Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 28, 2024.
- Stock futures rose Monday after the S&P 500 had its worst week since 2023.
- Norfolk Southern is probing allegations that CEO Alan Shaw had an inappropriate workplace relationship, people familiar with the matter told CNBC.
- Boeing reached a labor deal with a union representing about 33,000 of its workers, preventing a potentially costly strike.
Here are the most important news items that investors need to start their trading day:
1. Looking for a rebound
Stock futures ticked higher Monday after equities tumbled last week. The S&P 500 dropped 4.3% for the period, its worst week since 2023. The Nasdaq Composite shed 5.8% in its poorest week since 2022, and the Dow Jones Industrial Average fell 2.9%. Investors will be watching this week for inflation data, which could help to determine how large of a rate cut the Federal Reserve makes at its policy meeting later this month. The central bank is widely expected to trim its target rate by at least a quarter of a percentage point. The consumer price index due Wednesday and producer price index set for Thursday will help shape the Fed's decision. Follow live market updates.
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2. Probe into Norfolk Southern CEO
Norfolk Southern's board is looking into allegations that CEO Alan Shaw had an inappropriate workplace relationship, three people familiar with the matter told CNBC. The rail operator later said it is investigating "possible conduct" that violates its code of ethics and has outside hired legal counsel for a probe. The investigation is only the latest turmoil at Norfolk Southern, following a toxic train derailment in Ohio and a proxy fight with activist investor Ancora. Shaw did not return calls or text messages requesting comment.
3. Boeing reaches labor deal
Money Report
Boeing reached a labor agreement with a union that represents roughly 33,000 of its workers, potentially preventing a costly strike. The tentative agreement, which still needs approval from workers, includes 25% raises over four years, according to the International Association of Machinists and Aerospace Workers. The current deal was set to expire after Thursday. In a statement, the union said its workers will help to "bring this company back on track" after a string of missteps. Stephanie Pope, chief executive of Boeing's commercial airplane unit, also lauded the pay increases and benefit improvements in the deal.
4. Expensive electric trucks
The $100,000 electric trucks are here. Tesla, General Motors, Rivian Automotive and Ford Motor are all selling electric pickup trucks above that lofty price point. Those models come as the price of pickups has increased more broadly. CNBC has driven all of the $100,000 electric trucks and outlined the benefits and drawbacks of each of them.
5. An Alzheimer's breakthrough
The Alzheimer's treatment Leqembi from Biogen and Eisai is considered a breakthrough in slowing the progression of the mind-damaging disease. CNBC spoke to patients about their experience in receiving the drug since its rollout last year, which has been hampered by the complicated process to get diagnosed and treated. One patient said Leqembi is "extending my time of a normal life." The treatment comes with drawbacks, like the risk of brain swelling or bleeding.
– CNBC's Lisa Kailai Han, Rohan Goswami, Leslie Josephs, Michael Wayland and Annika Kim Constantino contributed to this report.
