Here are the most important news items that investors need to start their trading day:
1. Correction time
These are grim times for the S&P 500. The benchmark index is now more than 10% off its high for the year, joining the Nasdaq in correction territory, and it's on its way to a third consecutive month in the red, which it hasn't done since 2020. Whether things can turn around will depend a lot on some major developments this week. The Federal Reserve is set to make its next rate decision Wednesday, October's jobs numbers are due Friday, and big earnings lie ahead in the coming days. Futures were higher Monday morning. Follow live market updates.
2. Ride the earnings wave
Another week, another massive slate of earnings. McDonald's kicks things off Monday morning, while Pinterest is set to report after the closing bell. Those big names are just a taste of what's to come, however. Here are several of the prominent companies reporting this week:
- Tuesday: Pfizer, Jetblue (before the bell); Advanced Micro Devices (after the bell)
- Wednesday: Kraft Heinz, Yum Brands (before the bell); Qualcomm, Airbnb (after the bell)
- Thursday: Starbucks, Eli Lilly, Moderna (before the bell); Apple, Paramount Global (after the bell)
- Friday: Restaurant Brands (before the bell)
- Saturday: Berkshire Hathaway
3. Odd automaker out
Heading into the weekend it looked like General Motors was close – really close – to a deal with the United Auto Workers that would end a six-week targeted strike. Instead, surprising many, it was Stellantis that sealed a deal during weekend negotiations, joining Ford in achieving a tentative agreement with the union. Instead, the UAW expanded its targeted strikes at GM to an assembly plant in Spring Hill, Tennessee. We'll see if that will push things over the finish line for the company. By the way, Stellantis isn't quite out of the woods yet. Canadian union Unifor called a strike at the company's plants in the country, affecting more than 8,200 workers and production of Dodge muscle cars. (Update: Nevermind. Stellantis and Unifor reached a deal Monday morning.)
4. Ready to walk
Pharmacy workers at chains like Walgreens across the U.S. feel overworked and overburdened. Some say they're at a breaking point, and they're showing their frustration with temporary walkouts. Pharmacists and technicians at Walgreens, CVS and other retail pharmacies are planning to walk out Monday through Wednesday at different times and locations across the country. It could affect hundreds of stores, one of the organizers told CNBC's Annika Kim Constantino. Representatives for both Walgreens and CVS said they are working to support their staffers and address their concerns.
5. White House weighs in on AI
President Joe Biden on Monday issued an executive order directed at artificial intelligence, as his administration aims to take on a sweeping array of issues with the rapidly developing and increasingly popular technology. The White House says the mandate is the first of its kind produced by the government. The order addresses privacy violations, bias accusations, and labor and health care protections – but it's unclear what impact it'll have. Worries about AI's ability to produce misleading images and text are especially high, given the wars in Gaza and Ukraine, and the 2024 U.S. election campaign.
– CNBC's John Melloy, Michael Wayland, Annika Kim Constantino, Hayden Field and Lauren Feiner contributed to this report.
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