Here are the most important news, trends and analysis investors need to start their trading day:
1. S&P 500 seems to cement longest monthly winning streak in almost 4 years
Traders work on the floor of the New York Stock Exchange (NYSE) in New York on Monday, August 23, 2021.
Michael Nagle | Bloomberg | Getty Images
U.S. equity futures were flat on Tuesday, the last day of August, with the S&P 500 posting a seventh consecutive monthly gain, its longest streak of monthly gains since December 2017. The S&P 500 and Nasdaq again closed at record highs Monday. The Dow Jones fell slightly, sending the 30-stock average just over 0.6% from its last record close earlier this month. The Dow Jones and the Nasdaq were also poised for solid gains for August.
A trader working after the Nasdaq opening bell ceremony on April 18, 2019 in New York City.
Kena Betancur | Getty Images
Zoom Video Communications shares fell 11% in Tuesday’s pre-market, a drop that would wipe out gains from 2021 then some. While beating estimates with earnings and quarterly revenue, the stock was under pressure to slow growth from the skyrocketing levels seen at the start of the Covid pandemic in 2020. Zoom also provided forward-looking guidance that basically matched the estimates .
2. South Korean Bill to Limit Apple and Google’s Control of App Store Payments
The App Store logo displayed on a smartphone.
Igor Golovniov | SOPA Pictures | LightRocket via Getty Images
South Korea’s parliament on Tuesday passed a bill to restrict Apple and Google’s payment policies from Alphabet, which require developers to only use billing systems owned by tech giants. The measure, once enacted, will make South Korea the first country to target major app store operators, which can charge commissions of up to 30% on in-app transactions. Regulators around the world are focused on leveling the playing field, and analysts see South Korea’s measure as a possible first step towards further scrutiny by other countries.
3. Biden Prepares to Address the Nation on End of America’s Longest War
Taliban forces stand guard a day after US troops withdrew from Hamid Karzai International Airport in Kabul, Afghanistan on August 31, 2021.
Limon | Reuters
President Joe Biden plans to address the nation on Tuesday afternoon about his decision not to extend the US mission in Afghanistan, which has fallen to the Taliban. The United States has completed its efforts to evacuate Kabul airport, the Pentagon announced on Monday, ending the United States’ longest war. The nearly two-decade conflict began shortly after the terrorist attacks of September 11, 2001. In the last week of the US troop withdrawal and diplomatic withdrawal from Afghanistan, terrorists from the ISIS-K group killed 13 US servicemen and dozens of Afghans in an attack outside the airport. US forces retaliated and launched strikes in an attempt to thwart further attacks.
4. Ida’s power outages could take weeks to repair; forest fire threatens Lake Tahoe
A building was destroyed after Hurricane Ida hit on August 30, 2021 in New Orleans, Louisiana.
Brandon Bell | Getty Images
Power outages caused by Hurricane Ida could take weeks to repair in parts of Louisiana, officials said. Ida ravaged the region’s electricity grid, leaving the entire city of New Orleans and hundreds of thousands of other Louisiana customers in the dark. Power outages and widespread flooding slowed efforts by energy companies on Tuesday to assess damage to oil production facilities, ports and refineries, many of which were closed before the storm.
A chairlift at the Sierra-at Tahoe ski resort is idle as the Caldor fire crosses the region on August 30, 2021 in Twin Bridges, California.
Justin Sullivan | Getty Images
A wildfire swept across Lake Tahoe on Tuesday, hours after the entire California resort town of South Lake Tahoe was ordered to evacuate. Communities just across the border from Nevada have been warned to prepare to leave. The threat of fire is so widespread in the region that the US Forest Service announced Monday that all of California’s national forests will be closed until September 17.
5. CDC Scientist Says Limited Data To Evaluate General Population Boosters
Nurse Samantha Reidy gives Alan Kramer, 74, a cancer patient, her Pfizer-BioNTech Covid-19 booster injection at Hartford Hospital in Hartford, Connecticut on August 24, 2021.
Joseph Prezioso | TBEN | Getty Images
A CDC scientist said on Monday that the data needed to properly assess recalls of Covid vaccines for the general population is limited – even as the president is pressuring health officials to allow additional injections for wide distribution from the week of September 20. The CDC stressed that vaccinating the unvaccinated should be a “top priority,” adding that giving booster doses to those vaccinated should not discourage awareness among those who are not protected against the virus. Biden said on Friday that US regulators were considering giving Covid booster shots five months after people finished their primary vaccinations.
– The The Bharat Express News and Reuters contributed to this report. Follow all market actions like a pro on TBEN Pro. Get the latest pandemic news with TBEN’s coronavirus coverage.