Investor Digest: Nasdaq on hot streak, WeWork bankruptcy, actors’ strike drags, and Nintendo’s Super Mario success
Investors are gearing up for another day of trading as key market indicators continue their climb, compelling developments unfold at WeWork and in the entertainment industry, and gaming giant Nintendo sees a bump in sales.
Nasdaq keeps on winning: The Nasdaq is riding a seven-session positive streak, its longest run since January, while the S&P 500 and the Dow also maintain their six-day streaks. This positive trend comes after the Federal Reserve’s decision to hold steady on rates and a soft monthly jobs report. Additionally, this week will feature key earnings reports, including Disney’s earnings announcement on Wednesday.
WeWork files for bankruptcy: What was once a $47 billion valued company is now facing the bankruptcy process, with about $16 billion in long-term leases. WeWork’s woes have not only impacted the commercial real estate market but also the greater business landscape, making for a compelling story bound for the big screen starring Jared Leto as the company’s founder, Adam Neumann.
Actors’ strike continues: SAG-AFTRA, the union representing actors, is still at an impasse with the studios, with negotiations centering around issues such as artificial intelligence protections. The strike, which began in mid-July, has had economic repercussions for the entertainment industry, creating pressure for both sides to reach a resolution.
Nintendo’s Super Mario success: The Japanese video game giant is experiencing a surge in demand for its iconic franchises, especially with the success of “The Super Mario Bros.” movie, which has grossed over $1.3 billion worldwide. This success has translated into increased sales of its video game, “Mario Kart 8 Deluxe,” as Nintendo considers new product releases.
Potential investors for PGA Tour merger: As the agreement to merge the PGA Tour with Saudi-backed LIV Golf remains uncertain, Fenway Sports Group, owner of the Boston Red Sox, and Liverpool FC is speculated to be a potential investor. This development has opened the door to further speculation about the future of professional golf.
The news is compiled by CNBC’s Brian Evans, Rohan Goswami, Sarah Whitten, Arjun Kharpal, and Drew Richardson. Disclosure: NBCUniversal is the parent company of Universal Pictures, which produced and distributed “The Super Mario Bros. Movie,” and CNBC. Follow broader market action on CNBC Pro.