Key Business Headlines: August 28

Estimated Reading Time: 2 minutes

STOCKS/ECONOMY

• Stock futures are modestly lower after Thursday’s 106-point gain for the Dow, a 0.7 percent rise for the S&P 500, and a 1.6 percent rally for the Nasdaq. Investors are taking a mostly wait-and-see approach to Fed Chairman Kevin Warsh’s major speech today and the continuing back-and-forth news from the Iran war and sanctions developments.
• The yield on the 10-year Treasury bond is up to 4.69 percent.
• Gold is at $4,651 per ounce. Silver is up to $70 per ounce. Bitcoin is at the $79.600 level.
• Asian markets closed mixed today. The Nikkei gained 0.4 percent, the Hang Seng rose just 0.1 percent, the Kospi sold off by 1.8 percent, and the Shenzhen dropped 0.7 percent.

OIL/ENERGY

• U.S. crude prices are down and at the $83 a barrel level.
• Gasoline prices are down to $4.08 a gallon, national average.

DEALS/NO DEALS

• Buyout firm Advent and Stripe are reportedly backing away from plans to acquire PayPal (PYPL). PayPal shares are down 16 percent in the premarket.

GAP MOVES

• Gap (GAP) reported better-than-expected quarterly profits and announced a new leader for its Old Navy division. Gap shares are up 16 percent in the premarket.

CHIP FORECAST

• Marvell Technology (MRVL) issued current quarter guidance on the lower end of Wall Street estimates. Its shares are down 8 percent in the premarket.

VIDEO GAME MANIA

• Netflix (NFLX) streamed an extended preview of the as-yet released Grand Theft Auto VI game Thursday, sparking a viewership increase. The full game is set to be released on November 19, and will be the first update for the series in 13 years. Grand Theft maker Take-Two Interactive (TTWO) shares are up 2 percent in the premarket. Netflix shares are up 1 percent.

-Jake Novak

Jake Novak is a 30-yr. veteran TV news producer, editorial columnist, & fmr. diplomat with expertise in politics, business news, culture, & media analysis. He is also the author of Jake’s Takes on Substack.

The author’s views are their own and do not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.