5 issues to know earlier than the inventory market opens Thursday, October 20

Merchants work on the ground of the New York Inventory Trade (NYSE) in New York Metropolis, October 14, 2022.

Brendan McDermid | Reuters

Listed below are a very powerful information objects that buyers want to start out their buying and selling day:

1. Yielding to actuality

2. Tesla sticks to the plan

“We’re very pedal to the steel, come rain or shine,” Elon Musk said Wednesday, after Tesla reported quarterly earnings. He was speaking a few potential recession and whether or not which may imply a manufacturing slowdown for his industry-leading electrical car firm. “We aren’t lowering our manufacturing in any significant means, recession or not recession,” he mentioned. Tesla posted earnings that got here in above expectations, however its inventory slid after hours as a result of income missed projections.

Learn extra: Wall Street will be watching automakers for signs of weaker demand

3. Biden boosts EVs, slams oil firms

U.S. President Joe Biden holds a video convention occasion with electrical battery {industry} grant winners, associated to latest infrastructure initiatives, from the White Home in Washington, October 19, 2022.

Jonathan Ernst | Reuters

Talking of EVs, President Joe Biden on Wednesday awarded $2.8 billion in grants to boost battery production for the vehicles. The funds, which come from Biden’s $1 trillion infrastructure legislation, will go to firms in no less than 12 states. The Power Division mentioned the initiatives will assist develop lithium to produce about 2 million EVs every year, graphite to produce about 1.2 million EVs yearly, and nickel to produce about 400,000 EVs yearly. On the flip aspect, with the midterm elections proper across the nook, Biden urged oil companies to speculate their earnings in additional manufacturing as a substitute of buybacks. Fuel costs are properly beneath their peak from earlier this 12 months, however they’re nonetheless excessive, and voters are apprehensive most about inflation and the economy.

4. Ukraine limits energy utilization

Ladies stroll previous a billboard studying “Residents, you’re free!”, amid Russia’s assault on Ukraine, within the not too long ago retaken city of Kupiansk, Ukraine, October 18, 2022.

Clodagh Kilcoyne | Reuters

5. Anarchy within the UK

British PM Liz Truss refuses to step down: 'I am a fighter and not a quitter'

Even with a brand new finance minister in place, together with a revamped financial plan, UK Prime Minister Liz Truss’s authorities is teetering on the edge of complete failure. After simply six weeks on the job, Truss is dealing with stress from a number of sides to stop after her authorities plunged UK markets into chaos with its proposals to chop taxes for the rich whereas the nation offers with excessive ranges of inequality and a cost-of-living disaster. Truss instructed a heated session of Parliament on Wednesday that she was a “fighter, not a quitter.” However then one other member of her Cupboard stop, and one member of her Conservative Social gathering mentioned she solely has Thursday and possibly Friday to show issues round.

– CNBC’s Sarah Min, Jonathan Vanian, Emma Newburger, Emma Kinery, Holly Ellyatt and Annie Nova contributed to this report.

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