5 things to know before the stock market opens on Wednesday, September 21

Trader on the NYSE, September 20, 2022.

Source: NYSE

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

1. Decision date

Investors are preparing for the Federal Reserve rate notice Wednesday. The benchmark rate hike of three-quarters is already in place, but markets are seeking more clarity on what the Fed will do for the rest of the year and beyond as high inflation persists. The Fed will announce its decision at 2 p.m. ET, while Chairman Jerome Powell will discuss the central bank’s rationale at 2:30 p.m. ET. You can stream it live here at US Stocksmeanwhile, looks headed for a flat to slightly higher open Wednesday. All three major indexes fell on Tuesday, while yields on 2-year and 10-year bonds rose to their highest levels in more than 10 years.

2. Putin escalates

Russian President Vladimir Putin delivers a speech during a ceremony to receive letters of confidence from newly appointed foreign ambassadors at the Kremlin in Moscow, Russia, September 20, 2022.

Pavel Bednyakov | Sputnik | Reuters

Russian President Vladimir Putin said he would call a reserve number of the country as his invasion of Ukraine went into failure after failure. Putin’s announcement of the fundraising was vague elsewhere, but it did make it clear to Russian citizens and businesses that they could contribute more to the Kremlin’s operations in its former Soviet neighbor. . Ukraine, backed by Western money and weapons, recaptured the territory through an aggressive counterattack that sent Russian forces fleeing to the south and east of the country. Putin’s speech in which he claims the West is trying to destroy Russia and clearly threatened with nuclear retaliationis a major escalation that sends a tough message to world leaders meeting this week in New York for the United Nations General Assembly.

3. Mortgage demand somehow increased

Real estate listings

Adam Jeffery | CNBC

Another week, the housing market has another turning point. Mortgage demand is really increasing although interest rates have passed 6%, effectively doubling from earlier this year. Refinance apps, which tend to be more sensitive to large swings in exchange rates than buy apps, were up 10% for the week, though they’re still down more than 80% from a year ago. While the data may come as a bit of a surprise, don’t count on it to indicate a larger trend. Homes are still expensive, even as sellers are negotiating more and some home builders are cutting prices.

4. YouTube offers a bigger slice of the pie

The YouTube logo is seen at YouTube Space LA in Playa Del Rey, Los Angeles, California, US October 21, 2015.

Lucy Nicholson | Reuters

TikTok continues to break old disruptors. YouTube, owned by Alphabetby Google, said Tuesday it will revenue sharing with the platform’s short video creators as it competes with TikTok for its short-form viral video audience. For the second quarter, YouTube posted its slowest revenue growth since 2019, when Alphabet began to break down unit sales. The move comes as legacy social media platforms, including MetaFacebook’s Facebook, which has faced the loss of users to TikTok, is owned by Chinese company ByteDance.

5. Beyond Meat CEO suspended for being caught biting his nose

Douglas Ramsey

Source: Washington County, Arkansas

Besides meat CEO Doug Ramsey allegedly bit a man’s nose and punched through Subaru’s rear windshield during a road rage incident Saturday at an Arkansas garage. Now he is suspended from his job at the vegan food manufacturer as he awaits a court date in October. Ramsey, who joined Beyond Meat a few months ago after three decades at Tyson Foods, was also charged with threatening to kill the man. this man. The alleged altercation, arrest and suspension come at a difficult time for Beyond Meat. As the company’s sales fall, so does the company’s stock price – down about 75% so far this year. Three years ago, the company was valued at $13.4 billion. Its market cap is a little over $1 billion right now.

– CNBC’s Patti Domm, Carmen Reinicke, Holly Ellyatt, Jennifer Elias, Diana Olick, and Amelia Lucas of CNBC contributed to this report.

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