5 things to know before the stock market opens Thursday, October 6

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

After two meteoric rebounds, US stock markets returned to negative territory on Wednesday. The Bulls showed a bit of a fight towards the end of the day, but that wasn’t enough to keep the winning streak going. The general conclusion on Wall Street is that we are still in a global equity crisis, especially as the Federal Reserve continues its aggressive rate hikes to calm inflation. Earnings season begins in earnest next week, but until then investors’ eyes are on the labor market. Private companies added 208,000 jobs last month, according to ADP, beating estimates. The government, meanwhile, will release monthly employment data on Friday. A hot job market will likely fuel the Fed’s logic to raise rates further. Read live market updates here.

OPEC+ oil-producing nations agreed on Wednesday to the group’s biggest supply cut since 2020, aimed at limiting supplies as prices tumbled as concerns over lower global demand waned. increased. The decision came at a time of political tension. The United States is in the midst of a close election campaign that will decide the balance of power in Congress. The the move drew anger of President Joe Biden’s administration and could spell a major backlash for key OPEC country Saudi Arabia, which also sees itself as an ally of the United States. The White House said a “disappointed” Biden would consult with Congress on ways to limit OPEC’s power to decide energy prices. “Today’s whistle can be interpreted as a sign that the President will not necessarily oppose a floor vote on the bill that would declare OPEC a cartel and subject members to antitrust laws. Sherman,” RBC Capital strategists said. Follow the movements of the oil price here.

Elon Musk and Twitter did not reach a final agreement, but there were several key behind-the-scenes developments in their negotiations. The judge presiding over the legal battle between the two sides in Delaware Chancery Court said Wednesday that she was still preparing for the trial, which is expected to begin on October 17, as neither side had asked for a delay. Musk was scheduled for a deposition in the case on Thursday, but both sides agreed to postpone it as talks continue, according to Reuters. The news service, citing sources, also said Apollo Global Management and Sixth Street Partners had ended talks to provide up to a combined $1 billion to help back the $44 billion deal.

A federal jury found Joe Sullivan, a former security chief at Uber, guilty of covering up a cybersecurity breach in 2016 which concerned the personal data of 57 million drivers and customers. “Sullivan worked hard to hide the data breach from the Federal Trade Commission and took steps to keep the hackers from getting caught,” said Stephanie Hinds, a U.S. attorney for the Northern District of California. Uber did not disclose the incident for a year. It is rare for cybersecurity officials to be prosecuted in similar circumstances, so the case could mark a turning point. When Sullivan was indicted in 2020, prosecutors accused him of arranging to pay the criminals $100,000 in bitcoins while having them sign nondisclosure agreements that falsely said they only stole no data while hacking. Uber had already paid nearly $150 million to settle claims that it took too long to disclose the breach. The company reached a settlement to avoid criminal charges in July, agreeing to cooperate with Sullivan’s prosecution. He faces a potential sentence of five years in prison.

Shocking news from Thailand: A gunman has killed at least 24 children and 11 adults in an attack that began at a daycare center in the northeast of the country. The suspect opened fire and killed several people as he drove away, before returning home to kill his wife and child, police said. He then committed suicide, they added. Authorities identified the man as a former police officer. According to the Associated Press, gun deaths are rarer in Thailand than in countries like the United States and Brazil, but are higher than in places with strict gun laws, such as Singapore and Japan. The rate of firearm-related deaths in 2019 was about 4 per 100,000, compared to about 11 per 100,000 in the United States and nearly 23 per 100,000 in Brazil,” the news service wrote.

– CNBC’s Carmen Reinicke, Sam Meredith, Natasha Turak and Holly Ellyatt contributed to this report.

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