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Monday, February 26, 2024
HomeFinance NewsKey Pre-market Insights: September 28 Stock Market Opening - 5 Must-Knows

Key Pre-market Insights: September 28 Stock Market Opening – 5 Must-Knows

In the world of investing, traders are eagerly anticipating the end of the month as stocks have been in the red for September and the third quarter. Despite strong job growth, consumers are still grappling with high prices and interest rates as the Federal Reserve aims to tame inflation. Earnings season is also around the corner, providing insight into how companies perceive consumer trends heading into the holiday season.

The United Auto Workers (UAW) union is threatening to expand its strike by unveiling new strike locations if negotiations with automakers do not progress significantly. The strike, which initially began with three facilities, has since expanded to dozens more, excluding Ford. With over 12% of UAW members on strike, the next move by the union is closely watched, especially after visits from President Joe Biden and former President Donald Trump to rally support.

Meta Platforms CEO Mark Zuckerberg continues to place great emphasis on the metaverse. He showcased new artificial intelligence software, the Quest 3 virtual reality headset, and Ray-Ban smart glasses during a conference for VR developers. This move highlights the ongoing AI arms race in Silicon Valley, with companies like Meta and Google competing against OpenAI and its ChatGPT program.

SpaceX, led by Elon Musk, secured its first Pentagon contract for the Starshield military satellite service. This contract includes end-to-end service, user terminals, equipment, network management, and related services through SpaceX’s Starlink satellite constellation. However, the contract is embroiled in controversy, with lawmakers criticizing the Pentagon’s ties to Musk, particularly following the revelation that he denied Ukraine internet service that could have aided a drone attack on Russia’s navy.

In the 2024 Republican primary field, Donald Trump once again opted out of debating his rivals but remained at the center of attention. Despite facing criminal indictments and a civil case that pose threats to his business empire, Trump spoke at a rally in Michigan to garner support amidst the UAW strike. Meanwhile, seven lesser-known candidates duked it out in a messy debate in California. While Nikki Haley has gained some traction in the race, it is unlikely that the debate had a significant impact on either the race or Trump’s popularity.

Overall, traders are eagerly awaiting the end of the month and the start of earnings season to gain a clearer understanding of consumer sentiment and to assess market performance. The UAW’s potential expansion of their strike, Meta’s focus on the metaverse, SpaceX’s new Pentagon contract, and Trump’s continued dominance in the Republican primary field are all significant events shaping the current trading landscape.

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