Here are the most important news items that investors need to start their trading day:
1. Happy times ahead
Markets are closing out a disappointing September, with the Dow Jones Industrial Average down 3% month to date heading into the last trading day of the period. The S&P 500 is down 4.6% month to date, and the Nasdaq Composite is down nearly 6%. September is often a down period for the market: Over the past decade, it's been the worst month for the S&P, shedding 1.53% on average. In contrast, things should turn around in October: That month has been the second-best performing month for the S&P over the last 10 years, gaining an average of 2.26%. Follow live market updates for the last trading session of September.
2. Out for delivery
Consider this your warning. Well, several warnings. Wall Street pros, from pension executives to hedge fund managers, took part in CNBC's Delivering Alpha Investor Summit in New York City on Thursday. Many cautioned of more cracks ahead in the economy and the stock market. Pershing Square Capital Management CEO Bill Ackman said he doesn't see the Federal Reserve getting inflation back down to a 2% target, due in part to a resurgent labor movement and high energy prices. BlackRock fixed income chief Rick Rieder said the Fed could still hike interest rates again in November. Many investing pros also highlighted where they see opportunity, from AI to ESG. Read the full recap from Delivering Alpha.
3. EEOC suit
The U.S. Equal Employment Opportunity Commission is suing Tesla, claiming racist harassment of and retaliation against Black employees at Elon Musk's EV automaker. The federal agency is responsible for enforcing civil rights laws against workplace discrimination and alleged in its lawsuit that non-Black offenders at Tesla "bandied slurs and epithets openly" around work areas. The suit further claims that supervisors and managers witnessed the conduct and didn't intervene. It's not the first time Tesla has been taken to court over its treatment of Black employees: The company was previously sued by a California civil rights agency over related allegations and, in a separate case, ordered to pay damages to a Black former worker after he endured racist discrimination at the company.
4. Not playing games
GameStop's incoming CEO is already calling for changes. Ryan Cohen, activist investor turned GameStop executive chair turned chief executive at the video game retailer, sent a memo to employees Thursday — just hours after his appointment was announced — calling for "extreme frugality," CNBC's Melissa Repko reports. "Every expense at the company must be scrutinized under a microscope and all waste eliminated. The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example," he said. Cohen is doing his part to save costs: He won't take a salary as CEO.
5. Three strikes
The United Auto Workers union is expected to announce a third wave of strikes against Detroit automakers on Friday, barring significant progress before noon ET. The union initiated strikes on Sept. 15 at three assembly plants and expanded the stoppages to 38 parts and distribution centers last week. Union President Shawn Fain has been driving a hard bargain with General Motors and Stellantis, acknowledging some progress in negotiations with Ford Motor and sparing that automaker from the last group of strike targets. But talks, or the lack thereof, have spurred frustrations among the automakers, who've questioned the union's motives in striking, CNBC's Michael Wayland reports.
— CNBC's Christopher Hayes, Yun Li, Lora Kolodny, Melissa Repko, Michael Wayland and John Rosevear contributed to this report.
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