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5 things to know before the stock market opens on Friday, September 30


Traders on the NYSE floor, September 28, 2022.

Source: NYSE

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

1. A bang, or a whimper?

2. Not great, Apple

Apple CEO Tim Cook introduces the new iPhone 14 at an Apple event at their headquarters in Cupertino, California, USA on September 7, 2022.

Carlos Barria | Reuters

A somewhat surprising name took the lead on Thursday big sell-off in tech stocks: Apple. While the top equipment maker is down 20% so far this year, it has outperformed the tech-filled Nasdaq, which has fallen 31% even worse since late 2021. Public shares Technology is generally considered riskier and more susceptible to interest rate hikes, so when there’s volatility, investors look to safer securities. In this case, it was the downgrade from Bank of America that led to Apple’s decline, pulling in other big names, such as Alphabet and Microsoft. “The stock has outperformed significantly since the start of the year… and is considered a relative safe-haven,” said BofA analyst Wamsi Mohan. wrote Thursday, in downgrading Apple to hold. “However, we see a risk to this outperformance next year, as we expect negative material estimate revisions due to weaker consumer demand.” The majority of analysts on the Street, however, rate Apple as buy.

Read more: Apple CEO leaves company after rude comment goes viral on TikTok

3. Toyota CEO Stands On EV Plans

Akio Toyoda, president of Toyota Motor Corp., gestures as he poses for a photo during a press conference at the company’s showroom in Tokyo, Japan, December 14, 2021. Toyota has announced plans for the vehicle. your EVs.

Kiyoshi Ota | Bloomberg | beautiful pictures

Akio Toyoda has heard your complaints that his company, Toyota, wasn’t moving fast enough to run entirely on a tram, but he didn’t budge. “That’s our strategy and we’re sticking to it.” The CEO said. While Ford and General Motors have told investors, customers and politicians that they are going all-electric, Toyota is taking an all-inclusive approach. That means producing gas-electric hybrids, like the Prius, as well as electric and hydrogen-powered vehicles. The company has increased investment in electric vehicles but does not see electric vehicles as the only solution. Toyoda told reporters on Thursday: “Everything will be decided by the customer.

4. Nike has an inventory problem

A man wearing a face mask walks past the center of a Nike brand store in Kyiv, Ukraine on December 10, 2020.

Valentine Ogirenko | Reuters

Looks like everyone will get a lot of noticeable reductions Nike equipment for this year’s holiday gifts. Sports shoes and sports shoes company said in earnings report on Thursday that it was flooded with products from multiple seasons due to supply chain issues. Nike says some pre-season shipments have arrived after taking so long, while the company is also receiving products for the holiday shopping season, it’s been pre-ordering to avoid delays. delivery delay. Overall, the company’s inventory grew 44% last quarter and grew 65% in North America, its largest market. So that leaves Nike with no choice but to “aggressively liquidate” a large amount of its inventory, said chief financial officer Matthew Friend. Nike isn’t the only one with a sales mode: The company’s stock fell in after-hours trading.

More from CNBC PRO: Nike results provide clues to strong dollar and earnings season

5. Ian got stronger after defeating Florida

A man takes pictures of boats damaged by Hurricane Ian in Fort Myers, Florida, on September 29, 2022.

Giorgio Viera | AFP | beautiful pictures

Ian became a hurricane again after it passed Florida and made landfall in the Atlantic Ocean. Now the storm is on a collision course with South Carolina, where it is expected to land on Friday afternoon. Weather officials said parts of the state could expect up to eight inches of rain while suffering severe flooding and winds. Ian left a vast path of destruction in Florida, and knocked millions down. President Joe Biden has warned of a “significant loss of life.” Photo of Fort Myers, Florida, especially horrifying: Prolonged flooding, boats left on the streets, houses destroyed. “Seeing the water from my apartment downtown, seeing it rise and just flood all the shops on the first floor, is heartbreaking,” said Fort Myers Mayor Kevin Anderson. told NBC’s “Today.”

– CNBC’s Alex Harring, Jordan Novet, Michael Wayland and Lillian Rizzo contributed to this report.

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