5 Things to Know Before the Stock Market Opens on Wednesday, October 5

Here are the most important news investors need to start their trading day:

There are two trading days left until October, and we have already had two amazing rallies in the stock market. For the S&P 500, these were the best two days combined since March 2020, when the world was just getting started with the Covid pandemic. This is a real turnaround from the September market crash as investors brace for another round of massive rate hikes by the Federal Reserve. Companies will also begin reporting third-quarter earnings in earnest next week. The rally is ready to dry up, at least for the morning. Futures were down across the board ahead of the opening of trading on Wednesday. Follow the market updates in real time here.

So we have a deal. Again. Probably. Elon Musk, the world’s richest man and CEO of electric vehicle leader Tesla, has said he will eventually agree to buy Twitter, according to a regulatory filing. Earlier this year, he offered $54.20 per share of the social network. He then tried to back out of the deal by making allegations of the number of “bots” on the platform, and Twitter sued him to complete the deal. The case is due to go to trial October 17 in the Delaware Court of Chancery. The news came Tuesday after several text messages between Musk and his allies were released as part of a legal battle, and after Musk was criticized by critics for recent tweets about Ukraine and Russia. But now the two sides could close a deal as early as Friday, sources told CNBC. “The company’s intention is to close the deal at $54.20 per share,” Twitter said on Tuesday. Twitter shares jumped more than 20% after being halted for most of Tuesday.

Read more: Trump Truth Social SPAC shares plunge after Musk reopens Twitter deal

If you think there are too many streaming services, streaming companies may well agree. Some of them already bundle their own services, for example Disney works with Hulu, ESPN+ and Disney+. NBCUniversal’s Peacock sought to become even bigger as it sought to team up with competitors. Company executives discussed potential larger packages with HBO+ and Paramount+ but met with resistance, sources told CNBC. Peacock has also been in talks with smaller services such as AMC and Starz about a possible partnership, though those discussions have also made no headway, the sources say. But while nothing is currently moving towards a big package, some industry insiders believe it will eventually happen. “The question is what is the catalyst for this,” Tom Rogers, former president of NBC Cable and current executive chairman of Engine Media, told CNBC.

According to the UK Department of Defense, Ukrainian forces are closing in on the Luhansk region, one of four regions of Ukraine that Russia claims have been annexed in recent days, and the Russian leadership is likely to be concerned. The moves raise the possibility that the Ukrainian military could bombard the important road with artillery, the ministry added, noting that it would further limit “Russia’s ability to resupply its units in the east.” Elsewhere, Ukrainian President Volodymyr Zelenskiy touted more “good news from the front lines,” saying his troops had made significant gains in the country’s south. Read the news of the war in Ukraine live here.

Business leaders around the world expect a recession to hit the global economy over the next 12 months. According to a new study by KMPG. Many of them predict a “mild and short-term” slowdown, but see new growth prospects in the near future. “CEOs around the world are showing great confidence, perseverance and tenacity in dealing with the short-term economic impacts on their business, as evidenced by their growing confidence in the global economy and their optimism in the three-year horizon,” said Ong Pan Thye, Managing Partner of KPMG Singapore.

American League has new single-season home run champion. Aaron Judge hit his 62nd pitch of the season on Tuesday night in Texas, putting him on top of fellow New York Yankees Roger Maris (61 in 1961) and Babe Ruth (60 in 1927).