Markets Open: The most recent Producer Price Index, which keeps track of increases in wholesale prices, is anticipated to reveal a slight rise in prices for the month of July. Additionally, Google and GM have been granted permission to run self-driving taxi services in San Francisco. This is the important information investors should be aware of today.
5 Things to Know Before Markets Open
1. Producer Prices Projected to Tick Higher
After the recent release of the Consumer Price Index, investors will have the opportunity to gain further insights into inflation trends. This will happen when the Bureau of Labor Statistics releases its Producer Price Index (PPI) for July, focusing on wholesale prices, at 8:30 a.m. ET. Economists predict that the monthly PPI reading will indicate a 0.2% price increase in July, up from the previous month’s 0.1%. Additionally, today at 10 a.m. ET, there’s a forecast that the preliminary reading for the Michigan Consumer Sentiment Index will rise to 72 in August, compared to 71.6 last month.
2. Google, GM Get Rights to Operate Self-Driving Taxis in San Francisco
Google’s parent company, Alphabet (GOOGL), and General Motors (GM) have received approval to start their self-driving taxi services in San Francisco. These companies, specifically GM’s Cruise and Alphabet’s Waymo, are now allowed to offer rides in autonomous vehicles for a fee at any time of the day, without any restrictions on the number of vehicles they can operate. The stock value of Alphabet saw a slight decrease of 0.3%, while GM’s shares remained relatively stable during pre-market trading.
3. Amazon to Cut House Brands to Trim Costs, Appease Regulators
Amazon (AMZN) plans to shut down 27 out of its 30 clothing brands and discontinue a few of its private-label furniture brands. This move is aimed at addressing concerns from antitrust regulators and boosting its profits. However, Amazon will continue to run its Amazon Essentials, Amazon Collection, and Amazon Aware brands. During pre-market trading, Amazon’s stock experienced a slight 0.3% decrease.
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4. Cano Health Warns It Could End Operations Within a Year
In pre-market trading, the stock of Cano Health (CANO) experienced a significant drop of 40%. This decline came after the primary-care provider expressed concerns about its ability to sustain its operations for the next year, citing “substantial doubts.” Additionally, in its second-quarter earnings report, the company announced its intention to reduce its workforce by 17% as it actively searches for potential buyers.
5. Air Taxi Maker Archer Aviation Shares Take Off After Boeing Agreement
The stock of Archer Aviation (ACHR) experienced a significant increase of 25% after the company, which specializes in air taxis, reached an agreement with Boeing (BA) to resolve their legal disputes concerning technology. Meanwhile, Boeing’s shares remained relatively stable during pre-market trading. Archer also disclosed that it has successfully secured $215 million in equity investments from Boeing, Stellantis, and United Airlines. This funding will aid Archer in its efforts to obtain approval from the Federal Aviation Administration (FAA) by the year 2025.
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