Here are five key things investors need to know to start the trading day:
1. Manic Monday
2. Hurricane Milton
A group of lifeguard volunteers load sandbags as part of the precautionary measures for the arrival of Hurricane Milton on October 07, 2024, in Miami, Florida, United States.
Jesus Olarte | Anadolu | Getty Images
Hurricane Milton was upgraded to a Category 5 storm in a matter of hours on Monday as it passed over the southern Gulf of Mexico. Shares of backup power generation company Generac Holdings surged on Monday, rising more than 8% and hitting a new 52-week high as the storm intensified. Insurance companies didn’t fare so well, however, as Universal Insurance, based in Fort Lauderdale, Florida, plunged about 20%, and other stocks that have weather catastrophe exposure such as AIG, Allstate, Chubb, Progressive and Travelers all fell more than 3%. Milton, which was downgraded to a Category 4 storm early Tuesday, is projected to hit the Tampa Bay area of Florida on Wednesday, and forecasters have warned of a possible 8- to 12-foot storm surge.
3. GM’s big day
GMC trucks parked outside a GMC dealership, on April 3, 2024, in Sherwood Park, Strathcona County, Alberta, Canada.
Artur Widak | Nurphoto | Getty Images
GM is turning on the Southern charm to convince investors that it’s on the right track to keep turning a profit. It’s hosting its first capital markets day in two years on Tuesday at vehicle and battery plants in Spring Hill, Tennessee. But the return comes as the automaker is facing slowing consumer demand and changing market conditions. Wall Street analysts expect GM to be measured in its goals, and some said they have low expectations. Nonetheless, investors are looking for updates on electric vehicles, hybrids, its embattled Cruise autonomous vehicle unit and its China restructuring.
4. FTX effects
5. New way to play
Attendees visit the Google booth where a model of the Android logo is on display at CES 2023 at the Las Vegas Convention Center on January 06, 2023 in Las Vegas, Nevada.
Alex Wong | Getty Images
Google will be forced to offer alternatives to its Google Play store for downloading apps after a ruling from a U.S. judge. It’s the most significant outcome of Epic Games’ antitrust lawsuit against Google, which began in 2020. The company, which makes the popular video game Fortnite, accused Google of anti-competitive practices, including with its app store. It could be a boon for developers, as both Google and Apple’s app stores typically take between 15% and 30% of total sales for high-grossing apps.
— Tech Zone Daily’s Lisa Kailai Han, Spencer Kimball, Yun Li, Michael Wayland, MacKenzie Sigalos, Kif Leswing and the Associated Press contributed to this report.
