5 things to know before the stock market opens Monday

More oil tankers in the Middle East were hit in recent days as Iran refuses to budge on its conditions for reopening the Strait of Hormuz. Attacks on ships in the passageway, which have been occurring for weeks, have given investors reason to doubt that the global oil trade could recover in the near future.

Here’s what to know:

• The UK’s Maritime Trade Operations Centre said that at least two vessels were struck by unknown projectiles in waters near Oman and Iran, one on Friday and one on Sunday.
• As the Iran war and Ukrainian attacks on Russian refineries cause a fuel supply crisis, the Group of Seven countries agreed on Friday to a “substantial” release of diesel stocks in a bid to curb rising fuel costs.
• Meanwhile, OPEC+ agreed yesterday that its oil production targets would remain unchanged for November.
• Oil prices fell on Friday to post a negative week following the G7’s announcement. Brent and U.S. crude prices are little changed this morning, with the former remaining above $100 a barrel.
• Despite oil’s pullback and Friday stock rally, the Dow Jones Industrial Average and S&P 500 still ended last week in the red.
• Follow live market updates here.

Major technology companies have bet on artificial intelligence-powered wearables such as glasses and rings to make their mark on the consumer hardware space. But for some users, the tech has fallen out of fashion.

As CNBC’s Samantha Subin reports, smart products that can discreetly record audio or video have increasingly faced privacy concerns. For example, some social media users are calling Meta‘s Ray-Ban smart glasses “pervert glasses” as people report being photographed and recorded without permission.

The wearable market took another stumble last week when smart ring maker Oura postponed its IPO, citing “uncertainty in the IPO market.” But some analysts were skeptical that was the real reason: “I really believe that there’s something else that’s causing them to pull out of the IPO, and I don’t think it’s the market,” Anshel Sag, a principal analyst at Moor Insights & Strategy, said. “I just can’t nail what it is.”

Over the past several years, Chick-fil-A has expanded its footprint oceans away from its Southeastern base. Still, CEO Andrew Cathy is working to ensure that the growing fast-food chain stays a family-owned business.

Cathy, who succeeded his father five years ago, told CNBC that “there are things that we think about our purpose, our mission, that won’t change, but everything else we have to be able to evolve and change.” For example, he said Chick-fil-A won’t use AI in its drive-thru lanes, emphasizing “human to human” hospitality as its industry rivals implement the new tech.

As CNBC’s Amelia Lucas reports, the privately held business doesn’t have plans to go public or welcome outside investment. Cathy said the Atlanta-based company saw a “good year,” even as competitors report weak traffic trends.

Sports betting is becoming increasingly popular among Gen Z. Financial and mental health experts are sounding the alarm bells.

Roughly two-thirds of Gen Z investors participate in sports betting, according to one survey released in August. Another survey found that the group is more likely to see sports betting as a type of investment, even though the average user on a sportsbook or prediction market loses money. That can lead to financial consequences and, for some, addiction as they try to dig themselves out of the hole.

Meanwhile, prediction market newcomer Novig is crediting its controversial “Just Sports” campaign starring Sydney Sweeney as a major growth driver. Co-founder Jacob Fortinsky told CNBC that trading volume on Novig nearly doubled in the 20 days before and after the campaign, and the number of first-time depositors climbed by more than 200%.

As consumer-facing companies look to boost engagement with their bases, brands ranging from E.l.f. to Wendy’s to Gap are focusing on original music.

E.l.f. last month released an album titled “Mirror Mix,” while Wendy’s shared an emo album called “Songs to Listen to in a Wendy’s Parking Lot.” Gap, for its part, debuted a partnership with boy band Just Your Type under its new “fashiontainment” platform.

As CNBC’s Catriona Marangi writes, music is one marketing strategy that can cater to Gen Z shoppers who want brands to be culturally relevant. That becomes even more important as younger consumers gain more purchasing power.

Here’s what we’re keeping an eye on this week:

— CNBC’s Azhar Sukri, Terri Cullen, Sam Meredith, Spencer Kimball, Samantha Subin, Luke Fountain, Amelia Lucas, Davis Giangiulio, Ananya Chetia and Catriona Marangi contributed to this report.

Caleigh Keating assisted in the production of this newsletter. Josephine Rozzelle edited this edition.