5 things you should know before the stock market opens on Friday

Here’s the key news investors need to start the trading day:

1. Wall Street rises

On Thursday, the Dow Jones Industrial Average had its best day in more than a month. Traders benefited from a large and successful IPO and numerous economic data. The Dow Jones rose 331.58 points or 0. It reached 96% and closed above the 50-day moving average for the first time since September 1st. The S&P 500 rose about 0.84%, while the Nasdaq Composite gained 0.81%.In economic news, the overall producer price index rose 0.7% in August, more than the 0.4% expected by economists. Instead, core PPI rose 0.2%, in line with estimates. Stock futures were higher Friday morning. Follow real-time market updates.

2. UAW Quits

Thousands of United Auto Workers members are on strike at three major auto plants after the union and automakers in Detroit failed to reach an agreement Thursday evening. In previous times, the UAW traditionally centered its efforts on contractual discussions with a lone automotive manufacturer. Shawn Fain, the President of the UAW, is adopting a fresh strategy by engaging in simultaneous negotiations with all three corporations. Plants where workers are striking include GM’s mid- and large-sized van plant in Wentzville, Missouri; a midsize Ford Ranger pickup and Bronco SUV plant in Wayne, Michigan; and the Stellantis Jeep factory in Toledo, Ohio. According to the union, around 12,700 workers will go on strike. That’s around 146,000 units distributed across the three automobile manufacturers.

3. Arm jumps to

Arm Holdings is officially listed on the Nasdaq Stock Exchange. It rose nearly 25% on its first day of trading on Thursday after the company went public at $51 per share. At the time of its opening, Arm was valued at nearly $60 billion. About 95.5 million shares were sold, but SoftBank still owns about 90% of the British chip design company. Following its debut, Arm is currently trading at a higher price than Nvidia, although Nvidia’s revenue has doubled in the last quarter due to optimistic sales forecasts, while Arm’s revenue has declined in the most recent period. The ARM architecture is used in almost all smartphone chips and helps generate significant revenue through license fees.

4. Airlines look down on

Another airline warns that high fuel prices will hurt its profits. Delta Air Lines on Thursday lowered its third-quarter adjusted profit forecast to about $1.85 and $2.05 per share, compared to a previous forecast of $2.20 to $2.50, due to higher-than-expected fuel and maintenance costs. Earlier this week, American Airlines, Spirit Airlines, and Frontier Airlines also warned that the summer quarter would be difficult as rising costs hurt their profits. The change in focus follows similar moves by Southwest Airlines and Alaska Airlines. Also this week, Delta changed the way customers can earn elite frequent flyer status and made airport lounges more difficult to access – the latest reality check in the age of mass luxury in aircraft transportation.

5. JPMorgan boosts

JPMorgan Chase plans to offer digital payroll to small businesses, increasing competition with fintech players like Square and PayPal that already offer such services. Fintech operators have changed their approach and become full-service providers, threatening traditional banks. The largest in the United States asset-based bank also hopes the move will make it attractive to more small businesses. JPMorgan has selected Gusto, a San Francisco-based fintech operator, to provide the technology behind this feature, Gusto’s CEO said.

 

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