Here are the most important news, trends and analysis that investors need to start their trading day:
- S&P 500 looks to cement longest monthly win streak in nearly 4 years
- South Korea passes bill to limit Apple, Google control over app store payments
- Biden set to address nation about end of America's longest war
- Ida power outages could take weeks to fix; wildfire threatens Lake Tahoe
- CDC scientist says data limited to evaluate general population boosters
U.S. stock futures fell slightly Tuesday, on the last day of August, with the S&P 500 tracking for a seventh straight monthly gain, its longest monthly winning streak since December 2017. The S&P 500 and Nasdaq again closed at record highs Monday. The Dow fell slightly, sending the 30-stock average to just over 0.6% away from its latest record close earlier this month. The Dow and Nasdaq were also poised for solid gains for August.
Zoom Video Communications shares sank more than 14% in Tuesday's premarket, a drop that would wipe out 2021 gains and then some. While beating estimates with quarterly earnings and revenue, the stock was under pressure on slowing growth from the meteoric levels seen as the Covid pandemic began in 2020. Zoom also delivered forward guidance that basically matched estimates.
South Korea's parliament passed a bill Tuesday to curb the payment policies of Apple and Alphabet's Google that force developers to only use the tech giants' proprietary billing systems. The measure, when signed into law, will make South Korea the first country to go after major app store operators, which can charge commissions as high as 30% on in-app transactions. Regulators worldwide are focused on leveling the playing field, and analysts view the South Korea measure as a possible first step toward greater scrutiny from other countries.
President Joe Biden plans to address the nation Tuesday afternoon about his decision not to prolong the U.S. mission in Afghanistan. The U.S. has finished its evacuation efforts from Kabul's airport, effectively ending America's longest war. The nearly two-decade conflict began not long after the Sept. 11, 2001 terrorist attacks. In the final weeks of the U.S. troop and diplomatic withdrawal from Afghanistan, the civil government fell to the Taliban. On Thursday, terrorists from the group ISIS-K killed 13 U.S. service members and dozens of Afghans in an attack outside the airport. U.S. forces retaliated and launched strikes.
Power outages from Hurricane Ida could take weeks to fix in some parts of Louisiana, according to officials. Ida ravaged the region's power grid, leaving the entire city of New Orleans and hundreds of thousands of other Louisiana customers in the dark. Power outages and widespread flooding slowed efforts Tuesday by energy companies to assess damages at oil production facilities, ports and refineries, many of which were shuttered ahead of the storm.
A wildfire swept toward Lake Tahoe on Tuesday, hours after the entire California resort city of South Lake Tahoe was ordered to evacuate. Communities just across the state line in Nevada were warned to get ready to leave. The threat of fire is so widespread in the region that the U.S. Forest Service announced Monday that all national forests in California would be closed until Sept. 17.
A CDC scientist said Monday the data needed to properly evaluate Covid vaccine boosters for the general population is limited — even as the president pressures health officials to clear the additional shots for wide distribution beginning the week of Sept. 20. The CDC emphasized that vaccinating the unvaccinated should be a "top priority," adding delivery of booster doses to vaccinated individuals should not deter outreach to those who remain unprotected from the virus. Biden said Friday that U.S. regulators are looking at administering Covid booster shots five months after people finish their primary immunizations.