Source: NYSE Here are the most important news investors need to start their trading day:
1. That Friday feeling
Stock futures showed a positive opening on Friday morning as US markets headed for a possible profitable week after three straight losses. The three major indexes closed higher on Thursday, even as Fed Chairman Jerome Powell reiterated that the central bank was laser-focused on containing inflation. “I can assure you that my colleagues and I are strongly committed to this project and will maintain it until the job is done,” Powell told an audience Thursday at the Cato Institute. Oil futures also rose slightly on Friday morning, after falling on concerns of slowing demand.
2. Yellen trumpets Biden’s economy
US Treasury Secretary Janet Yellen at the Ford Rouge electric vehicle facility in Dearborn, Michigan. Mike Weiland Treasury Secretary Janet Yellen took the opportunity at a Ford plant in Michigan to tout the Biden administration’s economic record as better than people think. The biggest thing affecting the president’s approval ratings is voters’ low opinion of how he has handled the economy, particularly as inflation has soared. But as gas prices have fallen, Biden’s approval ratings have begun to rise and the administration is keen to push for some wins ahead of the midterm elections. “Together, the bipartisan Infrastructure Act, the CHIPS Act and the Deflation Act passed some of the most significant investments our country has ever made,” Yellen said Thursday. “I strongly believe they will help us achieve steady sustainable growth and lead us towards a fairer and more resilient economy.”
3. Tesla Weighs Texas Lithium Refinery
A giant cowboy boot is displayed outside the Tesla Giga Texas manufacturing facility during the Cyber Rodeo launch party on April 7, 2022 in Austin, Texas. Suzanne Cordeiro | AFP | Getty Images Electric vehicle giant Tesla is considering opening a lithium refinery in Texas, months after CEO Elon Musk said the company may need to refine its own lithium as prices for the resource have soared. The company told Texas authorities that such a plant would be “the first of its kind in North America.” Tesla also wants some tax breaks from Texas. “In the case of investing in this proposed project in Texas, the decision will be based on a number of commercial and economic considerations, including the ability to obtain relief on local property taxes,” the company told the state.
4. Britain after Elizabeth
Queen Elizabeth II died on Thursday at the age of 96, ending a 70-year reign that spanned Britain’s recovery from World War II, the eventual decline of the empire, Margaret Thatcher’s battles with unions, the formation of the European Union and the UK’s exit from it and the Covid pandemic. Elizabeth’s death marks a new era of uncertainty for Britain, writes CNBC’s Karen Gilchrist. Days before her death, the Queen met with a new prime minister, Liz Truss, who has been tasked with taming the toughest economy the nation has faced in years. The pound hit a 37-year low this week and the Truss government aims to ease the country’s cost of living crisis by capping energy bills. It will be tough medicine and Elizabeth will not be there to boost British morale. This is now up to King Charles.
5. Apple’s prestige game
Still from AppleTV+’s “Severance.” apple The Emmys are on Monday, and Apple TV+ is up for several major awards. The streaming service is less than three years old and doesn’t put out the volume of content that, say, Netflix or HBO does. But with buzzed-about shows like “Ted Lasso” and “Severance,” Apple, already the top maker of personal gadgets, is trying to stake its claim as a major player in streaming, CNBC’s Sarah Whitten writes. Apple TV+ made Hollywood showbiz history earlier this year when its “Coda” became the first streaming service release to win best picture at the Oscars. Not everything is necessarily for Apple subscribers. “For Apple, the streaming service is just a means to an end — and the end is more sales of iPhones, Macs, Apple TVs, etc.,” Peter Csathy, founder and president of the Creative Media consultancy. “As long as Apple TV+ screams quality, then it serves its purpose in Apple’s overall machine.” — CNBC’s Sarah Min, Chelsey Cox, Arjun Kharpal, Karen Gilchrist and Sarah Whitten contributed to this report. — Join the CNBC Investing Club now to follow Jim Cramer’s every stock move. Follow the broader market action like a pro on CNBC Pro.
