Get ready for your trading day with these important news updates:
1. Focus on Inflation Indicator
U.S. stock futures are slightly higher on Thursday morning as investors closely watch inflation data. The consumer price index for September is expected to show a 0.3% month over month increase and a 3.6% year over year jump. This data will shape the markets and impact the Federal Reserve’s interest rate policy in their upcoming November decision. Additionally, investors are keeping an eye on the ongoing conflict between Israel and Hamas.
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2. Visit of Top U.S. Diplomat to Israel
The death toll continues to rise in the Middle East as the conflict between Israel and Hamas escalates. Secretary of State Antony Blinken has arrived in Israel to meet with government officials. During his visit, they will discuss measures to strengthen Israel’s security and emphasize the United States’ unwavering support for Israel’s right to defend itself.
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3. Scalise in the Spotlight
House Republicans have nominated Representative Steve Scalise, R-La., for the position of Speaker. However, Scalise still needs to secure the job in a House floor vote, where all Democrats are expected to oppose his candidacy. This vote could take place as soon as Thursday and comes at a crucial time as Congress deals with the Israel-Hamas conflict and the deadline to prevent a government funding lapse. Scalise expressed the urgency to get back to work.
4. Brace for High Interest Rates
Federal Reserve officials have agreed that interest rates will remain high until inflation reaches the central bank’s 2% target. While some policymakers have differing opinions on the extent of tightening monetary policy, a majority of officials believe that one more rate hike will be necessary in the future. Balancing the need to control inflation without causing an economic recession has been challenging for the central bank. However, these high rates have also made borrowing more difficult for individuals seeking housing or car loans.
5. UAW Escalates Strike Against Ford Motor
The United Auto Workers (UAW) union has expanded its strike against Ford Motor to a highly profitable SUV and truck plant in Kentucky, impacting 8,700 UAW members. UAW called for the strike after unsuccessful bargaining with Ford, marking a new phase in the labor movement. The union has been conducting targeted strikes against major Detroit automakers, including General Motors and Stellantis, for nearly a month. Ford has criticized the strike expansion as “grossly irresponsible.”
– CNBC’s Hakyung Kim, Ruxandra Iordache, Spencer Kimball, Emily Wilkins, Jeff Cox and Michael Wayland contributed to this report.
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