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5 things you should know before the stock market opens on Wednesday, August 7
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5 things you should know before the stock market opens on Wednesday, August 7

News Update – Pre-Market

Here are five important things investors need to know at the start of the trading day:

1. Rebound

Shares partially recovered on Tuesday after posting losses over the previous three trading days. Dow Jones Industrial Average rose by 0.76% and ended the session at 38,997.66. With even larger percentage increases, the S&P500 rose 1.04% to close at 5,240.03, and the Nasdaq-Composite rose by 1.03% and closed at 16,366.85. In addition, Nikkei225 enjoyed its best day since October 2008, rising 10.2%. The gain came a day after the benchmark fell 12.4%, its worst session since Black Monday 1987. Follow market updates live.

2. Extremely successful

Uber has long struggled with resistance from taxi drivers. Now the company wants to enter into a partnership with the industry.

Jakub Porzycki | Only photo |

It was a successful second quarter for Above. The company beat Wall Street estimates for the period, reporting earnings of 47 cents per share on revenue of $10.7 billion. That’s above the 31 cents per share on revenue of $10.57 billion expected by analysts in a survey conducted by LSEG. In terms of monthly active platform users (MAPCs), Uber reached 156 million for the period after its platform logged 2.77 billion rides. That’s up from the same period a year ago when it logged 137 million MAPCs with 2.28 billion rides. In addition, the company’s delivery revenue and gross bookings grew 16% in the second quarter, while mobility gross bookings grew an even stronger 23%.

3. War of words

Passengers ask Delta employees for instructions on how to check in for their flight after the airline suspended flights due to a global technical outage. The outage was caused by an update to CrowdStrike’s “Falcon Sensor” software that crashed Microsoft Windows systems at Tampa International Airport in Tampa, Florida, USA, on July 19, 2024.

Octavio Jones | Reuters

Microsoftaccession CrowdStrikehit back at Delta Air Lines. Mark Cheffo, who represents Microsoft, recently sent a letter to attorney David Boies, who represents Delta, saying Microsoft offered free help to Delta after the global IT outage that resulted in thousands of flight cancellations. According to the letter, Microsoft employees told Delta they could help every day between July 19 and July 23, but the airline declined. Cheffo also criticized Delta’s slower recovery compared to its competitors, saying the company “appears to have failed to modernize its IT infrastructure, either for the benefit of its customers or for the benefit of its pilots and flight attendants.” The comments come after Delta announced it would seek damages from Microsoft and CrowdStrike for potential harm caused by the outage. CrowdStrike has also denied Delta’s claims, with attorney Michael Carlinsky saying Sunday the company was not responsible for the flight cancellations.

4. Rolling in

Democratic presidential candidate and U.S. Vice President Kamala Harris and Democratic vice presidential candidate, Minnesota Governor Tim Walz, appear together on stage during a campaign rally at Girard College in Philadelphia, Pennsylvania, August 6, 2024.

Andrew Harnik |

Vice President Kamala Harris on Tuesday named Minnesota Governor Tim Walz as her running mate for the November election. “Tim is a battle-tested leader who has an incredible track record of getting things done for Minnesota families,” Harris wrote in a campaign message to her supporters. “I know he will bring that same principled leadership to our campaign and to the office of Vice President.” Walz also confirmed his acceptance of the position in a social media post, saying he was “all in.” Following the announcement, the two made their first public appearance together at a rally in Philadelphia. “I couldn’t be prouder to be on this ballot,” Walz said at the rally. “Thank you for bringing the joy back.”

5. Shift up a gear

The Disney+ website on a laptop in Brooklyn, New York, on July 18, 2022.

Gabby Jones | Bloomberg |

Disney is raising its streaming prices. Starting in mid-October, most Disney+, Hulu and ESPN+ plans will cost $1 to $2 more per month, according to a press release. Disney+ Basic will cost $9.99, while Premium will cost $15.99. Hulu with and without ads will cost $9.99 per month and $18.99 per month, respectively. Even Hulu’s most expensive plans, which include live TV channels, will get more expensive, costing $6 more per month. ESPN+, meanwhile, will cost $11.99 per month. These increases come as Disney tries to steer its customers toward packages.

CNBC’s Hakyung Kim, Samantha Subin, Lora Kolodny, Leslie Josephs, Jordan Novet and Rebecca Picciotto and Justine Fisher contributed to this report.

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