5 things to know before the stock market opens Tuesday

Here are the most important news items that investors need to start their trading day:

Stocks saw gains Friday, closing out yet another winning month for the S&P 500. The broad market index moved 1.01% higher to finish the session at 5,648.40. It also advanced 2.3% for August, marking its fourth straight winning month. Its recovery following the global sell-off earlier last month was aided by a surge in consumer staples, real estate and health care. Meanwhile, the Dow Jones Industrial Average hit a new record high in the final minutes of the session, closing 0.55% higher at 41,563.08. For August, the 30-stock index jumped almost 1.8%. The Nasdaq Composite also moved higher, gaining 1.13% on Friday and 0.7% for the month. Follow live market updates.

Inflation increased slightly in July. The personal consumption expenditures price index was up 0.2% from the prior month and rose 2.5% from a year ago. That’s exactly in line with the consensus estimates from Dow Jones. Core PCE was also up in July, gaining 0.2%. Compared with a year ago, core PCE was 2.6% higher. That’s a bit softer than expected, coming in just below the 2.7% estimate. The data comes as traders have priced in a 100% chance the Federal Reserve will cut interest rates in September. “The American economy is poised to grow at or above the long-term 1.8% rate as the Fed begins its rate-cutting campaign, which should put a floor under growth and hiring,” said Joseph Brusuelas, chief economist at RSM.

Elon Musk’s X is staying blocked in Brazil. On Monday, a panel of the country’s federal supreme court justices unanimously upheld orders suspending the use of the social media platform. Top justice Alexandre de Moraes issued the suspension orders late Friday after warning Wednesday that X could be blocked if Musk and X failed to appoint a legal representative for their business in Brazil within 24 hours. X’s suspension in the country was then put into effect by early Saturday. The financial assets of Starlink — another Musk-owned business — have also been frozen in the country to ensure payment of X’s fines.

The restaurant industry has seen a number of Chapter 11 bankruptcies this year. To date, at least 10 restaurant chains – excluding multi-unit franchisees – have filed for bankruptcy, and three happened during August alone. Red Lobster, World of Beer and Sticky’s Finger Joint are among the 10 restaurant chains to file so far. And the total number may increase by year’s end, as others like BurgerFi have signaled they may seek bankruptcy. The owner of Anthony’s Coal Fired Pizza & Wings has said there is “substantial doubt” over its ability to continue to operate.

Wegovy and Ozempic may have another benefit: reducing the risk of death by Covid-19. According to studies published by the Journal of the American College of Cardiology (JACC) last week, people taking a 2.4 mg dose of semaglutide – which is the active ingredient in Novo Nordisk‘s blockbuster drugs – had a 33% lower chance of dying from the disease. On top of that, co-author Benjamin Scirica said patients who received semaglutide in his own study showed a 29% reduction in deaths from causes not linked to heart events. What’s more, other JACC studies published last week revealed that semaglutide also reduced deaths among those suffering from chronic kidney disease and even improved symptoms linked to heart failure and inflammation.

— CNBC’s Lisa Kailai Han, Pia Singh, Jeff Cox, Lora Kolodny, Amelia Lucas and Jenni Reid contributed to this report.

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