5 things to know before the stock market opens on Monday

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, October 14, 2022.

Brendan McDermid | Reuters

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

1. Volatility and Profit

Last week, economic data fueled market volatility. Inflation is still very hot, so it doesn’t look like the Fed will back down again in its aggressive push to cool the economy. This week, earnings season is gaining momentum. Investors will be able to see how companies deal with higher costs and price-conscious consumers, while watching how a strong dollar affects overseas business. You can follow live markets coverage here. while, American bank I reported on Monday (more on that below). Here are some of the other big names due to be reported this week:

2. Let’s try this one more time, shall we?

Jeremy Hunt interviewing Sophie Raworth ‘Sunday Morning’ at BBC Broadcasting House in London.

Tejas Sandu | Light Rocket | Getty Images

Britain has a new finance minister, Jeremy Hunt, who unveiled a new economic plan on Monday. Hunt replaces Kwasi Quarting, who was sacked after just weeks in the job because his heavy tax cut economic plan caused British bonds and the pound to surge. On Monday, Hunt said the new plan would eliminate nearly all tax cuts proposed under Carting’s budget. The government of Prime Minister Liz Truss, who has only been in office for just over a month, is already in a stalemate due to market turmoil, but it is likely that she will remain in office for now. UK Conservative Party rules state that a new leadership election cannot be held for a year.

3. Bank of America beats

Brian Moynihan, CEO of Bank of America, speaking at the World Economic Forum in Davos, Switzerland on May 23, 2022.

Adam Galica | CNBC

American bank On Monday, it posted earnings and revenue that beat Wall Street expectations. The bank cited better-than-expected gains from fixed income trading and interest income, which were boosted by higher interest rates and market volatility. Bank of America’s results come on the heels of the first wave of big bank earnings last week. JPMorgan and Wells Fargo beat expectations due to strong interest income. Citigroup also beat estimates, but Morgan Stanley failed due to disappointing investment management results. Goldman Sachs is due to report on Tuesday.

4. Hammer UAV Kyiv

A soldier is seen sitting on the ground after Russian attacks in Kyiv, Ukraine on October 17, 2022. At least four explosions were reported to be heard in the Ukrainian capital of Kyiv on Monday as authorities reported Russian drone attacks.

Acta methane | Anadolu Agency | Getty Images

The Russian attack on Ukrainian cities continues. Vladimir Putin’s army relies more on drones to launch attacks in urban centers. The mayor of Kyiv and other officials said that drone attacks on the central district of the capital killed people, including a pregnant woman, and damaged apartment buildings. Fighting is fierce elsewhere in Ukraine. The Russian forces launched their offensive in the eastern Donbass region in an attempt to consolidate their lines after the Ukrainian forces recaptured large parts of the occupied territories. Read live war updates here.

5. You Pull Trump

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

Evan Agostini | Invision | AP

Ye, the artist formerly known as Kanye West, agreed to buy the right-wing friendly social media app Parler, just days after Instagram and Twitter restricted his accounts over his recent anti-Semitic statements. The move by the billionaire, rapper, and producer is reminiscent of former President Donald Trump’s creativity for the Truth Social. Help found a Twitter-like app after Twitter, Facebook, and other platforms banned it from inciting violence on January 6, 2021, when hundreds of followers invaded the US Capitol. Parler, like the Truth Social and other conservative-friendly social networks, touts his dedication to “freedom of speech,” which Yi noted in a statement provided by Parler’s parent company: “In a world where conservative views are controversial, we have to make sure we have the right to Express ourselves freely.” Elon Musk, who has praised Ye and is set to take over Twitter, albeit reluctantly, has vowed to make Twitter the platform for “freedom of speech” as well. He also said he would allow Trump to return to the app.

CNBC’s Yoon Lee, Jenny Reed, Holly Eliat, Heo Soon, and Ryan Brown contributed to this report.

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