Wall Street Today: Stock market turns cautious as 'defensive' shares surge

Asian stocks look set to rise Monday after U.S. equities rallied to a record and Treasuries advanced on Jerome Powell's signal of a cautious and gradual withdrawal of pandemic-era Federal Reserve policy support.

Futures for Japan, Australia and Hong Kong rose, while U.S. contracts were steady. The S&P 500 climbed following Chair Powell's Jackson Hole speech, in which he said the Fed may start paring bond purchases this year but is in no hurry to raise interest rates and will be guided by data on Covid-19 risks.

U.S. gasoline jumps with oil after hurricane Ida roils supplies
U.S. gasoline futures jumped and oil advanced after Hurricane Ida barreled ashore in Louisiana, disrupting energy supplies in the world’s largest economy at a time of rising commodity prices.

Gasoline for October surged as much 4.4% in New York as electronic trading resumed after the weekend break, while West Texas Intermediate was 0.7% higher. Last week, WTI rallied 10% as investors wagered global demand would weather the setback posed by the spread of the delta coronavirus variant.

The gains are noteworthy because investors typically pile into those types of stocks when they are expecting the outlook to darken.

More than three-quarters of the S&P 500 have reported higher revenue than in 2019
More than three-quarters of the largest U.S. companies reported higher revenue than before Covid-19, according to a Wall Street Journal analysis, indicating that many have adapted to changing business conditions caused by the pandemic.

Roughly a third of the S&P 500 index have seen steady or rapid growth during the pandemic. Semiconductor, retail and pharmaceutical companies fared the best compared with other sectors.

Chicago sues DoorDash, Grubhub for allegedly deceiving customers
The City of Chicago filed two sweeping lawsuits against DoorDash and Grubhub for allegedly deceiving customers and using unfair business practices. The suits echo longstanding claims from restaurants on the platforms.

The DoorDash complaint also alleges deceptive tipping practices previously charged and settled by the D.C. attorney general.

Apple, Google mobile dominance faces tough test in South Korea

Apple and Google, the effective duopoly controlling most of the world's smartphones, face a raft of legislative measures in the U.S. rebuking their "gatekeeper control" and urging a curb on their power to dictate terms on app marketplaces. Both charge a fee of typically 30% on purchases made through their stores and exclude alternative payment handlers, arguing this protects users from fraud and privacy invasion.

Rivian, which has raised $10.5 billion since 2019, will target a valuation of $70 billion to $80 billion, Reuters reported Friday, citing unidentified sources.

Uber waits annoy U.K. passengers after drivers quit in droves

The App Drivers and Couriers Union found that 49% of drivers in a survey of 1,212 members switched to other sources of income in the last 18 months. Drivers who spoke to Bloomberg News complained about Uber boosting service charges to 25% from 20% for some, prompting many to work as couriers for proliferating delivery businesses, or rivals that charge lower fees, like Bolt Tehnology.

Source: Bloomberg, Dow Jones, CNBC, Financial Times