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Stock markets are open for trading today on the Columbus Day holiday; US stock futures are little changed after Friday's record closes by the S&P 500 and Dow Jones Industrial Average; shares in Boeing (BA) are dropping in premarket trading after the airplane maker announced plans to cut roughly 17,000 jobs; Tesla (TSLA) shares are gaining, reversing course after the EV maker's stock tumbled Friday following the company's much-vaunted robotaxi event; and crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000. Here's what investors need to know today.
It's a federal holiday in the U.S. on Monday, which means that government offices and banks will be closed. The bond market will also be closed for the Columbus Day holiday, also known as Indigenous Peoples' Day, but the New York Stock Exchange and Nasdaq will both be open and functioning normally today.
Stock futures are little changed Monday morning, as the U.S. equities market looks to extend a rally that has sent major indexes to all-time highs in recent sessions. The S&P 500 and Dow Jones Industrial Average hit record closing highs on Friday, boosted by strong bank earnings and benign inflation data. With Monday's holiday, there are no economic data or earnings releases today, but the calendar picks up significantly in the coming days. Major U.S. stock indexes are riding five-week winning streaks.
Shares in Boeing (BA) are down more than 2% in premarket trading after the airplane maker announced a slew of cost-cutting measures over the weekend—including cutting about 10% of its workforce, or 17,000 people, and postponing the launch of its first 777x jetliner. Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter. The plane maker was hit with a downgrade warning on its debt by ratings agency S&P Global last week after it withdrew its contract offer to its striking machinists.
Tesla’s (TSLA) shares are rising more than 1% in premarket trading, recouping some of the big losses posted Friday after the electric vehicle maker unveiled its highly anticipated Cybercab autonomous vehicle in an event that analysts said was light on details. Shares of Uber Technologies (UBER) are losing some ground, falling about 1% in premarket trading, after jumping to a record high Friday. The lukewarm response to the Cybercab boosted ridesharing companies as concerns eased about the competitive threat of self-driving taxis.
Crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000 for the first time in weeks, although the token remains below the $73,000 record high it reached in March. MicroStrategy (MSTR), a software company with sizable bitcoin holdings, is gaining about 6% in premarket trading, while cryptocurrency exchange Coinbase (COIN) is up 4% and bitcoin miner Marathon Digital Holdings (MARA) is rising 5%.
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Instablog9ja
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Abdelhakim Al-Shalmani, President of the Libyan Football Federation, has officially resigned.
As reported by The Libya Observer, Al-Shalmani’s resignation was revealed during the Federation’s General Assembly meeting on Sunday.
In his statement, Al-Shalmani said, “I no longer wish to be associated with the failure of Libyan sports. I extend my gratitude to all members of the General Assembly and hold no grudges against anyone in the sports sector.”
His resignation follows a controversy involving the Super Eagles of Nigeria, who accused the Libyan football authorities of mistreatment.
The Nigerian team was left stranded for over 16 hours at Al Abraq International Airport without support from the Libyan Federation, ahead of their second leg in the 2025 AFCON qualifiers. The team has since returned to Nigeria.
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Instablog9ja
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Panicked Nigeria superstar Victor Boniface pleaded for his country’s unplanned stay inside a Libyan airport to be ended immediately.
The Super Eagles are furious and are planning to forfeit Tuesday’s game after their AFCON 2025 qualifier was thrown into a state of flux with players revealing they have been without water, food and wifi. And fears over the ongoing stay in Libya – at a base which wasn’t the scheduled airport – has escalated in the wake of the Super Eagles star’s frightening update. A worried Boniface, posting to his social media, said: “This is getting scary now You guys can have the point. We just want to return to our country.”
Investopedia
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Market volatility, high interest rates, inflation and the upcoming presidential election haven't affected the investment strategies of most exchange-traded fund (ETF) investors.
Most ETF investors surveyed by Charles Schwab (SCHW) Asset Management said that these economic and political events did not change the way they invest in ETFs. In fact, roughly a third of the investors put more money into ETFs based on their reading of stock market volatility, high interest rates and persistent inflation, according to the survey results released this week.
ETFs have a track record across market cycles, said David Botset, Managing Director, Head of Innovation and Stewardship at Schwab Asset Management, adding that "investors are confident in their investments even when the outlook is uncertain.”
ETF investors have grown more bullish on certain types of stocks and sectors since last year: 69% are bullish on technology and 60% on growth stocks.
Additionally, 55% of investors are optimistic about the the Magnificent 7, a group of seven mega-cap technology companies including Nvidia (NVDA), Meta (META), Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOG) (GOOGL), Apple (AAPL) and Tesla (TSLA).
The Mag 7 stocks have a big influence on the stock markets and have driven much of the S&P 500's returns over the past year. But when they falter, as they did in July this year, they tend to drag the broader stock market down with them.
The survey also showed how investment preferences vary across generations.
For instance, 62% of millennials (or those born between 1981 and 1996), said they plan to invest in cryptocurrency ETFs over the next year versus 15% of Boomers (or those born between 1946 and 1964). A quarter of millennials said they plan to invest in alternatives ETFs, compared with just 11% of boomers.
At the same time, 44% of millennials also want to increase their exposure to lower-risk fixed income ETFs. In contrast, fewer GenX (34%) and Boomer (26%) investors plan to do likewise.
This is in line with other recent studies that point to recent stock market volatility making millennials more risk-averse compared to some older generations.
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Instablog9ja
4 hrs
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Nollywood actress Adesua Etomi and her husband, singer and actor Banky W, have welcomed their second child. The couple, who tied the knot in a star-studded ceremony in 2017, shared the joyous news with close friends and family.
This new addition comes after the birth of their first child, Zaiah, in early 2021. Fans and well-wishers have since flooded social media with messages of congratulations and love for the couple.
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Instablog9ja
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