Saudi Press

Saudi Arabia and the world
Monday, Jun 23, 2025

Stock market news: October 7, 2019

Stock market news: October 7, 2019

Stocks opened lower across all three of the major indices ahead of the high-level trade negotiations between the U.S. and China set for later this week.

Here were the main market moves, as of 10:30 a.m. ET:

- S&P 500 (^GSPC): -0.24%, or 7 points

- Dow (^DJI): -0.30%, or 80.36 points

- Nasdaq (^IXIC): -0.10%, or 7.65 points

- Crude oil (CL=F): +1.40% to $53.55 per barrel

- Gold (GC=F): -0.36% to $1,507.50 per ounce

Trade delegations from both the U.S. and China are scheduled to meet in Washington on Thursday. However, senior Chinese officials have recently signaled reluctance to work toward President Donald Trump’s broad trade deal, according to Bloomberg News. Chinese Vice Premier Liu He is expected to lead the Chinese trade delegation in Washington this week, and he is reportedly planning to take one of Trump’s key demands off of the table. According to reports, Liu plans to bring a trade offer to the U.S. that excludes commitments on reforming Chinese industrial policy or government subsidies.

Though the Trump administration has vehemently denied claims that the impeachment inquiry into the president has affected the trade negotiations, many speculate that the drama in Washington has given the Chinese an upper hand in the trade war.

As recent economic data pointed to a weakening economy, investors will be paying close attention to the trade developments and the Federal Open Market Committee’s (FOMC) September meeting minutes. Market participants will be looking for further clues on the Fed’s monetary policy path. Fed Chair Jay Powell is scheduled to speak on two separate occasions this week. On Tuesday, Powell will be in Denver, Colorado at the The 61st National Association for Business Economics (NABE) Annual Meeting. He will be discussing “Data Dependence in an Evolving Economy.” Wednesday, Powell will be at the Fed Listens: A Community Listening Session in Kansas City, Missouri.

Following the worrisome manufacturing data and weaker-than-expected jobs report last week, many economists are anticipating that the Fed will cut rates at its meeting at the end of this month and possibly one more time in December. Boston Fed President Eric Rosengren told Yahoo Finance that he thinks the Fed is pretty close to fulfilling its dual mandate on inflation and unemployment, and thus does not necessarily see a case for a rate cut at this time. Rosengren previously dissented both of the Fed’s decision to cut rates earlier this year.

STOCKS: General Electric freezes pension plan for employees; General Motors strike enters fourth week
General Electric (GE) shares rose Monday after the industrial giant said it would freeze pension plans for about 20,000 employees in a cost-cutting measure. GE has been sitting on a massive debt pile, and the move to freeze pensions will reduce the company’s pension deficit by about $5 billion to $8 billion. The embattled company also plans to freeze supplementary pension benefits for about 700 U.S. employees. The freeze will go into effect January 1, 2021. GE shares have been struggling over the past several years. The stock has fallen 29% in the past year and 62% in the past two years.

Talks between General Motors (GM) and the United Auto Worker’s Union (UAW) took a turn for the worse over the weekend, according to Terry Dittes, UAW Vice President in charge of the GM department. The UAW made an offer to GM on Saturday that covered wages, signing bonuses, job security and profit sharing. GM provided a counteroffer, which the UAW turned down. Since the strike began on September 16, analysts estimate that it has cost GM about $1 billion. The two sides have been meeting daily to reach an agreement. Though the strike did not affect September’s payroll figures, economists have noted that the strike most likely negatively affected the manufacturing data released last week.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
×