5 things to know before the stock market opens on Friday 23 September

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, September 9, 2022.

Brendan McDermid | Reuters

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

1. Is this week over yet?

US stock futures fell on Friday, putting the markets on track for a losing week. The Nasdaq, in particular, has gone through a brutal period as high-risk tech stocks are more sensitive to changes in interest rates. The three major indices plummeted again on Thursday, a day after the Fed announced its decision to raise its benchmark rate by another three-quarters of a point to its highest score in over 14 years. However, the central bank’s warning that it could raise rates to 4.6%, from the current 3% to 3.25%, sparked fears that policymakers might be doing too much, too late. Bond yields have also risen, sparking fears that a recession is on the way in 2023.

2. FedEx tries to stop the bleeding

FedEx cargo plane

Leslie Josephs | CNBC

Speaking of recession fears, FedEx CEO shocked investors last week when he told CNBC’s Jim Cramer that he believes we are on the verge of a global recession after the delivery company withdrew its leadership and he cited falling demand. His actions broke the news. FedEx’s troubles caused investors and analysts to wonder how much they derived from economic pressures versus the company’s shortcomings. On Thursday, FedEx released its full earnings report – inadvertently before market close – and unveiled a plan to cut costs between $ 2.2 billion and $ 2.7 billion during fiscal year 2023. The company has also stated that it will also increase the shipping rates.

3. Putin’s growing nuclear threat

Russian President Vladimir Putin attends a meeting with Novgorod Region Governor Andrei Nikitin in the city of Veliky Novgorod, Russia, September 21, 2022.

Gavriil Grigorov | Sputnik | via Reuters

The Russian government abides by President Vladimir Putin’s warning that it could use “all means at our disposal to protect Russia and our people” as Western weapons and money fuel Ukraine’s increasingly effective defense. Leaders and experts saw a nuclear threat in Putin’s words. Indeed, Dmitry Medvedev, a former Russian president who is a key figure in Putin’s government, later said the country would use any weapon to defend itself, including strategic nuclear weapons. “Given the person who has the sole decision-making power over Russia’s nuclear weapons, this will have to be taken seriously,” said Andrey Baklitskiy, senior researcher at the United Nations Institute for Disarmament Research, referring to Putin.

4. Live from the Big Apple, it’s … Apple

Giancarlo Stanton # 27 of the New York Yankees is greeted by teammate Aaron Judge # 99 after scoring a two-run home run in the first inning during the game between the New York Yankees and the Washington Nationals at Nationals Park Thursday July 23, 2020 in Washington , DC.

Alex Trautwig | Major League Baseball | Getty Images

Apple’s latest big move in sports probably involves the fiercest rivalry in professional sports and a slacker pursuit of glory. Apple TV + has the exclusive rights to Friday night’s game between the Boston Red Sox and the New York Yankees in the Bronx. While the Yankees are one of the best teams in baseball and the Sox have a losing record, the two clubs’ mutual hatred makes all of their encounters noteworthy. New York outfielder Aaron Judge could also score his 61st home run of the season, which ties him to the American League record of the late Yankee Roger Maris. (Plus, the steroid-free home run record for all baseball, if you’re an old-fashioned purist.) Such an event would be a godsend for Apple. The top-tier gadget maker, like fellow tech giant Amazon, is making a big game for sports domination against Disney and its ESPN brand, as well as legacy broadcast networks. (By the way, Apple will be sponsoring the Super Bowl halftime show, starting in February.)

5. Will Bed Bath & Beyond survive?

A person walks out of a Bed Bath & Beyond store in New York City, June 29, 2022.

Andrea Kelly | Reuters

Bed Bath & Beyond is pursuing a drastic turnaround plan as the stock price and sales go down, but it will be hard for the retailer to get out of the mess they are in. Bed Bath is drowning in debt and has risky relationships with the companies that supply the types or products that the home improvement chain will have to sell if it is to avoid bankruptcy. The company says its new plan, which is based on a new loan and national brands, has been well received. But the former executives, who left the company recently, told CNBC that the company alienated suppliers by making late payments and prioritizing their brands. Read the stakes for Bed Bath & Beyond here.

– Alex Harring, Sam Meredith, Jack Stebbins, Kif Leswing, Melissa Repko and Lillian Rizzo of CNBC contributed to this report.

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