Here are the key headlines that investors should be aware of as they begin their trading day:
1. Happy times ahead
September is coming to an end and financial markets are not having a bright month. The Dow Jones Industrial Average is down 3% so far this month, the S&P 500 is down 4.6% and the Nasdaq is down nearly 6%. Historically, September has been a difficult month for the stock market.
The S&P lost an average of 1.53% over the last decade. By comparison, the outlook for October looks brighter, with the S&P’s average gain of 2.26% being its second-best month in the last 10 years. Stay tuned for live updates as of the last business day of September.
2. Out for Delivery
Think of this as your reminder, actually more of a reminder. Wall Street’s biggest names, from pension managers to hedge fund managers Delivering Alpha Investor Summit in New York on Thursday.
Many experts have warned of potential cracks in the economy and stock market. Bill Ackman, president of Pershing Square Capital Management, expressed doubts about the Fed’s ability to lower interest rates to its 2% target.
Therefore, he talked about the return on work and the increase in labor costs. BlackRock head of fixed income Rick Rieder said the Fed could raise interest rates again in November.
In addition, many investment experts have highlighted opportunities in areas such as artificial intelligence (AI) to environmental, social and governance (ESG) investing. Read the full report for a full look at the Delivering Alpha campaign.
3. EEOC Case
The U.S. Equal Employment Opportunity Commission is suing Tesla, claiming racist harassment of and retaliation against Black employees at Elon Musk’s EV automaker.
The federal agency, which is responsible for enforcing anti-discrimination laws in the workplace, argued in its legislation that non-black people in Tesla’s workplace were vulnerable to racist remarks, racial slurs and profanities.
Managers and supervisors were aware of the situation but did not correct it, the lawsuit said. This isn’t the first time Tesla has faced legal action over its treatment of black workers.
The company was previously sued by the California civil Rights Agency for similar allegations and was ordered to pay compensation to former black employees who were subjected to racial discrimination while working at the company.
4. Not Playing Games
GameStop, newly appointed CEO, is not wasting time fighting change. Entrepreneur Ryan Cohen, the video game store’s president and current CEO, issued a letter to company employees on Thursday shortly after it was published. Melissa Repko reported that Cohen highlighted the need for “tight price controls.”
“All expenses of the company should be carefully reviewed, unnecessary expenses should be eliminated. There is no room for excessive personnel, capital, or waste of layers. I hope everyone manages the company while managing their money.” personal and first. By reducing CEO pay.
5. Three Strikes
On Friday, the UAW is expected to announce the third strike. A strike against Detroit automakers will begin. unless there is significant progress by noon ET. The strike first started in our meeting room on September 15th and spread to 38 locations and distribution centers last week.
Conference chairman Sean Fein has been in intense talks with GM and Stellantis, while Ford Motor Co. Some progress was made in talks with the company, which led to the former brand’s departure from its campaign against the past.
But according to Michael Wayland, the nature of the negotiations, or lack thereof, has led to dissatisfaction among automakers who question the motivation behind the union strike.
September has been challenging for financial markets, with major indices down. However, October shows promise historically. The Delivering Alpha Investor Summit raised concerns about the economy and highlighted investment opportunities, including AI and ESG.
Tesla faces an EEOC lawsuit for racial discrimination. GameStop’s CEO calls for cost control. The UAW may announce a third strike against Detroit automakers, raising concerns among industry stakeholders.