[ad_1]
Here are the most important news items that investors need to start their trading day:
1. Weak start
The bulls were eager to get away from September and its losses, but the first week of October hasn’t been any kinder. The Dow is on pace to finish its third straight negative week, while the broader S&P 500 is headed for five losing weeks in a row. The Nasdaq is entering Friday flat on the week. On investors’ minds? Earnings kick off in earnest next week, with Delta Air Lines and several big banks, including JPMorgan Chase. First and foremost, though: rocketing Treasury yields and the September jobs report (more on that below). Follow live market updates.
2. All eyes on jobs
Construction workers build a residential high rise on October 02, 2023 in Miami, Florida.
Joe Raedle | Getty Images
Is it another day where good news for American workers will be bad news the stock market? Treasury yields ripped higher this week as the economy showed continued strength, particularly after a surprising increase in job openings. Now comes the September jobs report. Economists polled by Dow Jones estimate that the economy added 170,000 jobs last month, which would be a slight decrease from August’s 187,000. If the number comes in hot, chances of the Federal Reserve raising its benchmark rate could increase, according to CNBC’s Jeff Cox. The jobs report is due at 8:30 a.m. ET.
3. Streaming slam dunk?
Christian Petersen | Getty Images Sport | Getty Images
The future of media could well depend on the NBA, CNBC’s Alex Sherman reports. The league’s rights deals with Disney (which owns ESPN and ABC) and Warner Bros. Discovery (the home of TNT) ends after the 2024-25 season, but potential media partners – including Google’s YouTube TV and, surprisingly, Netflix – are already starting to position themselves to box out rivals. The media industry’s at a crossroads right now as streaming services struggle to turn profits while expensive sports rights are the main thing keeping the cable bundle from a complete cord-cutting wipeout. The NBA can start negotiations with potential partners beyond Disney and Warners in April.
4. The SEC-Musk war continues
Elon Musk arrives for a bipartisan Artificial Intelligence (AI) Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer (D-NY) at the U.S. Capitol in Washington, U.S., September 13, 2023.
Leah Millis | Reuters
They’re not done yet. The Securities and Exchange Commission is miffed that Elon Musk ignored a subpoena to testify last month in the agency’s probe into potential securities fraud related to the billionaire Tesla CEO’s deal last year to buy Twitter, now known as X. So the regulator sued him to force his testimony. The SEC and Musk have a long and bitter history. He settled a fraud probe five years ago over his tweet about taking Tesla private, but has since unsuccessfully tried to scuttle the settlement. On Thursday, Musk responded to the news by calling for a “comprehensive overhaul” of the SEC and other agencies.
5. Grinding gears
Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan September 29, 2023.
Rebecca Cook | Reuters
General Motors shares fell Thursday as the Detroit automaker contended with a continued drag from the United Auto Workers union’s strike and a report that said 20 million of the company’s vehicles have a potentially dangerous air bag part. GM said it “believes the evidence and data presented by NHTSA at this time does not provide a basis for any recall” beyond ones it already initiated. The stock fell under $30 for the first time in more than three years before rallying somewhat. It was a rough day for a couple other auto stocks, as well. EV truck maker Rivian fell more than 20% after it unveiled plans to raise $1.5 billion, and fellow EV company Lucid declined 7% after launching a cheaper version of its luxury Air sedan.
– CNBC’s Sarah Min, Jeff Cox, Alex Sherman, Jonathan Vanian, Michael Wayland and John Rosevear contributed to this report.
— Follow broader market action like a pro on CNBC Pro.
[ad_2]
Source link
