September 28, 2022

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5 things to know before the stock market opens on Friday, September 9

Trader on the floor of the New York Stock Exchange August 30, 2022.

Source: NYSE

Here are the most important news that investors need to start their trading day:

1. That feeling Friday

stock futures contracts Pointed to a positive open on Friday morning as US markets head towards a potential week of gains after three consecutive losing weeks. The three major indexes closed higher on Thursday, even after Federal Reserve Chairman Jerome Powell said once again that the central bank is laser-focused on curbing inflation. “I can assure you that I and my colleagues are deeply committed to this project and will continue to do so until the job is done,” Powell said. He told the audience Thursday at the Cato Institute. Oil futures It also rose slightly on Friday morning, after concerns about slowing demand eased.

2. Yellen promotes Biden’s economy

US Treasury Secretary Janet Yellen at Ford’s electric vehicle facility in Rouge in Dearborn, Michigan.

Mike Wayland

Treasury Secretary Janet Yellen seize a chance in stronghold A factory in Michigan touting the Biden administration’s economic record as better than people might think. The most important thing influencing the president’s approval ratings is voters’ low opinion of how he handles the economy, especially with soaring inflation. But with gas prices falling, Biden’s ratings are starting to rise again, and the administration is eager to consolidate some of the gains ahead of the midterm elections. “Together, the bipartisan Infrastructure Act, CHIPS Act, and Authorized Inflation Reduction Act are among the most significant investments our country has ever made,” Yellen said Thursday. “I firmly believe that they will help us achieve stable and sustainable growth, and they will lead us towards a fairer and more resilient economy.”

3. Tesla weighs a lithium refinery in Texas

Giant cowboy boots are displayed outside the Tesla Giga Texas manufacturing facility during the “Cyber ​​Rodeo” grand opening ceremony on April 7, 2022 in Austin, Texas.

Susan Cordero | AFP | Getty Images

electric car giant Tesla Considering whether to open Lithium refining facility In Texas, months after CEO Elon Musk announced that the company may have to refine its own lithium as prices for that resource soar. The company told Texas authorities that such a plant would be “the first of its kind in North America.” Tesla also wants some tax breaks from Texas. “If investing in this proposed project in Texas, the decision will be based on a number of commercial and financial considerations, including the ability to obtain exemption with respect to local property taxes,” the company told the state.

4. Britain after Elizabeth

Queen Elizabeth II died on Thursday at the age of 96, wrapping up a 70-year reign that covered Britain’s recovery from World War II, the final collapse of the empire, Margaret Thatcher’s battles with labor unions, the formation of the European Union and the United Kingdom’s exit from it. And the Covid pandemic. Elizabeth’s death marks a new era of uncertainty for Britain, CNBC’s Karen Gilchrist writes. Just days before her death, the Queen met the new Prime Minister, Liz Truss, tasked with taming the most challenging economy the nation has faced in years. The pound hit a 37-year low this week, and the Truss government aims to alleviate the country’s cost-of-living crisis by placing limits on energy bills. It would be a tough treat, and Elizabeth wouldn’t be there to cheer up the British. That’s up to King Charles now.

5. Apple play prestige

Still image from AppleTV+’s movie Severance.

apple

The Emmys is on Monday, and Apple TV + is vying for several major awards. The streaming service is less than three years old, and does not increase the volume of content, for example, Netflix or HBO. But with critically acclaimed noisy shows like “Ted Lasso” and “Severance”, applealready an elite personal tool maker, is trying to claim its claim as a reputable player in broadcasting, Sarah Whitten wrote on CNBC. Apple TV+ made Hollywood history earlier this year when “Coda” became the first streaming service version to win Best Picture at the Academy Awards. It’s not necessarily about Apple subscribers either. “For Apple, streaming is just a way to end up — and the end is more sales of iPhones, Macs, Apple TVs, and so on,” Peter Csathy, founder and CEO of Creative Media Consulting. “As long as Apple TV+ screams quality, it serves its purpose in Apple’s overall drive.”

CNBC’s Sarah Main, Chelsea Cox, Arjun Karpal, Karen Gilchrist and Sarah Witten contributed to this report.

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