[ad_1]
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, October 7, 2022.
Brendan McDermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. All mixed up
The S&P 500 and the Nasdaq were on a five-day losing streak heading into Wednesday, while the Dow managed to squeak out a win Tuesday. With earnings season getting into gear PepsiCo reported Wednesday morning (see below) investors will be digesting what companies say along with fresh economic data points. The government released September’s producer price index, a measure of inflation (it was higher than expected), while the Federal Reserve will publish the minutes from its September meeting. Markets are also reckoning with debt-market volatility in the United Kingdom as the Bank of England prepares to end its emergency intervention Friday. Read live market updates here.
2. Biden brushes off recession talk
US President Joe Biden delivers remarks following a tour of IBM in Poughkeepsie, New York, US, October 6, 2022.
Tom Brenner | Reuters
3. Bridge bombing fallout
A screen grab from a surveillance footage shows flames and smoke rising up after an explosion at the Kerch bridge in the Kerch Strait, Crimea, Oct. 8, 2022.
Anadolu Agency | Anadolu Agency | Getty Images
Russia said it arrested five Russians and three citizens of Ukraine and Armenia in the bombing of the bridge that connects its mainland with the Crimean peninsula. The span was a major supply line for Russian forces, which had illegally annexed Crimea eight years ago. Russian President Vladimir Putin called the bombing a terrorist act and unleashed a wave of missile strikes across Ukraine in retaliation. Ukraine hasn’t claimed credit for the bridge bombing, nor has it commented on Russia’s judgments in the matter. Ukraine’s president, Volodomyr Zelenskyy, said the missiles targeted civilians and crippled energy, water and communications infrastructure. Ukraine’s military, however, has made significant progress on the battlefield against Russia’s forces, reclaiming land that had been seized during the invasion’s earlier days. Read live war updates here.
4. Shrinkflation pays off for PepsiCo
Bottles of Pepsi are pictured at a grocery store in Pasadena, California.
Mario Anzuoni | Reuters
5. Rough ride
The Uber app application with a map of New York City is seen on an Apple iPhone mobile phone in this photo illustration Warsaw, Poland on September 21, 2022.
Nurphoto | Nurphoto | Getty Images
Shares of Uber, Lyft and other companies that depend on the labor of independent contractors took a hit Tuesday following a new proposal from the US Labor Department. If it goes into effect, the rule would reclassify these workers as employees rather than so-called gig workers. Critics of Uber, by Dash and similar companies say their models deny workers health benefits and overtime pay, while keeping business costs down. Uber and Lyft both downplayed the proposed regulatory change.
CNBC’s Tanaya Macheel, Emma Kinery, Holly Ellyatt, Jack Stebbins and Lauren Feiner contributed to this report.
Sign up nowfor the CNBC Investing Club to follow Jim Cramer’s every stock move. Follow the broader market action like a pro on CNBC Pro.
|
Sources 2/ https://www.cnbc.com/2022/10/12/5-things-to-know-before-the-stock-market-opens-wednesday-october-12.html The mention sources can contact us to remove/changing this article |
[ad_2]