Economy

5 Things to Know Before the Stock Market Opens on Friday, August 9

August 9, 2024
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Here are five key things investors should know to start their trading day:

1. Tick-tock

Stocks ended higher on Thursday after renewed investor confidence in the U.S. economy. Standard & Poor’s 500 Dubai Financial Market Index rose 2.3% to close the session at 5,319.31, recording the best day for the broad market index since November 2022. Dow Jones Industrial Average The Dubai Financial Market index also rose by 1.76% to close at 39,446.49 points. Nasdaq Composite Japan’s Nikkei gained the most percentage among all major indices, ending 2.87% higher at 16,660.02. The weaker yen against the US dollar also helped markets move higher during the session. Follow live market updates.

2. Labor market optimism

Job seekers attend the JobNewsUSA.com South Florida Job Fair held at the Amerant Bank Arena in Sunrise, Florida on June 26, 2024.

Joe Rydell | Getty Images

Weekly unemployment claims rose The number of initial jobless claims fell last week. According to the Labor Department, initial jobless claims for the week came in at a seasonally adjusted 233,000. That’s down 17,000 from the previous week and below the Dow Jones estimate of 240,000. This is a bright spot after Friday’s much weaker-than-expected July jobs report, which raised concerns about the state of the labor market and saw the unemployment rate rise to 4.3%. On the other hand, the level of continuing unemployment claims rose to 1.875 million. That’s the highest level since November 27, 2021.

3. You get AI, you get AI

Now, thousands of employees at JPMorgan Chase have a generative AI assistant. The software, known as the LLM Suite, is available to more than 60,000 employees at the bank. The AI ​​is expected to one day be as ubiquitous at JPMorgan as Zoom, the videoconferencing platform, people familiar with the plans told CNBC. “Ultimately, we would like to be able to move seamlessly across models based on use cases,” Theresa Heitzenreither, JPMorgan’s chief data and analytics officer, said in an interview. “The plan is not to be tied to any one model provider.”

4. In leadership

Rockwell Collins CEO Kelly Ortberg poses for a photo at the company’s production facility in Manchester, Iowa, U.S., Wednesday, Aug. 31, 2016.

Daniel Acker | Bloomberg | Getty Images

Boeing Boeing Co. has officially named a new CEO. Aerospace veteran Robert Kelly Ortberg took the reins Thursday, seeking to restore the company’s reputation. On his first day as CEO, Ortberg planned to tour Boeing’s Renton, Washington, factory where the planemaker builds its 737 Max jets. The new CEO also planned to review safety and quality plans and address employees. “I can’t tell you how proud and excited I am to be a member of the Boeing team,” he said in a memo to employees Thursday. “While we clearly have much work to do to restore trust, I am confident that, working together, we will return the company to the industry leader we all expect it to be.”

5. billion box office

It feels like three. Disney Movies could hit $1 billion at the box office this year. Pixar’s latest, “Inside Out 2,” has already surpassed that mark, making $1.5 billion at the global box office to become the highest-grossing animated film of all time. “Deadpool vs. Wolverine” could be next on the list. The first R-rated film in the Marvel Cinematic Universe has already broken records in its opening weekend and is expected to hit $1 billion before it’s even out. But that’s not all. Disney is set to release “Moana 2” on Thanksgiving. While its 2016 predecessor “Moana” grossed just under $700 million at the global box office, the excitement for more “Moana” content is expected to boost ticket sales later in the year.

— CNBC’s Hakyung Kim, Jesse Pound, Jeff Cox, Hyo Sohn, Leslie Joseph and Sarah Whitten contributed to this report.

— Follow the broader market movements like a pro on cnbc pro.

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