Here are the most important news items that investors need to start their trading day:
1. State of the consumer
Stock futures were slightly higher Monday as the month continues to stagnate. S&P 500 futures were up 0.2%, while those tied to the Nasdaq-100 gained 0.4%. Dow Jones Industrial Average futures, meanwhile, advanced 56 points, or 0.2%. This week could bring more insights about the state of the consumer. Investors are looking ahead to earnings from major retailers, as well as retail sales data from July, which is set to be released Tuesday morning. Follow live market updates.
2. Big box earnings
Earnings season is starting to wind down, but there are still some big names on the docket. A slew of major retailers are due to report their results this week. Walmart and Target lead the way, along with Home Depot and TJX Cos. Those reports could give investors insights into the health of the U.S. consumer, a key measure as the economy tries to avoid entering a recession.
Friday: Palo Alto Networks
3. SBF behind bars
A judge revoked FTX founder Sam Bankman-Fried’s bail and ordered him to jail on Friday over alleged witness tampering. He was remanded to custody directly from a court hearing in New York and sent to a detention center in Brooklyn, according to prison records. Bankman-Fried had been out on a $250 million bail package since his arrest in December, which required him to remain at his parents’ house in Palo Alto, California. But prosecutors sought to revoke his bail in light of his continued interactions with the media, including leaking private diary entries of his ex-girlfriend, Caroline Ellison, to the New York Times.
4. China’s economic worries
China’s facing more economic challenges. Consumer sentiment is weak, and credit data released Friday showed a slump in demand from businesses and households that are looking to borrow money for the future. China’s also seeing potential problems again with its massive real estate sector, which houses the majority of household wealth. Meanwhile, economists polled by Reuters are expecting to see more sluggish economic data released Tuesday on industrial production and fixed asset investment.
5. Currency moves and countermoves
The Russian ruble temporarily slid past 100 per the U.S. dollar on Monday, a psychologically important threshold for the country’s beleaguered currency amid its ongoing war with Ukraine. The ruble is nearing a 17-month low and has lost around 30% against the dollar since the start of the year. Meanwhile, in Ukraine, another series of Russian drones and missiles hit the critical port city of Odesa, injuring at least three people. Ukrainian officials claimed they’ve seen “some success” in their ongoing counteroffensive measures, but the campaign has been slower than expected and progress has been limited by widespread Russian-laid minefields.
— CNBC’s Jesse Pound, Robert Hum, MacKenzie Sigalos, Dawn Giel, Evelyn Cheng, Elliot Smith and Karen Gilchrist contributed to this report.
— Follow broader market action like a pro on CNBC Pro.