Stock Market Drops as Inflation Data Looms

Stocks slumped as investors processed bank credit downgrades and prepared for tomorrow's inflation data. The Nasdaq fell 0.7%, the S&P 500 dropped 0.1%, and the Dow Jones remained flat. Investors are awaiting the release of the July Consumer Price Index to predict the Federal Reserve's next steps. China slipped into deflation in July, and concerns of a repeat of Evergrande's collapse arose as Country Garden missed bond payments. European stocks rose, Asian equities fell, and Bitcoin crossed $30,000 before retreating. Rivian's losses per vehicle have narrowed significantly, and the company aims for profitability by the end of 2024. Toast, Marqeta, and Akamai saw stock gains, while Doximity and Roblox experienced losses. Natural gas futures jumped due to labor action threats, semiconductor stocks slumped, Penn Entertainment shares surged after a deal with ESPN, oil prices continued to rise, and WeWork expressed doubts about its survival.