CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. After an ugly month for stocks in September, CNBC’s Bob Pisani breaks down what investors should expect in October, and identifies hurdles that lie ahead, like the presidential election and the rising Covid-19 case count. Plus, CNBC.com airline reporter Leslie Josephs returns to “After Hours” as American and United cut more than 30,000 jobs in one day after their federal aid funds ran dry.
The October market story is really complicated.
If you thought September was confusing, October is not likely to be any better, and it could be significantly rockier.
That’s because the “buckets” that have moved markets on various days in the past few months are all potentially in play.
American Airlines and United Airlines will start furloughing more than 32,000 employees on Thursday after talks for a national coronavirus aid package failed in Washington, but both carriers say they are prepared to reverse course if a stimulus deal is reached.
The terms of $25 billion in federal payroll support Congress passed for the ailing sector in March prohibit airlines from cutting jobs until Oct. 1. The aid was meant to help airlines cope with a sharp drop in bookings until there was a significant recovery in demand, which hasn’t materialized.
Coinbase is offering to pay employees who decide to quit the cryptocurrency company after it discouraged employee activism and discussing of political and social issues at work.
CEO Brian Armstrong told Coinbase staff in an email that the company would offer severance packages for anyone “who doesn’t feel comfortable with this new direction.” The pay packages range from four to six months, depending on how long an employee had been with the company.