![The risks of the recession have been divested and not cancelled: iCapital's Anastasia Amoroso](https://image.cnbcfm.com/api/v1/image/107329721-16993012671699301264-31913911493-1080pnbcnews.jpg?v=1699301266&w=750&h=422&vtcrop=y)
Here are the top news investors need to start their trading day:
1. Hot streak
Monday brought only slight market gains, but a win is a win. The Nasdaq has had a seven-session positive streak, the longest streak since January. The S&P 500 and the Dow Jones are also on six-day streaks. Stocks squeezed out the positive session Monday after a big week that ended with a monstrous Friday, driven by the Federal Reserve’s decision to hold rates steady and a weak monthly jobs report. This week, Fed Chairman Jerome Powell brings more information, as well as a number of key earnings reports, including Disney on Wednesday. Follow live market updates.
2. Didn’t work
View of the WeWork building in Nashville, Tennessee, on June 16, 2022. (Photo by VALERIE MACON/AFP) (Photo by VALERIE MACON/AFP via Getty Images)
Valerie Macon | Episode | Getty Images
We work was once valued at $47 billion. Now the office-sharing company finds itself in the throes of the bankruptcy process after filing on Monday. It has about $16 billion in long-term leases, which the company has renegotiated. (In addition to being the latest buzzy company to fall from grace, WeWork has been a key customer for commercial real estate landlords already struggling with an inconsistent return-to-office pattern due to Covid.) The move plunged WeWork in a disturbing new chapter of its stunningly sharp and rapid demise, which has already been fodder for a miniseries starring Jared Leto as founder Adam Neumann. For his part, Neumann, who resigned as CEO in 2019 and received hefty payouts, called the bankruptcy filing “disappointing.”
3. Still on strike
Protesters join the picket line outside Walt Disney Studios in Burbank, California on October 30, 2023. SAG-AFTRA has been on strike since July 14, 2023 and has not yet reached a deal with AMPTP, the trade association that represents Hollywood Studios.
David Livingston | Getty Images
The Hollywood actors’ strike continues. Last weekend, the studios made their “last, best and final” offer to SAG-AFTRA, the union that represents the actors. It wasn’t good enough, the union said Monday, citing protections for artificial intelligence as one of the key issues standing in the way of a deal that would allow film and TV productions to restart. The strike started in mid-July and has put heavy pressure on the economy surrounding the film industry. It threatens the mojo media companies are feeling after last week’s healthy stock gains – increasing pressure on both sides to reach a deal. (Warner Bros. Discovery And Disney will announce earnings results on Wednesday.) The actors and the studios will reportedly resume negotiations on Tuesday.
4. Super hit, brothers
Chris Pratt and Charlie Day portray Mario and Luigi in Universal and Illumination’s “The Super Mario Bros. Movie.”
Universal
Nintendo boosted its fiscal year outlook as the Japanese video game giant benefits from a surge in demand for two of its stalwart franchises, Super Mario and the Legend of Zelda. In the case of Mario, Nintendo continues to benefit from “The Super Mario Bros.” film, which has grossed over $1.3 billion worldwide. The rejuvenated Mario craze in turn boosted sales of “Mario Kart 8 Deluxe” for the Switch this year, even as Nintendo faces calls to release a new console. (In the same way, Mattel reported last month that Barbie sales soared after that character’s own blockbuster movie, which grossed more than $1.4 billion.)
5. The Green Monster looms
![PGA golfer Rory McIlroy and Red Sox chairman Tom Werner on the future of the indoor golf league, TGL](https://image.cnbcfm.com/api/v1/image/107329593-16992929231699292917-31912509489-1080pnbcnews.jpg?v=1699292922&w=750&h=422&vtcrop=y)
The controversial deal to merge the businesses of the PGA Tour and Saudi Arabia-backed LIV Golf has not yet been finalized, so that has opened the door to other potential investors. According to the latest rumors, the most important among them is Fenway Sports Group, owner of the Boston Red Sox and Liverpool FC. Fenway chairman Tom Werner confirmed some of the speculation Monday when he told CNBC’s Scott Wapner that the company had indeed held discussions with the tour. He declined to provide more details, but nevertheless set the stage for even more speculation about the future of professional golf.
– CNBC’s Brian Evans, Rohan Goswami, Sarah Whitten, Arjun Kharpal and Drew Richardson contributed to this report.
Disclosure: NBCUniversal is the parent company of Universal Pictures, which produced ‘The Super Mario Bros. Movie’ produced and distributed, and CNBC.
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