5 things to know before the stock market opens on Friday, October 7

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, September 26, 2022.

Brendan McDermid | Reuters

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

1. Waiting for work number

2. The pressure is on Musk

The Twitter logo and trading symbol are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, on July 11, 2022.

Brendan McDermid | Reuters

Elon Musk has until October 28 to complete a purchase agreement Twittera Delaware judge ruled Thursday. If no deal by then, the case will go to trial in November. The competition between the social network and the billionaire boss of Tesla and SpaceX was scheduled to start on October 17. Twitter is suing him because he tried to back out of his deal to buy the company, but Musk said earlier this week that he would relent. and complete the deal at the original price of $54.20 per share. The judge granted Musk’s request for a delay, which he said would give him more time to close the deal. But Twitter is skeptical of the billionaire’s motives. The company objected to changing the trial date, saying its request was “an invitation to more mischief and delay.”

3. The latest on Credit Suisse

The logo of Swiss bank Credit Suisse is seen at a branch in Zurich, Switzerland, on November 3, 2021.

Arnd Wlegmann | Reuters

Credit Suisse is trying to fight back. The beleaguered Swiss bank said its goal is repurchase more than $3 billion in debt securities as its share price falls and you bet against your debt rising. He also plans to sell the famous Savoy Hotel, located in Zurich’s financial district, sparking further alarm that the bank is trying to secure liquidity. Credit Suisse is dealing with the fallout from several scandals, most notably the one stemming from its $5 billion exposure to hedge fund Archegos Capital Management, which collapsed in March 2021. Earlier this year, federal prosecutors in the US The US charged Archegos owner Bill Hwang and one of his top lieutenants with securities fraud, claiming they manipulated the markets. Several banks took a hit when Archegos failed, but Credit Suisse incurred the most pain.

4. Biden pardons

An employee holds up a jar of marijuana for sale after it became legal in the state to sell recreational marijuana to customers 21 and older in Ann Arbor, Michigan. Illinois begins the legal sale of marijuana on January 1, 2020.

Matthew Hatcher | Reuters

President Joe Biden stunned the country on Thursday when he announced that pardon thousands of people for marijuana-related crimes. He also directed members of his cabinet to review how marijuana is classified under federal law. Right now, it’s considered more serious at the federal level than fentanyl and classified at the same level as heroin, Biden said: “It doesn’t make sense.” He also encouraged governors to follow his lead as states increasingly legalize marijuana. “Just as no one should be in federal prison solely for possession of marijuana, no one should be in state or local jail for that reason either,” the president said.

Read more: Cannabis Stocks Soar After Biden Announcement

5. Honors in the shadow of war

Belarusian human rights activist Ales Bialiatski speaks after he and the Belarusian human rights organization Vjasna received the Right Livelihood Award 2020 in Stockholm on December 3, 2020.

Anders Wicklund | Afp | fake images

This years Nobel Peace Prize will be divided among activists in Russia, Ukraine and Belarus, as the unwarranted invasion of Ukraine by Russian forces falters for months. One of the recipients, Ales Bialiatski, is a human rights and democracy activist who is widely considered a political prisoner. He is holed up in Belarus, whose government provided Russian leader Vladimir Putin with space to launch his attack on Ukraine earlier this year. The other winners are the Ukrainian rights group Center for Civil Liberties and Memorial, a Russian organization founded in 1987 to honor victims of political oppression. Read live updates on the Ukraine war here.

– CNBC’s Samantha Subin, Jeff Cox, Jonathan Vanian, Elliot Smith, Christina Wilkie and Jenni Reid contributed to this report.

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