Morning Briefing: CEO's dad gets a $3.6 billion stock windfall at carvana

Market Snapshot

Stock futures were steady in early morning trading on Friday as investors remain cautious about the month of September.

$Dow Jones Industrial Average (.DJI.US)$ futures slipped 78 points. $S&P 500 Index (.SPX.US)$ futures and $NASDAQ 100 Index (.NDX.US)$ futures were little changed.

Top News

Stocks edge lower as data gives mixed signals
U.S. stocks fell slightly as investors weighed the latest U.S. economic data on retail sales and jobless claims. Thursday's trading followed a day of losses in China and Hong Kong, where indexes were hit by fears of a slowdown.

U.S. Steel plans new U.S. mill as prices surge
$United States Steel (X.US)$ The steelmaker said it aims to put the new sheet-steel mill into production in 2024 to capture demand from a rebounding manufacturing sector.

Biden steps up efforts to advance $3.5 trillion spending bill
The president met with two centrist senators and defended his plans to increase taxes on high-income households and U.S. companies.

SpaceX inspiration4 crew wraps up first day in space
$Tesla (TSLA.US)$ The all-civilian mission conducted scientific research and placed two bets.

Surging energy prices close U.K. factories, another bottleneck in a world full of them
Soaring natural-gas prices prompted U.S. fertilizer maker CF Industries to close two U.K. plants, in a sign that Europe's energy crunch is affecting industry as the economy struggles with several other disruptions amid the recovery from the pandemic.

CEO's dad gets a $3.6 billion stock windfall at carvana
$Carvana (CVNA.US)$ Ernie Garcia II has benefited from an ownership structure that confers benefits on him and his family and allows them to maintain control of the business benefits that can come at the expense of other shareholders.

Jobless claims remain near pandemic low
U.S. initial unemployment claims rose slightly to 332,000 last week but remained near a pandemic low despite the impact of the Delta variant on the economy.

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