Thursday, February 22, 2024
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Monday’s Stock Market Opening

The following news items are the most crucial for investors to know as they begin their trading day:

1. Fed in front

As investors anticipated this week’s Federal Reserve meeting, stock futures eked out a small gain. Futures for the Dow Jones Industrial Average rose by 0.03%. Futures for the Nasdaq 100 and S&P 500 both increased by 0.16% and 0.09%, respectively.

2. UAW strikes

This weekend, while United Auto Workers members resumed their strike, Jeep manufacturer Stellantis announced that it was extending its offer to union employees, which includes an immediate 10% salary boost and raises of roughly 21% over the duration of the contract. The other two major Detroit automakers, Ford and General Motors, have made similar proposals, so this offer is reasonable. In addition, certain workers’ pay tiers would be eliminated under Stellantis’ proposal, and both current workers’ and retirees’ pension and retirement savings programmes would be improved. The UAW wants, among other things, the abolition of compensation tiers, a reduction in the workweek from 40 to 32 hours, a return to traditional pensions, and 40% hourly pay increases. Over the weekend, the UAW negotiations were resumed by Ford and GM, and Stellantis announced plans to do the same.

3. Issues with streaming

Has traditional TV passed its prime? The media industry paradigm has been turned upside down in the last ten years by the consumer shift to streaming, and the established media behemoths are scrambling to figure out how to adapt. Even Disney is rumoured to be thinking about selling ABC and its owned affiliates, linear cable networks, and a minority share in ESPN, an indication that the business may be prepared to leave legacy media and move on to its next chapter.

4. Rewards for hotels

Short-term rentals are being strictly prohibited in New York City, which might be advantageous for the hotel sector. The city’s long-planned laws, which mandate hosts be present during stays of fewer than 30 days and a maximum of two individuals living at a residence at once, went into force earlier this month. In order to avoid paying large fines, hosts must additionally register their listing with the city. As a result, according to the travel industry website Skift, the number of short-term Airbnb postings in New York fell 77% between June 4 and September 10. That implies there are many of travellers looking for different hotel alternatives.

5. Ukraine advances

The arduous counteroffensive by Ukraine is still going strong as it just retook control of two villages in the vicinity of Bakhmut in Donetsk, eastern Ukraine. The last week saw some minor progress achieved by the forces in the south, where they were able to retake two square miles of land. The Russian military is reportedly fortifying its defences surrounding the southern Ukrainian town of Tokmak as Ukraine draws near, according to a Sunday intelligence update from the British Ministry of Defence.

Source (CNBC)

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