1. S&P 500 heads for greatest August in 34 years
U.S. stock futures were pointing to additional beneficial properties at Friday’s open, with the S&P 500 hovering 6.5% this month and heading for its best August since 1986. The S&P and the Dow Jones Industrial Average continued their summer season rallies Thursday on the Federal Reserve’s announcement of a brand new inflation technique that would maintain rates of interest decrease for longer.
The S&P closed at another record high, although under the most effective ranges of the day, which noticed the index prime 3,500 for the primary time ever. The Dow closed larger however off the day’s highs, which noticed blue chips flip briefly optimistic for 2020. The Dow has been the laggard on Wall Avenue, nonetheless about 3.5% from its Feb. 12 document highs. The Nasdaq hit one other all-time throughout Thursday’s session however closed modestly decrease.
Dow inventory Coca-Cola was larger within the premarket after the beverage large introduced Friday a restructuring plan, which can embody voluntary job cuts. Coca-Cola will supply buyouts, beginning with about 4,000 employees within the U.S., Canada and Puerto Rico who had been employed on or earlier than Sept. 1, 2017. The corporate estimates that the severance program will price $350 million to $550 million.
Shares of Tesla, up an astonishingly 435% in 2020, had been larger in premarket buying and selling after closing larger at $2,238. Tesla’s 5-for-1 stock split occurs after Friday’s shut, with shares beginning to commerce on a split-adjusted foundation Monday.
2. Trump rips Biden; Harris rips Trump
President Donald Trump speaks from the South Garden of the White Home on the fourth day of the Republican Nationwide Conference, Thursday, Aug. 27, 2020, in Washington.
Evan Vucci | AP
Portray an image of the horrors that he claims would await America if Democrat Joe Biden had been to win in November, President Donald Trump capped the 2020 Republican Nationwide Conference on Thursday evening by accepting his occasion’s presidential nomination for the second time. In an over 70-minute speech from the White Home South Garden, earlier than tons of of in-person supporters, Trump blasted Biden, saying that electing his rival would result in an financial collapse and violence in American cities.
Democratic vice presidential nominee Sen. Kamala Harris, talking earlier than Trump’s handle, stated the president failed to protect Americans from the coronavirus pandemic. She charged that Trump “caved” when he wanted “to be robust” over China’s refusal to share details about the virus months in the past. In distinction, Harris stated Biden “sounded the alarm” about Covid-19.
3. Abe resigns as Japan’s longest-serving prime minister
Japan’s Prime Minister Shinzo Abe speaks at a information convention on Could 25, 2020 in Tokyo, Japan.
Kim Kyung-Hoon – Pool | Getty Photos
Shinzo Abe, Japan’s longest-serving prime minister, announced Friday that he’ll step down due worsening well being, bringing an early finish to his management of the world’s third-largest economic system. Abe, 65, who suffers from a power inflammatory bowel illness, stated he didn’t need his sickness to end in any coverage errors. Abe stated he would fulfill his duties as prime minister till the subsequent chief is appointed. His present time period was not on account of finish till September 2021. Forward of the official announcement, Japan’s Nikkei stock index closed 1.4% lower as hypothesis of Abe’s resignation was swirling out there.
4. Contained in the Microsoft-Walmart bid to purchase TikTok
Sheldon Cooper | LightRocket | Getty Photos
Walmart and Microsoft may look like an unlikely partnership to accumulate TikTok’s U.S. property, however till very not too long ago the retailer had different plans. Walmart was originally in a consortium with Google-parent Alphabet earlier than switching in latest days to accomplice with Microsoft. TikTok is ready to decide on between the Microsoft-Walmart supply and a bid from Oracle within the subsequent couple of days. Earlier this month, citing nationwide safety issues, Trump signed an government order, requiring China-based father or mother ByteDance to promote or spin off its U.S. TikTok enterprise.
5. Gulf Coast oil operations escape worst injury
Dustin Amos walks close to particles at a fuel station on Thursday, Aug. 27, 2020, in Lake Charles, La., after Hurricane Laura moved by means of the state.
Gerald Herbert | AP
The center of the U.S. oil business in Louisiana and Texas appears to have avoided the worst of Laura, which brought on devastation alongside the Gulf Coast when it crashed ashore as a robust Class Four hurricane early Thursday. Forecasters are warning of new dangers as tropical climate blows towards the Jap Seaboard this weekend. A weakened-Laura is anticipated to spawn extra tornadoes and produce heavy rain to the Tennessee Valley area earlier than transferring on to the mid-Atlantic states by Saturday.
— The Related Press contributed to this report.