5 things to know before the stock market opens Monday
- Stocks rose last week after the Federal Reserve cut interest rates, and the Dow closed at a record high Friday.
- Congress is trying to prevent a government shutdown, while Vice President Kamala Harris had a cash edge over former President Donald Trump entering the final stretch of the 2024 presidential campaign.
- Some striking Boeing workers told CNBC they are prepared for the work stoppage to last a long time.
Here are the most important news items that investors need to start their trading day:
Investors cheered the Federal Reserve's huge policy move last week. The question now is what the central bank will do next. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all rose more than 1% for the week, as the Dow closed at a record high Friday. The moves followed the Fed's decision to cut interest rates by 0.5 percentage points on Wednesday. All eyes now turn to the next policy meeting in November, where the Fed is again expected to reduce rates — though coming economic data will determine whether the central bank will choose to cut them by 25 basis points or 50 basis points. Remarks from multiple Fed officials this week will give clues into where policymakers are leaning. Follow live market updates.
The U.S. government is careening toward a shutdown. Congress has only a week to pass a spending bill or let funding for major parts of the government lapse only about a month before the 2024 election. On Sunday, Republican House Speaker Mike Johnson introduced a new proposal to keep the government running through Dec. 20. The plan does not include provisions backed by former President Donald Trump that would require people to show proof of citizenship to register to vote — which a previous GOP spending bill