5 things to know before the stock market opens on Friday, November 17
- Major indexes expect their third straight week of gains.
- According to Walmart, Christmas could be relatively cheap this year.
- General Motors union workers ratify labor agreement with United Auto Workers.
Here are the most important news investors need to start their trading day:
Stock futures were higher Friday morning as major indexes expect their third straight week of gains. Futures contracts tied to the Dow Jones Industrial Average rose about 80 points, or 0.24%, while S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.2%. remained essentially stable. For the week, the Dow Jones is up 1.9% through Thursday’s close, the S&P 500 is up 2.1% and the Nasdaq is up 2.3%. Follow live market updates.
People shop in a holiday section ahead of Black Friday at a Walmart supercenter on November 14, 2023 in Burbank, California.
Mario Tama | Getty Images News | Getty Images
According to Walmart, Christmas could be relatively cheap this year. CEO Doug McMillon said, alongside the company’s quarterly earnings report, that the retailer expects prices to drop on some general merchandise and key grocery items. “In the United States, we could go through a period of deflation in the coming months,” he said. “And while that would put more unitary pressure on us, we welcome it because it’s better for our customers.” Shares of the big-box retailer fell 8% the day after the cautious outlook.
A Boeing 777-9 airliner is pictured on the tarmac during the 2023 Dubai Airshow at Dubai World Central – Al-Maktoum International Airport in Dubai, November 13, 2023.
Giuseppe Cacacé | AFP | Getty Images
Aircraft maker Boeing recorded 295 orders over four days of the 2023 Dubai Airshow, surpassing French rival Airbus’ 86 orders, according to company reports and third-party tallies. Every year, the Middle East’s largest aviation event is accompanied by aircraft orders. This year’s buyers have shown a particular appetite for wide-body jets, CNBC’s Natasha Turak reports. Boeing’s popularity at the show represents a notable rebound after years of safety concerns.
United Auto Workers members strike at the General Motors Lansing Delta assembly plant September 29, 2023 in Lansing, Michigan.
Bill Pugliano | Getty Images
Union workers at General Motors have ratified a labor agreement with the United Auto Workers union, according to results released by the union Thursday. With results from all locals, the agreement received 54.7% of the nearly 36,000 votes cast. This came after a contentious final few days of voting, with several major factories rejecting contracts. But enough workers at smaller facilities voted in favor to seal ratification. Union workers at Ford Motor and Stellantis still vote on similar contracts. So far, these deals have won the support of about two-thirds of each automaker’s voters.
WASHINGTON, DC – OCTOBER 04: U.S. President Joe Biden delivers remarks on the new administration’s efforts to cancel student debt and support borrowers at the White House October 04, 2023 in Washington, DC.
Kevin Dietsch | Getty Images
More student loan borrowers are forgiving their debts in bankruptcy proceedings — the result of a Biden administration policy shift aimed at helping people struggling with debt and financial distress. Ten months after the policy change, student borrowers filed more than 630 bankruptcy cases, marking a “significant increase” from recent years, Biden administration officials said. “Our efforts have made a real difference in the lives of borrowers,” Assistant Attorney General Vanita Gupta said Thursday. Outstanding student debt in the United States exceeds $1.7 trillion. Economists say the swelling debt could slow the U.S. economy.
– CNBC’s Brian Evans, Melissa Repko, Natasha Turak, Michael Wayland and Annie Nova contributed to this report.
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