CNBC Daily Open: Presidential debate
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Presidential debate
President Joe Biden and former President Donald Trump faced off in Atlanta for their first debate of the 2024 White House race. Hosted by CNN, the debate occurred as Trump faces two criminal prosecutions related to his efforts to overturn the 2020 election. Biden, battling a cold, was under pressure to defend his administration's record. Addressing high inflation, Biden blamed Trump's mishandling of the Covid-19 pandemic for the damaged economy, emphasizing his administration's efforts to stabilize it and promising further actions to reduce everyday costs for Americans.
Bracing for inflation data
The S&P 500 eked out a gain as investors gear up for key inflation data, looking for any signs the Federal Reserve may cut interest rates. The Dow Jones Industrial Average added 36 points, while the tech-heavy Nasdaq Composite climbed 0.3%. Micron slipped more than 7% after the memory chip maker issued disappointing fourth-quarter revenue guidance. Nvidia also dropped 1.9%. The yield on the 10-year Treasury inched lower, while U.S. oil prices rose 1% amid continued Israel-Lebanon tensions.
Nike warning
Shares of Nike plunged 12% in extended trading after the sneaker giant slashed its full-year guidance, anticipating a 10% drop in sales for the current quarter. The company cut its guidance as it contends with slower online sales, planned declines in classic footwear franchises, "increased macro uncertainty" in Greater China and "uneven consumer trends" across Nike's markets, finance