The September jobs report comes as the Federal Reserve is closely monitoring the unemployment rate. US longshoremen have agreed to call off a three-day strike after the port operator proposed a pay increase. Shares of Spirit Airlines (SAVE) are falling in pre-market trading following reports that the airline is considering bankruptcy protection. The European Union (EU) has voted to impose new tariffs on electric vehicle (EV) batteries made in China, raising the risk of retaliation from the Chinese government. Additionally, EV maker Rivian Automotive (RIVN)'s stock price has fallen after the company lowered its delivery outlook. Here's what investors need to know today.
1. The jobs report comes as the Federal Reserve focuses on the labor market.
Investors are keeping an eye on the September U.S. jobs report to be released at 8:30 a.m. ET today, which could influence the Fed's future interest rate actions. Economists expect the unemployment rate to remain at 4.2%, while employers are expected to add 150,000 jobs in September, up from 142,000 the previous month, according to a survey of forecasters. has been done. Dow Jones Communications and wall street journal. This is the first jobs report since the Federal Reserve cut interest rates last month as concerns grow about rising unemployment, but some analysts expect the rate to rise further in today's report.
2. US longshoremen agree to end three-day strike
U.S. longshoremen have agreed to suspend a massive three-day strike until January 15 after reaching a tentative agreement with port management over wages. The minimum hourly wage for longshoremen will be increased by 62% over six years, from $39 to $63. wall street journal. Economists estimated that the strike could have cost the U.S. economy up to $4.5 billion per day. The move has caused European shares in shipping giants Hapag-Lloyd and Maersk to fall by 12% and 6%, respectively.
3. Spirit Airlines stock falls after reports of possible bankruptcy filing
Spirit Airlines (SAVE) shares soar 35% in pre-market trading following reports that the low-cost carrier is considering bankruptcy options following its failed $3.8 billion merger with JetBlue Airways (JBLU) It's falling. wall street journal Spirit Inc. is $3.3 billion in debt, and management is negotiating with bondholders over the terms of filing for Chapter 11 bankruptcy, the company reported. Shares of rivals JetBlue and Frontier Group Holdings (ULCC), parent of Frontier Airlines, each rose more than 4% in premarket trading on the news.
4. EU approves tariffs on Chinese EVs, risks retaliation from Chinese government
The European Union voted on Friday to impose tariffs on Chinese-made electric vehicles (EVs), risking further retaliation from Beijing, which launched an anti-subsidy investigation into EU dairy imports in August. has been done. The move comes after Europe threatened to target Chinese electric vehicles with new tariffs over subsidies from the Chinese government. Earlier this year, the United States and Canada increased tariffs on Chinese-made EVs, a move the White House said was aimed at protecting American workers “from China's unfair trade practices.”
5. EV maker Rivian stock falls as delivery forecast is lowered
Shares of EV maker Rivian Automotive (RIVN) fell more than 8% in pre-market trading after the company lowered its full-year delivery forecast due to production slowdowns caused by a lack of common parts for the R1 and RCV platforms. . “The effects of this supply shortage began in the third quarter of this year, became more severe in recent weeks, and are continuing.” Rivian has lowered its annual production forecast to 47,000 to 49,000 units from its previous forecast of 57,000 units.
