Here are the most important news items that investors need to start their trading day:
1. Fed day
Trading has been mostly quiet so far this week as investors wait for the decision from this week's Federal Reserve policy meeting. On Tuesday, the Dow Jones Industrial Average lost a little more than 100 points, or 0.31%, while the S&P 500 fell 0.22% and the Nasdaq Composite slid 0.23%. Stock futures were also looking down Wednesday morning. Virtually everyone expects the Fed to skip a hike and keep rates at their current level. What investors will be watching for Wednesday is any indication of what the Fed plans to do in the future. Follow live market updates.
2. Going public
Instacart rose 12% in its Tuesday debut on the Nasdaq. When the stock opened, it was up 40% over the initial public offering price of $30 a share announced late Monday, but the rally sputtered later in the day. It opened at $42 a share and closed Tuesday at $33.70 a share, which means the company is worth just over $11 billion. Meanwhile, the recent run of tech IPOs is continuing. Software developer Klaviyo said Tuesday its IPO priced at $30 a share, securing a valuation of $9.2 billion. Klaviyo's shares are set to start trading on the New York Stock Exchange on Wednesday under the ticker "KVYO."
3. Disney doubles down
Disney will nearly double the amount it plans to invest in its parks business. The company said in a securities filing Tuesday that it expects to spend $60 billion on the division over 10 years. Theme parks have been a bright spot for the company as it tries to make its streaming business profitable and faces a changing media landscape. Its domestic parks, particularly Walt Disney World in Florida, saw a slowdown in attendance and hotel room occupancy. But international parks have remained a source of strength. Disney's stock fell more than 3% Tuesday.
4. SBF's parents
Bankrupt crypto exchange FTX is suing the parents of disgraced founder and ex-CEO Sam Bankman-Fried. The company said it is trying to claw back luxury property and "millions of dollars in fraudulently transferred and misappropriated funds" from Allan Joseph Bankman and Barbara Fried. FTX alleges that the couple used their influence in FTX to enrich themselves, despite the company being on the brink of insolvency. The company also accused Bankman-Fried's mother of acting as a key advisor to her son and his allies for political campaign contributions that later led to criminal charges against him and others. Attorneys for Bankman and Fried denied the allegations.Â
5. Official party pooper
Naba Banerjee is in charge of cracking down on unauthorized parties at Airbnbs — and she's seen some successes. There was a global 55% drop in parties reported on Airbnb between August 2020 and August 2022. Since she introduced a new AI system trained to detect reservations that have a higher likelihood of being a party, more than 320,000 guests have been blocked or redirected from booking attempts. It's also rolled out a ban on high-risk reservations by users under the age of 25, with bad reviews or without much history on the platform/The system also removed the option for hosts to list their home as available for gatherings of more than 16 people. Airbnb says the pandemic and hosts' fears of property damage are the main drivers behind its anti-party push, but it's also seen parties turn dangerous.
— CNBC's Alex Harring, Samantha Subin, Jeff Cox, Ari Levy, MacKenzie Sigalos, Brian Schwartz, Hayden Field and Reuters contributed to this report.
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