5 things to know before the stock market opens on Tuesday, August 29

  • OpenAI has launched a new class of chatbot.
  • Goldman is coming out of one of his businesses.
  • Google has a new map data plan.

Here are the top stories investors need to start their trading day:

Wall Street started the week with a winning day on Monday. The Standard & Poor’s 500 and Nasdaq Composite Indexes rose 0.6% and 0.8%, respectively, while the Dow Jones ended up more than 200 points, gaining about 0.6%. However, stocks had a rough August and all three indices are on track to end the month lower. The Dow Jones is on track to close 2.8% lower, while the S&P 500 and Nasdaq are poised for losses of 3.4% and 4.5%, respectively. On Tuesday, investors will await Best Buy and HP earnings, as well as data on home prices, jobs and consumer confidence. Follow live market updates.

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OpenAI is rolling out a new business layer for its AI-powered chatbot. It’s the company’s biggest launch since it first announced ChatGPT. OpenAI said more than 20 companies of various sizes and industries helped develop the tool, including beta users Block, Canva and Estée Lauder Cos. ChatGPT Enterprise, as it’s called, includes access to the latest version of OpenAI’s core large language model, GPT-4. , without limits to use; Up to 2 times faster performance than previous versions; Application Programming Interface (API), or Application Programming Interfaces, and Dependencies. Pricing “will depend, for us, on the use cases and the size of each company,” said Brad Lightcap, COO of OpenAI.

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City.

Taylor Hill | Getty Images

Goldman Sachs is selling another company that CEO David Solomon once promoted. On Monday, the bank said it would divest its personal financial management unit to a competitor called Creative Planning, declining to disclose a deal price. Goldman paid $750 million to a team of about 220 financial advisors managing $25 billion in assets in May 2019. It was a way to expand Goldman’s reach beyond its wealthy clients, Solomon said at the time. But his retail banking plan ultimately did not work out, and the bank decided that the personal financial management unit was too small.

Google workers stage a protest against job cuts at the company’s headquarters in London, UK on April 04, 2023.

Anadolu Agency | Anadolu Agency | Getty Images

Google plans to license some of its map data to a variety of other companies. CNBC’s Jennifer Elias reports that Google has data on more than 350 million buildings, as well as information on solar energy and air quality. The idea is that other companies — such as those that install solar panels or are in the real estate sector — might want access to that information. Google is currently licensing its Maps API for navigation to companies like Uber, but this will be a new project with different APIs. Google hopes to make up to $100 million in its first year by selling access to APIs with the data.

Hawaiian Electric employees repair power poles following the Maui wildfires in Lahaina, Hawaii on August 16, 2023.

Yuki Iwamura | AFP | Getty Images

As infrastructure advances, US electric utilities are increasingly facing lawsuits claiming they are responsible for wildfires that have cost hundreds of lives and billions of dollars in damage. Electric Hawaii is the newest. The lawsuits allege it failed to prepare for severe weather after a wildfire in Maui, Hawaii, killed more than 100 people and destroyed the town of Lahaina. In this case, plaintiffs say the utilities did not turn off the power despite weather warnings, which Hawaiian Electric alleges it retracted. Other companies facing lawsuits include PG&E over the 2018 Camp Fire in California, Berkshire Hathaway PacifiCorp over the 2020 Labor Day wildfires in Oregon, and Xcel Energy over the 2021 Marshall Fire in Colorado. Experts say that old power lines may exacerbate the problem in the future.

CNBC’s Alex Haring, Hayden Field, Hugh Son, Jennifer Elias, Spencer Kimball and Gabriel Curtis contributed to this report.

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