Saturday, May 18, 2024
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Friday’s Stock Market Opening

The following news items are the most crucial for investors to know before their trading day begins:

1. A losing week

Friday morning saw a small decline in stock futures as Wall Street prepares for a disappointing week. The Dow Jones Industrial Average and S&P 500 were down for the week at the start of the day’s session, respectively, by about 1% and 1.4%. In that time, the Nasdaq Composite fell by 2%. Investors are worried about the possibility of further Federal Reserve rate increases. Although the majority of Fed watchers anticipate that rates will remain unchanged at the upcoming meeting in September, they are now giving a 1-to-2 chance that officials will decide to raise rates in November.

2. A tart apple

After various reports claimed that Chinese government employees may be prohibited from using iPhones, Apple shares declined for a second day. After falling 4% on Wednesday, the stock ended the day Thursday with a loss of more than 3%. Investors are worried that Apple products may be a contributing factor to the escalating tensions between China and the United States even if the Chinese government has not confirmed the Wall Street Journal and Bloomberg allegations.

3. Is it a deal or not?

On Thursday, General Motors proposed a new deal for workers represented by the United Auto Workers that would give the majority of workers 10% wage increases. Over the course of the four-year agreement, younger employees would be eligible for pay increases of up to 56%. The four-year pay raise under the contract would be the greatest in many years.

4. Return to court

Ryan Salame, a former FTX executive, entered a guilty plea on Thursday in federal court in New York on charges of money laundering and campaign finance violations. Additionally, he consented to pay $5 million to FTX’s debtors and forfeit more than $1.5 billion, which will be given to the American government. Salame acknowledged using funds from Alameda Research, FTX’s hedge fund division, to make tens of millions of dollars worth of political donations under his own name.

4. Walmart pay

Employees who stock shelves and pack online purchases for Walmart saw their beginning wage reduced. The starting pay is now around $1/hour less than it once was. According to the company, remuneration for current employees in such positions was not reduced, and some employees with greater experience even received raises. Regardless of whether an employee is a stocker or a cashier, the corporation claimed the adjustment was made to ensure starting pay consistency. When e-commerce sales were soaring in March 2021, Walmart increased pay for stockers and personal shoppers. Since Walmart is the largest private employer in the United States, economists and business executives use it as a gauge to detect inflation and indicators of a cooling labour market.

Source (CNBC)

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