level that they were before the pandemic.” Iger said at the Code Conference. And while big movies like “Spider-Man: No Way Home” and “Top Gun: Maverick” still fill them, franchises don’t need to hit the multiplex to make a cultural impact. Iger cited HBO’s “Game of Thrones” series and Disney’s own success with “Star Wars” shows as evidence of this. “I’m a big believer in movies. I love great movies,” Iger said, “but it doesn’t go back to where it was.”

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