5 things to know before the opening of the Stock Exchange Thursday, September 29
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, September 26, 2022.
Brendan McDermid | Reuters
Here are the most important information investors need to start their trading day:
1. So much for that
Shares rose on Wednesday after the market digested the Bank of England’s announcement that it would start buying bonds to stabilize markets after the UK government’s economic plan came under quick and sudden criticism. But U.S. stock futures on Thursday morning pointed to a further decline. All three major indexes are heading for big monthly losses as the third quarter ends on Friday. So far, the tech-heavy Nasdaq has fallen around 6.5% in September, while the Dow Jones is down around 5.8% and the S&P 500 is down around 5. 9%. Follow live market updates here.
2. Standby Mode
Signs mark a Bed Bath & Beyond store in Somerville, Massachusetts.
Brian Snyder | Reuters
3. Ian grows in Florida
Hurricane Ian made landfall in Florida as a dangerous Category 4 hurricane on Wednesday afternoon. (Photo by Lokman Vural Elibol/Anadolu Agency via Getty Images)
Lokman Vural Elibol | Anadolu Agency | Getty Images
Ian, after hitting Florida as a Category 4 hurricane, has weakened to a tropical storm, but remains dangerous as it makes its way through the central part of the state. It is too early to calculate the damage the storm has already caused in Florida. Dramatic videos and images of high winds and relentless flooding spread across social media on Wednesday and Thursday. “Water. We need to talk about water,” National Weather Service Director Ken Graham said. “90% of deaths in these tropical systems are from water. It’s storm surge, it’s rain.” Millions of people were also left without power, as Governor Ron DeSantis warned of a “nasty” few days and President Joe Biden declared a major disaster in the state.
4. Amazon Hikes Pay
Amazon signage is displayed outside an Amazon.com Inc. delivery center late in the evening of Amazon Prime Day, July 12, 2022 in Culver City, California.
Patrick T. Fallon | AFP | Getty Images
As the holiday shopping season is about to begin, Amazon said it is raising the average salary of warehouse and delivery workers. The announcement came about two weeks before Amazon’s second Prime Day event, which is scheduled for October 11-12. The company’s decision to spend $1 billion on pay raises also comes as employees push for better wages, benefits and working conditions growing union pressure. Amazon also said it was bolstering its payday advance program to allow employees to get up to 70% of their eligible earned wages whenever they want and at no cost.
5. Putin’s latest escalation
Russian President Vladimir Putin will officially annex four regions of Ukraine on Friday, the Kremlin announced. The move follows referendums in Russian-occupied areas of Ukraine that were condemned as sham votes. Ukrainian leaders and Western powers fear that Putin could use threats against these regions as a pretext to use nuclear weapons. Elsewhere, NATO said it believed the leaks on the Nord Stream gas pipeline, which carries gas from Russia to Europe, occurred because of “deliberate, reckless and irresponsible acts of sabotage”. Read live updates on the war in Ukraine here.
– CNBC’s Samantha Subin, Melissa Repko, Ashley Capoot, Annie Palmer and Holly Ellyatt contributed to this report.
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