A GE AC4400CW diesel-electric locomotive in Union Pacific paint, seen ahead of a possible strike if no agreement is reached with railroad workers’ unions, as a Metrolink commuter train (right) ) to Union Station in Los Angeles, California, September 15, 2022.
Bangguan | Reuters
Here are the most important news items investors need to start their trading day:
1. Senate Passes Railroad Agreement
Senate on Thursday passed legislation to enforce a railroad labor agreement, send the bill to President Joe Biden to sign before the strike deadline. The agreement allows railway workers to receive a raise, a one-time payment and an extra day of paid leave. But it will not guarantee workers sick leave – a top concern for labor unions – after the Senate voted against a separate resolution passed by the House to bring in seven days of paid sick leave. into the agreement. Biden has urged quick approval of the deal to avoid the economic effects of the rail workers’ strike.
2. Report on previous work
A worker packs beef sandwiches at Portillo’s restaurant in Chicago, Illinois, U.S., on Tuesday, September 27, 2022.
Christopher Dilts | Bloomberg | beautiful pictures
The monthly jobs report comes out at 8:30 a.m. ET Friday morning and is is expected to show a slowing economy. Dow Jones estimates show the US adding 200,000 jobs, less than the 261,000 added in October. Economists also expect the unemployment rate to hold steady at 3.7% and Average wage growth will slow monthly. The report, which is closely watched each month, is particularly focused at this time as the Federal Reserve seeks to ease interest rate hikes to combat inflation.
3. Data digestion market
Traders on the NYSE, December 1, 2022.
Source: NYSE
Stocks closed mostly lower on Thursday on mixed economic data: A report on core personal consumption spending was slightly better than expected, but the ISM Manufacturing Index came in at a slightly better level. larger than expected drop. “Taken together, these two pieces of data could suggest a soft landing for the US economy as long as growth doesn’t slide any further,” said Goldman Sachs’ Chris Hussey. The Dow lost nearly 195 points on Thursday and the S&P 500 fell 0.09%. The tech-heavy Nasdaq Composite rose slightly. Follow Live market updates here.
4. SCOTUS carries student debt
Student loan borrowers demand that President Biden cancel student loan debt during a protest outside the White House.
Getty Images | Paul Morigi
The Supreme Court said it would hear arguments in a case against Biden’s plan to write off some student debt, reviving hope for millions of borrowers. A federal appeals court last month issued an injunction on the plan — which would clear up to $20,000 in student debt for many people — in response to a challenge by six Republican-led states. Oral debates are set for February and the plan will remain in place in the meantime.
5. Putin is ready to negotiate
Russian President Vladimir Putin attends a meeting with the mothers of Russian servicemen involved in the Russian-Ukrainian conflict, ahead of Mother’s Day at the Novo-Ogaryovo state residence outside Moscow, Russia November 25, 2022.
Alexander Shcherbak | Sputnik | Reuters
Russian President Vladimir Putin is willing to hold negotiations on a possible solution about the war in Ukraine, Kremlin spokesman Dmitry Peskov said. US President Joe Biden on Thursday said he is open to meeting Putin if Putin is ready to end the war, but he gave no confidence that it will happen anytime soon. “I’m open to talking to Mr. Putin if, in fact, he’s interested in deciding how to end the war. He hasn’t done that yet,” Biden said.
— Lori Ann LaRocco, Dan Mangan, Patti Domm, Emma Kinery and Tanaya Macheel of CNBC contributed to this report.
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