5 things to know before the stock market opens Wednesday
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People walk along Wall Street outside of the New York Stock Exchange (NYSE) on May 03, 2023. Spencer Platt | Getty Images
Here are the most important news items that investors need to start their trading day:
1. New highs
Tuesday might have otherwise been humdrum for U.S. stock markets, but the session nonetheless left the broad S&P 500 index at its highest point since August and the tech-heavy Nasdaq at a fresh 2023 high. So, for now at least, it appears markets are simply chugging. Earnings season is pretty much over, the debt ceiling is resolved until after the 2024 election, and recent data has demonstrated the resiliency of the U.S. economy. The Federal Reserve's policy-setting board meets next week, though, so that could make things more interesting. Follow live market updates.
2. PGA Tour and LIV Golf stun the world
Former U.S. President Donald Trump looks on from the second green during the pro-am prior to the LIV Golf Invitational - Bedminster at Trump National Golf Club Bedminster on July 28, 2022 in Bedminster, New Jersey. Jonathan Ferrey | LIV Golf | Getty Images Sport | Getty Images
No one saw this coming. The PGA Tour and its Saudi-backed rival LIV Golf announced a merger deal that sent shockwaves through the sports, geopolitical and business worlds. The agreement came after seven weeks of secret talks – and months of bitter public fighting that included lawsuits, player bans and lobbying campaigns on Capitol Hill. Now, if the deal goes through, Saudi money and all of its baggage will have an even bigger presence in the lucrative golf universe. While the deal caused some to celebrate, including LIV golfer Phil Mickelson and tournament host Donald Trump, it triggered disgust among many and put PGA Tour Commissioner Jay Monahan in the hot seat.
3. SEC goes after Coinbase
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First Binance, now Coinbase . After bringing charges against the world's biggest crypto exchange on Monday, the Securities and Exchange Commission on Tuesday sued publicly traded Coinbase, saying it has "defied the regulatory structures and evaded the disclosure requirements" of securities laws. Shares of the crypto firm fell 12% Tuesday after already falling 9% Monday following the SEC's action against Binance. "These trading platforms, they call themselves exchanges, are commingling a number of functions," SEC Chairman Gary Gensler told CNBC. "We don't see the New York Stock Exchange operating a hedge fund." In turn, Coinbase accused the SEC of relying to heavily on an "enforcement-only approach" to the crypto industry.
4. Smoked out
The sun is shrouded as it rises in a hazy, smoky sky behind the Empire State Building, One Vanderbilt and the Chrysler Building in New York City, as seen from Jersey City, New Jersey, June 6, 2023. Gary Hershorn | Corbis News | Getty Images
Raging Canadian wildfires have blanketed much of the northern U.S. with smoke and haze, resulting in poor air quality and an eerie apocalyptic tint in the sky. Officials from Minnesota to New England sent out advisories about the air, warning it could be especially harmful to people with heart and respiratory ailments. In New York City, the air was so bad it exceeded exposure levels set out by the World Health Organization. Smoky skies could end up sticking around for much of the summer, too, as Canada is facing possibly its worst wildfire season ever, CNBC's Emma Newburger reports. It's expected to last through August.
The entrance to the Hyundai Motor Asan Factory in Asan, south of Seoul. YELIM LEE | AFP via Getty Images
Source: CNBC
