5 things to know before the stock market opens on Thursday – CNBC | Jewelry Dukan

Here is the key news investors need to start their trading day:

1. Rail strike averted

With the deadline for an agreement fast approaching, President Joe Biden announced an interim labor contract early Thursday to avert a strike at the national railroad. A strike would have caused a significant disruption in the flow of essential goods and merchandise in the US, idled more than 7,000 trains and cost up to $2 billion a day. Negotiations between railroads and unions had been put on hold due to unpaid sick leave. The agreement, announced Thursday, would improve railroad workers’ pay and working conditions and give them “relaxation about their healthcare costs,” Biden said in a statement. The parties had until 00:01 Friday to reach an agreement and avoid a strike.

2. New data on deck

Trader Ryan Falvey works on the floor of the New York Stock Exchange.

Richard Drew | AP

Stock futures were relatively flat Thursday morning as investors waited for a fresh set of economic data including retail sales, import prices and jobless claims. Earlier in the week, US stocks had their worst day since 2020 after the August CPI report showed headline inflation rose 0.1% on a monthly basis despite a fall in gas prices. Then Wednesday’s PPI report showed wholesale prices falling 0.1% in August. Jeff deGraaf, founder and chairman of Renaissance Macro Research, said that gives him some comfort. “Inflation is really a dark cloud over stocks, but I think it’s really important for people to remember that markets aren’t about good and bad, they’re about better and worse, and it seems that inflation is getting better will,” he said on CNBC’s “Closing Bell: Overtime.”

3. Boost for electric vehicles

One of the biggest obstacles to the widespread adoption of electric vehicles has been the lack of a national network of charging stations. On Wednesday, Biden announced the release of the first round of funding for such a network, which will fund the construction of stations in 35 states. Biden was a big proponent of electric vehicles, signing into law incentives to encourage consumers to buy them and companies to build them. “They will all be part of a network of 500,000 charging stations — 500,000 — across the country installed by the IBEW,” Biden said at the Detroit Auto Show, Referring to the International Brotherhood of Electrical Workers union.

4. A new muscle car

2024 Ford Mustang

Source: Ford

Ford on Wednesday unveiled a seventh-generation Mustang, a version of the iconic muscle car equipped with two gas-powered engines. The Detroit-based automaker says restyling the iconic car without any form of electrification is part of its “Mustang Family” strategy, which includes the all-electric Mustang Mach-E crossover. According to a report by Automotive News, a planned hybrid version that could make the latest Mustang the Detroit automaker’s last gas-powered muscle car has been scrapped. The Dodge Challenger and Chevrolet Camaro – the Mustang’s biggest competitors – are expected to be electric in the coming years.

5. Patagonia’s billions

Yvon Chouinard, Founder and Owner of Patagonia.

Courtesy of Jeff Johnson and Patagonia

Patagonia founder Yvon Chouinard says he is “reinventing capitalism” and that he and his family are relinquishing ownership of the apparel manufacturer he founded some 50 years ago. All of the company’s profits are dedicated to projects and organizations that protect wild lands and biodiversity and fight the climate crisis. According to the New York Times, the company is valued at about $3 billion. The privately held company’s stock will now be owned by a climate-focused trust and a group of nonprofits called the Patagonia Purpose Trust and Holdfast Collective, respectively. The company expects to contribute about $100 million per year, depending on the health of the company.

– CNBC’s Tanaya Macheel, Emma Kinery, Leslie Josephs, Michael Wayland and Lora Kolodny contributed to this report.

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