U.S. stocks fell Monday after the Federal Reserve spooked the market, saying inflation will move higher. The Dow fell 0.7% at the close, after falling almost 1% soon after the markets opened. The S&P 500 dropped 0.8% and the Nasdaq lost 1.1% for the day. All the indices posted losses for the month of August, with the Dow down 6.6%, its largest decline since May 2010. The S&P 500 lost 6.3% and the Nasdaq dropped 6.9% for August, their biggest declines since May 2012. Oil scraped its way back up, gaining 6.44% Monday, hitting $48.13/barrel. U.K. markets were closed Monday for a bank holiday, but reopen Tuesday. Don’t forget, September starts Tuesday!
Here’s what else you need to know:
Man charged with capital murder for police death. Shannon Miles was accused of shooting Deputy Darren Goforth 15 times from behind Friday in Texas. A motive for the shooting has not been released. In 2014, 15 officers were fatally shot in ambush attacks, three times the number in 2013. CNN
Nearly 5% of University of Kentucky students were sexually assaulted in the last year. The school conducted a survey of more than 21,000 students about any unwanted sexual experiences. The vast majority of the assaults went unreported. Reuters
Deadly protests in Ukraine. A national guard member was killed and more than 100 people injured in protests outside the Ukrainian parliament. Violence erupted after the MPs announced backing more autonomy for the rebel-held east Ukraine. The parliament had hoped the reforms would end the fighting in the east. BBC
Bob Peck ups Twitter from neutral to buy. SunTrust’s Peck says that Twitter is about to start a new monetization effort that he believes can lift revenue. StockTwits
Bloomberg News to layoff 80 journalists. The company is expected to cut about 3.3% of its 2,400 newsroom this week. The layoffs will be in the U.S., but across coverage areas. New York Post
Fed’s Stanley Fischer says there’s “good reason to believe that inflation will move higher.” But the board’s vice chairman didn’t tip his hat on the timing of the next rate hike. He was joined by four other Federal Reserve presidents at the annual economic symposium held at Jackson Hole, Wyoming. NexChange
Obama goes to Alaska to talk climate change. But he probably won’t mention oil and gas drilling he approved earlier this month in the region. Obama did make some Alaskans happy by renaming Mount McKinley Sunday as Denali, its original native name. It’s the first presidential visit above the Arctic Circle. New York Times, New York Times (paywall)
More Clinton emails. Get your reading glasses. The State Department will release 6,106 pages of messages — doubling the number of emails released. Everyone will be hunting for classified material that may have been residing on Hillary Clinton’s private server. Politico
Died: Wes Craven, 76. The man behind classic horror films such as“Nightmare on Elm Street,” “The Last House on the Left,” and “Scream,” passed away Sunday night at his home in Los Angeles. He was suffering from brain cancer. Wall Street Journal (paywall)
You won’t believe this…
Maria Sharapova is out of the U.S. Open. Sharapova hasn’t played since Wimbledon and has pulled out of the U.S. tennis tournament due to a injury in her right leg. The Russian was scheduled to play Serena Williams in the semifinals. USA Today
Kanye for president! During Sunday night’s MTV Video Music Awards, Kanye West announced that he will run for president in 2020. It wasn’t clear how serious the self-admittedly high West was. Politico
Buzz Aldrin wants to colonize Mars. The second man to ever walk on the moon has recently revealed his master plan to colonize Mars by 2039. It involves the “Aldrin Mars Cycler,” a group of spacecrafts that would effectively function as “a subway-in-the-sky between our planet and our future second home,” as well as Phobos and Deimos – Mar’s moons – which he plans to use as rest stops during the trip.
Photo: Jim Bowen