5 things to know before the stock market opens on Friday, September 9
Trader on the NYSE on August 30, 2022.
Here are the most important news items investors need to start their trading day:
1. That Friday feeling
Stock futures contract showed a positive Friday morning session as US markets headed for a winable week after three straight weeks of declines. The three major indexes closed higher on Thursday, even after Fed Chairman Jerome Powell again said the central bank is focused on curbing inflation. “I can assure you that my colleagues and I are strongly committed to this project and we will keep it until the work is done,” Powell said. tell the audience Thursday at the Cato Institute. Oil contract also rose slightly on Friday morning, after falling on worries about slowing demand.
2. Yellen welcomes the Biden economy
US Treasury Secretary Janet Yellen at Ford’s Rouge electric vehicle facility in Dearborn, Michigan.
Secretary of the Treasury Janet Yellen seize an opportunity at a Ford plant in Michigan to advertise the economic performance of the Biden administration better than people might think. The biggest thing weighing on the president’s approval ratings is voters’ low opinion of how he’s handling the economy, especially as inflation soars. But as gas prices fall, Biden’s ratings start to rise again and the administration wants to push for some pre-midterm wins. “Taken together, the bipartisan infrastructure legislation, the CHIPS Act and the Inflation Reduction Act are authorized among the most significant investments our country has ever made,” Yellen said on Thursday. “I firmly believe they will help us achieve steady, sustainable growth and they will move us towards a more equitable and resilient economy.”
3. Tesla weighs lithium refinery in Texas
A giant cowboy boot is displayed outside the Tesla Giga Texas manufacturing facility during the “Cyber Rodeo” opening party on April 7, 2022 in Austin, Texas.
Suzanne Cordeiro | AFP | beautiful pictures
Giant electric car Tesla considering whether to open a lithium refining facility in Texas, months after CEO Elon Musk said the company may have to refine its own lithium because the price of the resource has skyrocketed. The company told Texas authorities that such a plant would be “the first of its kind in North America.” Tesla also wants a tax break from Texas. “In the case of an investment in this proposed project in Texas, the decision will be based on a number of commercial and financial considerations, including the possibility of receiving relief related to local property taxes.” , the company told the state.
4. Britain after Elizabeth
Queen Elizabeth II died on Thursday at the age of 96, ending a 70-year reign that has covered Britain’s recovery from World War II, the final decline of the empire, Margaret Thatcher’s battles with the unions, the formation of the European Union and the UK’s departure from it, and the Covid pandemic. Elizabeth’s departure marks a new era of uncertainty for England, write CNBC’s Karen Gilchrist. Just days before her death, the queen met with the new prime minister, Liz Truss, who has been tasked with fixing the most challenging economy the nation has faced in years. The pound hit a 37-year low this week and Truss’ government is aiming to ease the country’s cost of living crisis by capping energy bills. That would be the hard medicine, and Elizabeth wouldn’t be there to lift the spirits of the British. It is up to King Charles now.
5. Apple’s prestige game
Still from AppleTV+’s “Dismissal”.
The Emmys are Monday, and Apple TV+ is a contender for some major awards. The streaming service is less than three years old, and it doesn’t deliver the same volume of content as Netflix or HBO. But with boisterous, critically acclaimed shows like “Ted Lasso” and “Severance,” Applealready an elite personal gadget maker, trying to establish itself as a reputable player in streaming, CNBC’s Sarah Whitten writes. Apple TV+ made Hollywood showbiz history earlier this year when their “Coda” became the first streaming service release to win Best Picture at the Oscars. It also isn’t necessarily all about subscribers for Apple. “For Apple, streaming services are just the ultimate vehicle – and ultimately more sales of iPhones, Macs, Apple TVs, etc.,” said Peter Csathy, founder and president of the consulting firm. Creative Media. “As long as Apple TV+ screams quality, it should serve its purpose within Apple’s overall engine.”
– CNBC by Sarah Min, Chelsey Cox, Arjun Kharpal, Karen Gilchrist and Sarah Whitten contributed to this report.
– Register now for the CNBC Investment Club to track every move in Jim Cramer’s stock. Follow broader market actions like a pro on CNBC Pro.