Know these 5 things before the stock market opens on Friday

Here are the most important news items that investors need to start their trading day:

Traders work on the floor of the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City.

Michael M. Santiago | Getty Images News | Getty Images

1. Fall in Stock Futures

Wall Street was heading for another declining week on Friday with US stock futures lower. Traders were absorbing an ugly earnings warning from FedEx, which reported weakening global shipment volumes for its latest quarter and pulled back its full-year guidance. Earlier in the week, US equities had their worst day since 2020, when August’s Consumer Price Index report showed headline inflation rose 0.1% on a monthly basis despite a fall in gas prices. This signaled a difficult path for the Federal Reserve to reduce inflation. Traders will get consumer sentiment data at 10 a.m. Friday, but the three major averages were on a losing pace in their fourth week of five.

A Federal Express truck makes its way down a freeway in San Diego, Calif.

Mike Blake | Reuters

2. More on FedEx

Shares of FedEx fell late Thursday after the company said it was aggressively cutting costs after declining global shipping volumes in the latest quarter’s results. FedEx said it expected demand to pick up as factories in China reopened with the easing of COVID pandemic restrictions. Instead, it said demand fell around the world. CEO Raj Subramaniam said in an interview with CNBC’s Jim Cramer on “Mad Money” that volume losses were widespread, and the company has seen weekly declines since its Investor Day in June. He said that this is a sign of poor economic condition. “We are a reflection of everyone’s business, especially the high value economy in the world,” Subramaniam said.

Ether has outperformed Bitcoin since both cryptocurrencies formed their lows in June 2022. Ether’s better returns come as investors anticipate a major upgrade to the Ethereum blockchain called a “merge”.

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3. Regulating Crypto

The White House has released the long-awaited outline of what cryptocurrency regulation should look like in the US. Washington’s direction includes how the financial services industry should evolve to facilitate borderless transactions and how to crack down on fraud in the digital asset sector. The framework follows an executive order issued in March, in which President Joe Biden called on federal agencies to investigate the risks and benefits of cryptocurrencies and release an official report on their findings. A section of the White House’s new framework on crypto regulation focuses on ending illegal activity in the industry – and the proposed measures seem to have the real teeth.

A pedestrian walks past a Bed Bath & Beyond store in San Francisco, Calif.

Justin Sullivan | Getty Images

4. Bed Bath and Beyond Closer

Kanye West arrives at the Vanity Fair Oscar Party on February 9, 2020 in Beverly Hills, California.

Ivan Agostini | Invision | AP

5. Yeezy and Gap Part Methods

Kanye West, who goes by Ye, is terminating the contract between his company, Yeezy, and Gap Inc. The partnership made headlines when it was announced in 2020, and the first product in the Yeezy Gap line — a bright blue puffer jacket — sold out within hours of its release after a year. But then in a letter sent by its lawyers on Thursday, Yeezy told Gap that the retailer failed to meet its contractual obligations, including opening a dedicated Yeezy Gap store. Gap CEO Mark Breitbard confirmed the break in a memo to employees later in the day, saying that the two sides shared a vision for Yeezy Gap, but that how they work to deliver the vision is “the alliance.” Not there.” In an interview on CNBC’s “Closing Bells,” the rapper and designer put it another way, “A king can’t live in someone else’s palace.”

— CNBC’s Sarah Minn, Jack Stebbins, Mackenzie Sigalos, Melissa Repko and Gabriel Cortes contributed to this report.

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