5 Things to Know Before the Stock Market Opens
Stock futures are trending lower as markets face a losing week, with the AI trade weakening and investors closely watching Tesla after shareholders approved CEO Elon Musk’s substantial pay package. Here is what you need to know today.
Market Outlook
Stock futures moved lower in early trading, signaling that major market indexes are likely to decline this week. Futures tied to the tech-heavy Nasdaq 100 dropped 0.4%, while those for the S&P 500 and Dow Jones Industrial Average decreased by 0.3% each.
Tesla CEO Compensation Approved
Tesla shareholders overwhelmingly approved a pay package for CEO Elon Musk valued at approximately one trillion dollars, drawing considerable market attention.
Government Shutdown Developments
Senate Republicans attempted to bring a new funding package to a vote, aiming to end the ongoing government shutdown.
Cryptocurrency Update
Bitcoin briefly fell below $100,000 this morning, continuing to hover around its lowest levels in months amid market instability.
Gaming Industry News
Take-Two Interactive Software shares declined after the company delayed the release of its highly anticipated video game, Grand Theft Auto VI, once again.
Weekly Market Performance
- The Nasdaq 100 dropped 2.8% for the week.
- The S&P 500 slipped more than 1.7%.
- The Dow Jones Industrial Average fell about 1.4%.
Major market indexes have retreated this week in sometimes-volatile trading as investors turned away from the AI trade, despite strong earnings from some tech firms.
Author's summary: Global markets weaken this week as investors react to Tesla's massive CEO pay deal, government funding uncertainties, and shifts in cryptocurrency and gaming sectors.