Here are the key events taking place on Monday that could impact trading.

TESLA PRICE HIKE: Tesla CEO Elon Musk announced on Twitter that the price of its Full Self-Driving system, known as FSD, will increase to $15,000 on September 5.

Musk made the announcement in a tweet on Saturday, stating that the price change will happen after the wide release of FSD Beta 10.69.2.

The cost of FSD is $12,000 upfront as of Aug. 21, or a subscription of $199 per month.

ELON MUSK PITCHES 'LIKE-MINDED CHINESE PARTNERS' ON TECHNOLOGICAL VISION FOR THE FUTURE

Elon Musk speaking into a microphone while wearing a suit and tie

Tesla CEO Elon Musk announced on Twitter Saturday the automaker will raise the price of its full self-driving system, or FDS, to $15,000, beginning on Sept. 5, 2022. (REUTERS/Aly Song/File Photo / Reuters Photos)

"After wide release of FSD Beta 10.69.2, price of FSD will rise to $15k in North America on September 5th. Current price will be honored for orders made before Sept 5th, but delivered later," Musk said in the tweet. "Note, you can upgrade your existing car to FSD in 2 mins via the Tesla app."

The price of FSD rose from $10,000 to $12,000 in January, making this the second price increase of the year.

With FSD, Tesla's can automatically detect stop signs and traffic signs, then "automatically slows your car to a stop on approach."

ENCOURAGING EV'S: An Australian bank announced this week that it will stop funding loans for new gas and diesel cars in 2025 to encourage the shift to electric vehicles. 

"We think that the responsible thing for us to do next, is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead," Bank Australia Chief Impact Officer Sasha Courville said in a statement on Friday. 

"Ultimately, our announcement today is the beginning of a conversation with our customers and a signal to the wider market that if you’re considering buying a new car, you should think seriously about an electric vehicle – both for its impact on the climate and for its lifetime cost savings."

Electric vehicle sales are increasing in Australia, but still make up a small fraction of all cars sold. 

SURVEY SAYS THIS IS THE MAIN REASON PEOPLE DON'T BUY ELECTRIC CARS

A yellow Chevy Bolt EV

Bank Australia announced it will stop providing loans for gas and diesel vehicles beginning in 2025 to encourage the purchase of electric vehicles. The Chevrolet Bolt EV is pictured at the 2016 Los Angeles Auto Show in Los Angeles on November 16, 201 (REUTERS/Lucy Nicholson/FILE PHOTO / Reuters Photos)

The Electric Vehicle Council reported earlier this year that 20,665 electric vehicles were sold in 2021, representing about 2% of the market in the country for all cars. 

Tesla accounted for more than half of all electric vehicle sales, as more than 12,000 Model 3s were bought by Australians last year.

Bank Australia, which also recently set a target date of 2035 to achieve net-zero emissions, said it will still offer loans for second-hand gas cars "until there is a viable and thriving market for electric vehicles."

RETAILERS REPORT EARNINGS: After a big week of mostly positive retail earnings in which Walmart, Home Depot, Lowe’s, TJX Cos and Foot Locker all beat and only Target and Kohl’s missed, we can look forward to more clues about the health of the U.S. consumer and the impact of inflation on spending in the coming week when several other retailers report their quarterly results.

Ticker Security Last Change Change % M MACY’S INC. 18.55 -0.76 -3.91%JWN NORDSTROM INC. 18.57 -4.63 -19.96%GPS GAP INC. 9.90 -0.20 -1.93%BURL BURLINGTON STORES 163.91 +5.10 +3.21%VSCO VICTORIA’S SECRET & CO. 38.35 +0.01 +0.03%URBN URBAN OUTFITTERS INC. 22.25 +0.41 +1.88%ANF ABERCROMBIE & FITCH CO. 18.65 -1.11 -5.62%DKS DICK’S SPORTING GOODS INC. 108.07 -3.05 -2.74%ULTA ULTA BEAUTY INC. 412.02 +10.71 +2.67%WOOF PETCO HEALTH AND WELLNESS COMPANY INC. 14.34 -1.39 -8.84%HIBB HIBBETT INC. 57.36 -3.31 -5.46%

Among the companies reporting are department store chains Macy’s and Nordstrom, apparel retailers Gap, Burlington Stores, Victoria’s Secret, Urban Outfitters and Abercrombie & Fitch, and specialty stores such as Dick’s Sporting Goods, Ulta Beauty, Petco and Hibbett. 

Almost all the companies in the S&P 500 (477 as of Friday afternoon) have reported quarterly results, with earnings and revenue numbers coming in well ahead of reduced expectations.

MARKETS UPDATE: U.S. stocks fell Friday, ending the week lower and snapping a four-week stretch of gains for the S&P 500, as investors second-guessed how aggressively the Federal Reserve will need to move to tame inflation. 

The market endured a stretch of choppy moves as traders reassessed their bets on what the Fed might do at its September meeting. 

For weeks, many investors had been feeling confident that inflation had possibly peaked and that the central bank would soften the magnitude of its future interest-rate increases. 

But comments in recent days from central bank officials, combined with the release of the minutes from the Fed's July meeting, put the possibility of continued aggressive rate increases back in focus. 

Workers on the floor of the New York Stock Exchange

Investors are second-guessing the Fed after a choppy week of trading on U.S. stock markets. Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. (AP Photo/Seth Wenig / AP Images)

On Thursday, Federal Reserve Bank of St. Louis President James Bullard said he would lean toward a 0.75-percentage-point increase in September. 

"This feels like a re-evaluation of whether there has been enough financial tightening," said John Roe, head of multi-asset funds at Legal & General Investment Management. "And if there hasn't actually, could we get more pain from central banks having to do more?" 

The S&P 500 dropped 55.26 points, or 1.3%, to 4228.48 and fell 1.2% for the week. 

The Dow Jones Industrial Average fell 292.30 points, or 0.9%, to 33706.74 and lost 0.2% for the week. 

The Nasdaq Composite declined 260.13 points, or 2%, to 12705.22 and fell 2.6% for the week.

ECONOMIC REPORTS DUE: It’ll be a busy week coming up on the macro calendar, with new home sales on Tuesday, durable goods orders and pending home sales on Wednesday.

Classic Tudor Residential Home

A classic Tudor style house with for sale sign on lawn. (iStock / iStock)

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In addition, preliminary second-quarter gross domestic product (GDP) and jobless claims are slated for release on Thursday, and personal income/spending and final August consumer sentiment reports will be shared on Friday.

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