Stock futures rebound slightly with the S&P 500 mired in a correction ahead of a big week
U.S. stock futures opened slightly higher as investors brace for a busy week that includes the Federal Reserve rate decision, the October jobs report, and Apple's earnings report. S&P 500 futures increased by 0.3%, while Nasdaq-100 futures rose by 0.4%. Dow Jones Industrial Average futures were up by 0.1%. Last week, the S&P 500 entered correction territory, declining by 2.5% and bringing its total decrease from its 2023 high to 10.6%. The index is down 4% for October, potentially giving it its first three-straight negative month streak since 2020 when the pandemic began. With rising interest rates being a major cause of the stock market correction, investors hope that the Federal Reserve will indicate that it is finished raising rates. Traders anticipate that the Fed will not raise rates for at least the remainder of 2023. The 10-year Treasury yield rose above 5% but ended the week at 4.84%. The October jobs report, set to be released on Friday, will be closely watched, as investors are hoping for signs of a labor market slowdown that would allow the Fed to stay on hold for the rest of the year. Apple will report its earnings on Thursday after the market closes. The tech giant is also in correction territory, down 15% from its 52-week high. The sell-off has primarily affected the Nasdaq Composite and tech shares, as investors believe that they will be most impacted by rising interest rates. The Nasdaq Composite is down over 12% from its 2023 high, solidly in correction territory. Disappointing earnings from major tech firms such as Google-parent Alphabet have contributed to the overall sell-off.
Israel-Hamas war live updates: Thousands break into UN warehouses in Gaza; satellite images show destruction in Gaza
Protests erupted at the main airport in Russia's Dagestan region as hundreds of people stormed onto the landing field to protest the arrival of an airliner from Tel Aviv, Israel. The airport in Makhachkala, the capital of the predominantly Muslim region, was closed, and police were called to the scene. Reports suggest that people in the crowd were shouting antisemitic slogans and attempting to storm the Russian carrier Red Wings airliner. Videos on social media showed protesters waving Palestinian flags, attempting to overturn a police car, and checking the passports of arriving passengers. Israeli Prime Minister Benjamin Netanyahu's office released a statement calling for Russian authorities to protect Israeli citizens and Jews from the rioters and incitement against them. The Russian Ministry of Internal Affairs for the North Caucasian Federal District announced plans to use CCTV footage to identify those involved in storming the airport and bring them to justice.
UAW deal with Ford includes $8.1 billion in investments, $5,000 ratification bonuses
The local United Auto Workers (UAW) union leaders have approved a tentative agreement with Ford Motor, setting the stage for 57,000 UAW-Ford members to vote on the deal. The agreement, announced on Wednesday, includes $8.1 billion in new plant investments by Ford, $5,000 ratification bonuses, 25% compounded wage increases, and improved profit-sharing payments. The UAW leaders highlighted the record-breaking nature of the agreement and its potential to change lives. Some of the major promised investments include $2.1 billion for Ohio Assembly, $1.2 billion for a new electric vehicle at Louisville Assembly in Kentucky, $1 billion in Kansas City Assembly, and $900 million for F-150 production and a new electric truck. The tentative agreement follows targeted strikes by the UAW against Ford, General Motors, and Stellantis after the sides failed to reach deals by the September 14 deadline. The union reached a tentative deal with Stellantis on Saturday but has yet to reach an agreement with GM.