5 things to know before the stock market opens Monday

News

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, October 14, 2022.

Brendan McDermid | Reuters

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

1. Volatility and earnings

2. Let’s try this again, shall we?

Jeremy Hunt is interviewed for Sophie Raworth’s ‘Sunday Morning’ at BBC Broadcasting House in London.

Tejas Sandhu | Lightrocket | Getty Images

Britain has a new finance minister, Jeremy Hunt, and he unveiled a new economic plan Monday. Hunt replaces Kwasi Kwarteng, who was sacked after just weeks on the job because his tax-cut-heavy economic plan sent UK bonds and the pound spiraling. Hunt on Monday said the new plan will eliminate almost all of the tax cuts proposed under Kwarteng’s budget. Prime Minister Liz Truss’s government, which has only been in office just over a month, is already on thin ice over the market turmoil, but it’s likely she will stay in office for the time being. UK Conservative Party rules say a new leadership election can’t be held for a year.

3. Bank of America beats

Brian Moynihan, CEO of Bank of America, speaking at the WEF in Davos, Switzerland on May 23rd, 2022. 

Adam Galica | CNBC

Bank of America on Monday posted earnings and revenue that topped Wall Street’s expectations. The bank cited better-than-expected gains from fixed-income trading and interest income, which were fed by rising interest rates and market volatility. Bank of America’s results follow last week’s initial wave of big bank earnings. JPMorgan and Wells Fargo exceeded projections due to strong interest income. Citigroup also topped estimates, but Morgan Stanley fell short due to underwhelming investment management results. Goldman Sachs is set to report Tuesday.

4. Drones hammer Kyiv

A soldier is seen sitting on the ground after Russian attacks in Kyiv, Ukraine on October 17, 2022. It was reported that at least four explosions were heard in Ukraineâs capital Kyiv on Monday as authorities reported attacks by Russian kamikaze drones.

Metin Aktas | Anadolu Agency | Getty Images

5. Ye pulls a Trump

Kanye West arrives at the Vanity Fair Oscar Party on Feb. 9, 2020, in Beverly Hills, Calif.

Evan Agostini | Invision | AP

Ye, the artist formerly known as Kanye West, has agreed to buy right-wing-friendly social media app Parler just days after Instagram and Twitter limited his accounts over his recent antisemitic remarks. The billionaire rapper and producer’s move is reminiscent of former President Donald Trump’s creation of Truth Social. He helped found the Twitter-like app after Twitter, Facebook and other platforms barred him for inciting violence on Jan. 6, 2021, when hundreds of his followers invaded the U.S. Capitol. Parler, like Truth Social and other conservative-friendly social networks, touts its dedication to “free speech,” which Ye pointed to in a statement provided by Parler’s parent company: “In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves.” Elon Musk, who has praised Ye and is set to acquire Twitter, albeit reluctantly, has vowed to make Twitter a “free speech” platform, as well. He has also said he would allow Trump back on the app.

– CNBC’s Yun Li, Jenni Reid, Holly Ellyatt, Hugh Son and Ryan Browne contributed to this report.

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