5 Things to Know Before Markets Open on Friday

KEY POINTS

• Markets are capping off a disappointing month of September.
• Tesla is currently facing a legal challenge from the United States Equal Opportunity Employment Commission.
• This Friday, the UAW is anticipated to declare a third series of strikes targeting Detroit’s automotive companies.

Here are the top stories investors need to start the trading day:

1. Happy times ahead

Markets are ending a disappointing September, with the Dow Jones Industrial Average down 3% month-to-date just before final trading is period day. For the month, the S&P 500 fell 4.6% and the Nasdaq Composite fell almost 6%. September is often a time of bear markets: in the last decade, it was the worst month for the S&P, losing 1. Average 53%. Instead, the trend is expected to reverse in October: This month was the second-best performing month for the S&P in the last 10 years, with an average gain of 2.26%. Track real-time market updates since the last trading session in September.

2. Delivery of

Consider this a warning. Well, some warnings. Wall Street professionals, from fixed-income managers to hedge fund managers, attended web-open-market-place Delivering Alpha Investor Summit in New York on Thursday. Many have warned of further slumps in the economy and the stock market. Bill Ackman, CEO of Pershing Square Capital Management, said he sees no way the Federal Reserve can bring inflation back to its 2% target, due in part to the growing labor movement and high energy prices. Rick Rieder, head of fixed income at BlackRock, said the Fed could raise rates further in November. Many investment experts have also highlighted the opportunities they see, from artificial intelligence to ESG. Read the full summary from Delivering Alpha.

3. EEOC Case No.

The U.S. Equal Employment Opportunity Commission has sued Tesla for racial harassment and retaliation against electric car maker Elon Musk’s Black employees. The federal agency is responsible for enforcing civil rights laws against discrimination in the workplace and said in its lawsuit that non-black Tesla thugs had “openly spread insults and profanities” in the workplace. The lawsuit also alleged that supervisors and managers observed this behavior and failed to intervene. This isn’t the first time Tesla has been sued over its treatment of black employees: the company has previously been sued by the California Civil Rights Commission over similar allegations, and in another case, it was ordered to pay damages to a black former employee. after suffering racial discrimination.

4. Don’t play games

GameStop’s future CEO is already calling for change. Ryan Cohen, the activist investor turned chairman and CEO of video game retailer GameStop, sent a memo to employees Thursday — hours after his appointment was announced — calling for “extraordinary austerity,” web-open-market-place Melissa Repko reports. It’s crucial to thoroughly examine every aspect of a company’s operations and eliminate any inefficiencies. The company doesn’t need delegates and time wasters.“I expect everyone to treat the company’s money as if it were their own and lead by example,” he said. Cohen is doing his part to cut costs: As CEO, he doesn’t accept compensation.

5. Three Strikes

The United Auto Workers union is expected to announce a third wave of strikes against Detroit automakers on Friday unless significant progress is made before noon EST. The union launched a strike in September this year.15 at three assembly plants, and last week the closures were expanded to 38 component and distribution centers. Union President Shawn Fain negotiated hard with General Motors and Stellantis, confirmed some progress in negotiations with Ford Motor, and spared the automaker from the latest strike targets. But those negotiations, or rather the lack of them, have sparked frustration among automakers, who question the union’s motives in Michael Wayland’s “Online Reports.”

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