Politics

5 things to know before the stock market opens Wednesday

October 9, 2024
Newseum Global

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Here are five key things investors need to know to start the trading day:

1. Landing zone

Stocks climbed Tuesday as investors look for signs of a so-called soft landing — the Federal Reserve reining in inflation without damaging the economy. The S&P 500 rose nearly 1% for the day, while the Nasdaq Composite climbed about 1.5% and the Dow Jones Industrial Average inched up 0.3%. Since the Fed cut rates by 0.5 percentage points last month, a stronger than expected September jobs report has bolstered hopes that the economy can withstand anti-inflation moves. Market watchers will get some more details on the Fed’s thinking through the central bank’s latest meeting minutes due out Wednesday. Follow live market updates here.

2. Prepping for Hurricane Milton

 People watch a television screen at a bar showing the local news channel as the community prepares for Hurricane Milton on October 8, 2024 in Orlando, Florida. 

Saul Martinez | Getty Images

3. Google breakup ahead?

The Justice Department suggested it is considering breaking up Alphabet‘s Google, weeks after a U.S. judge ruled the company holds a monopoly in the search market. The DOJ said recommendations for Google’s search engine business “could include contract requirements and prohibitions; non-discrimination product requirements; data and interoperability requirements; and structural requirements.” It added that it was “considering behavioral and structural remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and Google search-related products and features — including emerging search access points and features, such as artificial intelligence — over rivals or new entrants.” A ruling on the remedies may not come down until next year, and appeals by Google could draw out the process. Google Vice President of Regulatory Affairs Lee-Anne Mulholland called the proposals “radical” and said they would bring “unintended consequences” for consumers.

4. Another TikTok dance in court

A supporter holds up a sign that read “TikTok” during a news conference on TikTok in front of the U.S. Capitol on March 22, 2023 in Washington, DC.

Alex Wong | Getty Images

A bipartisan group of more than a dozen state attorneys general is filing lawsuits against social media app TikTok for its effects on children and young users. The officials accuse the company of damaging children’s mental health by keeping them hooked on the app, and of operating an illegal money transmissions business. A spokesperson for TikTok said in a statement that the company disagrees with the claims and provides adequate safeguards for young users. The accusations come after lawyers for TikTok argued in a federal appeals court in September that a new law, which would ban the app by Jan. 19 unless China-based owner ByteDance finds a non-Chinese buyer for the company, was unconstitutional.

5. Boeing talks grounded

Boeing‘s talks with striking workers have stalled for now. The company withdrew a contract offer for about 33,000 machinists who have been on strike since mid-September, adding that further talks “do not make sense at this point.” Boeing said the union did not consider higher proposed contract pay during talks this week, while the International Association of Machinists and Aerospace Workers said the company refused to improve wages, vacation and sick leave. As the strike drags on, it will put Boeing, already reeling from years of missteps, into further financial difficulties.

— CNBC’s Jeff Cox, Leslie Josephs, Spencer Kimball, Jennifer Elias and Dan Mangan contributed to this report.

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