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Here is what you need to know. Stocks avoid their worst month since the financial crisis. The S&P 500 gained 1.08% on Wednesday to finish October with a loss of 6.94% — its biggest monthly decline since 2011. It would have needed to finish the month down by at least 8.2%, as it was entering Wednesday, to suffer its biggest monthly drop since the financial crisis. The UK and the EU have agreed on a 'tentative' deal for financial services. The deal would allow the UK "continued access to European markets" after Britain leaves the European Union, securing the post-Brexit future for the City of London, according to The Times. Sydney home prices just fell at their fastest annual pace in almost 29 years. Home prices in the Australian city fell for a 13th consecutive month in September and were down 7.4% year-over-year, making for their steepest annual drop since February 1990. The Bank of England meets. The central bank is expected to hold its key interest rate at 0.75% at the conclusion Thursday's policy meeting. Goldman Sachs says one big fear is troubling investors. The stock market appears to have stabilized, but Goldman Sachs says there's still plenty of fear in the market if you look at it on a single-stock basis. Google employees are staging a walkout on Thursday. Google employees around the world plan to leave their desks at 11 a.m. to protest the company's handling of sexual-misconduct allegations. The owner of MoviePass is delaying a shareholder vote on its reverse-split plan. In a sign of shareholder pushback, Helios and Matheson, the parent company 0f MoviePass, announced it was delaying by two weeks the vote on its plan to dramatically reduce its number of shares outstanding to boost its stock price. Denny's soars after saying it will sell company-operated stores to franchisees. Shares surged 25% Wednesday after the restaurant chain said it intended to sell 90 to 125 company-operated restaurants in the next 18 months to make it a purer franchised brand. Earnings reporting rolls on. DowDuPont and Spotify report ahead of the opening bell, while Apple, Shake Shack, and US Steel release their quarterly results after markets close. US economic data is heavy. Challenger Job Cuts will be released at 7:30 a.m. ET before nonfarm productivity and initial claims cross the wires at 8:30 a.m. ET. Then, at 9:45 a.m. ET, Markit manufacturing PMI is released. Data concludes at 10 a.m. ET with construction spending and ISM manufacturing. The US 10-year yield is up 2 basis points at 3.16%. |
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