Traders work on the floor of the New York Stock Exchange (NYSE), August 17, 2022.
Brendan McDermid | Reuters
Here are the most important information investors need to start their trading day:
Equity Futures pink thursday morning, as markets looked to shake off Wednesday’s declines. The day of declines also ended the Dow’s five-game winning streak, and the S&P 500 appears to be missing out on a fifth consecutive winning week. Investors are dealing with a few days of strong retail earnings, particularly from Walmart, which showed resilience as inflation-weary shoppers fell, and Target, which took a hit to profits as that it was working through loads of unwanted inventory. Fed minutes were also taken into account (more on this below). On Thursday, market watchers will also look at new existing home sales and weekly jobless claims data.
Federal Reserve Board Chairman Jerome Powell arrives for a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022.
Elizabeth Frantz | Reuters
The Federal Reserve is ready to maintain hiking rates until inflation comes down significantly, according to minutes released Wednesday by the central bank’s policy-making committee last month. The Fed raised rates by three-quarters of a point in June and July, and another hike is expected when Chairman Jerome Powell and other members of the Federal Open Market Committee meet again in September. The minutes, however, said the Fed could ease rate hikes if central bankers saw that their tougher policy successfully combated the four-decade high inflation that consumers have been grappling with. Gasoline prices have come down a bit, which has helped dampen the rate of inflation, but the Fed and the markets are looking for signs that it will continue to fall.
A security guard stands next to a Bed Bath & Beyond sign at the entrance to a New York store.
Scott Mill | CNBC
Bed bath and beyond shares fell by double digits after hours when it became clear that Ryan Cohen, the activist investor and maven stock meme, documents filed offering to sell its entire stake in the struggling retailer. It’s unclear whether Cohen, who recently owned more than 11% of Bed Bath shares, actually sold anything. The filing became public late Wednesday, and it follows a Tuesday filing that said Cohen’s company, RC Ventures, owned more than 9.4 million shares of Bed Bath. The news sparked a furor on the Wall Street Bets Reddit message board, where Bed Bath became a favorite of the meme crowd. “Of course it didn’t sell,” one user said. “He’s a monkey like us.” Shares of the company are up more than 300% this month.
Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, testifies during a hearing of the Senate Committee on Health, Education, Labor and Pensions to consider the federal response to the coronavirus disease (COVID- 19) and New Emerging Variants on Capitol Hill in Washington , DC, USA January 11, 2022.
Shawn Thew | Reuters
Centers for Disease Control and Prevention admitted after an internal examination that it did not respond quickly enough to the spread of Covid. So CDC Director Rochelle Walensky said she would revamp the agency to address its failings. Among the goals: to improve the speed of data sharing and to make guidelines simpler and less confusing for the general public. “For 75 years, the CDC and public health have been preparing for Covid-19, and in our big moment, our performance has not reliably met expectations,” the CDC director said in a statement.
Dodge Charger Daytona SRT concept car
Meet the Charger Daytona SRT. It’s not quite a car. It’s a concept. But Dodge wants fans of its next drop Muscle cars Challenger and Charger to know that an electric replacement is on the way in 2024. As the auto market shifts away from gasoline engines to battery electric vehicles, companies, especially the Big Three in Detroit, are looking for ways to preserve their legacy as creators of high-performance cars that drive both fast and powerful. Think Steve McQueen’s 1968 Ford Mustang GT in “Bullitt”, the Dodge Challenger in the 1971 cult classic “Vanishing Point” and, more recently, the nitrous oxide-boosted street racers in the “Fast and Furious”. Electric vehicles, on the other hand, are quiet and can go from 0 to 100 km/h in three seconds.
– CNBC’s Pippa Stevens, Jeff Cox, Lauren Thomas, Jesse Pound, Spencer Kimball and Michael Wayland contributed to this report.
— Follow Squawk Pod for the best Squawk Box conversations and analysis in a curated daily podcast.