5 things to know before the stock market opens on Tuesday, October 11
Traders on the NYSE floor, October 7, 2022
Source: New York Stock Exchange.
Here are the most important news investors need to start their trading day:
1. New skid
US stock markets started October with a buzz, but for four sessions in a row they have been unprofitable. The tech-overloaded Nasdaq closed at its lowest level in two years on Monday, and it looks like Tuesday morning will bring further declines. JPMorgan CEO Jamie Dimon, days before his bank reports quarterly earnings, told CNBC that he thinks the S&P 500 could fall another 20% depending on how the Federal Reserve continues to fight inflation, which has been high in recent decades. Investors are looking forward to a slew of economic data this week, including Wednesday and Thursday inflation reports, as well as earnings reports from several big companies, including Delta Air Lines as well as Citygroup. Read real-time market news here.
2. Fight the sale
On September 28, the Bank’s Financial Stability Committee announced a two-week program for emergency purchases of long-term UK government bonds.
Bloomberg | Bloomberg | Getty Images
3. Ukraine vows to strike back
Ukrainian President Volodymyr Zelensky during an interview with Reuters amid Russia’s attack on Ukraine in Kyiv, Ukraine, September 16, 2022.
Valentin Ogirenko | Reuters
After Russian missiles hit several Ukrainian cities, killing civilians and damaging the power grid, Ukrainian President Volodymyr Zelensky has vowed to make Russian troops feel more pain on the battlefield. While Russia’s attacks are the most extensive in recent months, Vladimir Putin’s armed forces are mostly on the run. Ukraine, supported by weapons and means of the United States and the West, is conducting a lightning-fast counteroffensive, reclaiming land in the eastern and southern regions of the country. Elsewhere, Zelenskiy was scheduled to deliver a virtual address to an emergency G7 meeting on Tuesday. Read news about the war live here.
4. GM goes to the home grid
The all-electric Chevrolet Silverado at the New York Auto Show on April 13, 2022.
Scott Mlyn | CNBC
General Motors said Tuesday it is launching a new business unit called GM Energy that will offer people a variety of products and services to help people generate and store electricity in homes and offices. GM Energy will sell batteries, solar panels and cloud software that will allow electric vehicles to be connected to energy companies. With the new division, GM is implementing an energy production and storage business model similar to that of Tesla did and crossroads detroit contender Ford also pursues. GM’s home energy systems should go on sale next year in conjunction with the launch of the 2024 Chevrolet Silverado EV.
Read more: Delta invests in electric air taxi startup Joby
5. Apple thrives when PC shipments fall
Apple logo sign at the Apple Store on March 5, 2022 in Madrid, Spain. Several companies closed their branches and stores in Russia after it invaded Ukraine. Inditex announced the temporary closure of 502 of its stores in Russia.
A. Perez Meca | Europe Press | Getty Images
— CNBC’s Sara Min, Elliot Smith, Holly Ellatt, John Roseweer, Michael Weiland, and Sophia Pitt contributed to this report.
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