HomeBusiness5 things to know before the stock market opens Monday, October 31

5 things to know before the stock market opens Monday, October 31

Trader on the floor of the NYSE, Oct. 28, 2022.

Source: NYSE

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

1. Green October

2. Spooky time for tech

It’s Halloween, so it’s a good time to dwell on the scary things in life, such as haunted houses, John Carpenter’s horror movies and the recent performance of Big Tech stocks. U.S. stock indexes have surged despite tech companies’ lackluster performance. Amazon, Microsoft, Google parent Alphabet and Facebook parent Meta – especially Meta – all had a rough time last week as their earnings and guidance came in generally soft. Only Apple did all right – on Friday, the stock had its best day since 2020. Altogether, weak performance, a slowing ad market, lower PC demand and waning market relevance are making for some blood-curdling times in Silicon Valley.

3. Welcome to Elon Musk’s Twitter

In this photo illustration, the image of Elon Musk is displayed on a computer screen and the logo of twitter on a mobile phone in Ankara, Turkiye on October 06, 2022.

Muhammed Selim Korkutata | Anadolu Agency | Getty Images

Within days of closing his $44 billion deal to buy Twitter, Elon Musk tweeted an unfounded, anti-LGBTQ conspiracy theory, from a website known to post false information, about the attack on House Speaker Nancy Pelosi’s husband, Paul. Musk, who has more than 112 million followers on Twitter, linked to the site in a Sunday morning reply to former Secretary of State Hillary Clinton, who had criticized the GOP for spreading conspiracy theories, such as the ones Pelosi’s attacker did online. The billionaire CEO of Tesla and SpaceX eventually took down his tweet Sunday afternoon, but not before it had more than 24,000 retweets and 86,000 likes, according to NBC News. Critics of Musk, concerned that content moderation would suffer on Twitter after his takeover, pointed to the incident as an indication their worse fears were coming true.

Read more: GM pauses paid ads on Twitter after Musk’s takeover

4. Kyiv under attack

Workers walk as they repair equipments near power lines destroyed after a missile strike on a power plant, in an undisclosed location of Ukraine, on October 27, 2022, amid the Russian invasion of Ukraine. 

Sergei Supinsky | AFP | Getty Images

5. No reprieve in the euro zone

The headquarters of the European Central Bank (ECB) is pictured prior to the news conference of the bank’s governing council following their meeting in Frankfurt am Main, western Germany, on September 8, 2022. The recent 75 basis points rate hike by the European Central Bank will not be the only hike in the short term, but the subsequent ones will not be as high, said Edward Scicluna, a member of the ECB.

Daniel Roland | Afp | Getty Images

There’s no escaping inflation in the euro zone. Europe’s statistics office published preliminary numbers Monday that said inflation grew at a 10.7% annual rate in October, which would be a record for the 19-member bloc. Russia’s war in Ukraine is the main catalyst for the rapid and aggressive price growth: Energy prices jumped 41.9% year-over-year, while food, alcohol and tobacco prices were 13.1% higher on an annual basis. Inflation is high all around, but it’s especially dire in Estonia, Latvia and Lithuania, which all posted price growth of over 20% compared with the same period a year earlier. The reading will put even more pressure on the European Central Bank, which raised rates by three-quarters of a point last week – and has pledged more increases.

– CNBC’s Jesse Pound, Jordan Novet, Holly Ellyatt and Silvia Amaro contributed to this report.

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