Investors face five significant updates as the trading day begins:
Closing Time: Stocks are set for the month’s final trading session on Monday. For September, the S&P 500 has increased by nearly 1.6%, the Dow Jones Industrial Average by 1.8%, and the Nasdaq Composite by almost 2.3%. Historically, September has been the weakest month for markets, but a rally triggered by a half-point cut from the Federal Reserve has boosted stocks. Additionally, Monday concludes the third quarter.
Port Strike Looming: East Coast and Gulf Coast port workers are poised to strike after midnight Monday. There are no ongoing labor negotiations between the International Longshoremen’s Association and the US Maritime Alliance, nor are any planned before the strike deadline. Logistics executives are attempting to expedite trade movement to mitigate the impact, but a strike could significantly disrupt the U.S. economy, potentially blocking the flow of hundreds of thousands of containers into the country and affecting refrigerated produce shipments.
Latino Lead: Vice President Kamala Harris is leading among Latino voters, although the Democratic margin has decreased. An NBC/CNBC/Telemundo survey shows Harris leading former President Donald Trump 54% to 40%, compared to President Joe Biden’s 36-point lead in the 2020 election. This represents the smallest margin for a Democratic candidate among Latino voters since at least 2012. Economic concerns are largely responsible for this shift, with Trump leading Harris on issues related to inflation and the broader economy.
Pressure on JPMorgan Chase: JPMorgan Chase is prepared to take legal action against U.S. regulators. The bank recently disclosed its considerations following allegations of inadequate fraud prevention in peer-to-peer payments. This move marks a significant pivot for U.S. financial institutions, which traditionally have followed a more conservative approach with government regulators. However, increasing regulatory pressure and stringent policy proposals have pushed the industry to adopt a more aggressive stance.
- Hurricane Helene Damage: Hurricane Helene has caused significant destruction in the southeastern U.S., affecting Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, and Virginia. The storm has claimed at least 90 lives and left millions without power due to heavy rains that damaged electrical infrastructure and roadways. Western North Carolina has been particularly impacted, with flooding cutting off access points. President Joe Biden has pledged full federal support for the recovery efforts.
- Contributing to this report were CNBC’s Hakyung Kim, Lori Ann LaRocco, Steve Liesman, Amelia Lucas, Melissa Repko, Hugh Son, Rebecca Picciotto, and Reuters.
