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HomeBusiness5 things to know before the stock market opens Wednesday, August 9

5 things to know before the stock market opens Wednesday, August 9


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

1. Downgrade weighs down

2. End in sight?

Patrick Harker, President of Philadelphia Federal Reserve Bank, during the Fed’s annual Jackson Hole symposium in Wyoming.

Gerard Miller | CNBC

Is the Federal Reserve done hiking interest rates? Philadelphia Fed President Patrick Harker — a voter this year on the rate-setting Federal Open Market Committee — thinks that might be the case. He cautioned that his prediction was based on current data and could change, but said “I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.” He also said he believes any cuts are unlikely. The Fed has hiked rates 11 times since March 2022, bringing them to their highest level in more than 22 years.

3. Credit card debt

Towfiqu Photography | Moment | Getty Images

4. WeWork’s warning

Signage is seen at the entrance of the WeWork offices on Broad Street in New York.

David ‘Dee’ Delgado | Bloomberg | Getty Images

5. UN condemns strikes

A view of a damaged building after a hit by a Russian missile in Pokrovsk, Donetsk Oblast, Ukraine on August 8, 2023.

Anadolu Agency | Anadolu Agency | Getty Images

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