5 Things to Know Before the Stock Market Opens

Stock markets are open for trading today on the Columbus Day holiday; US stock futures are little changed after Friday's record closes by the S&P 500 and Dow Jones Industrial Average; shares in Boeing (BA) are dropping in premarket trading after the airplane maker announced plans to cut roughly 17,000 jobs; Tesla (TSLA) shares are gaining, reversing course after the EV maker's stock tumbled Friday following the company's much-vaunted robotaxi event; and crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000. Here's what investors need to know today.

1. NYSE, Nasdaq Open, Bond Market Closed

It's a federal holiday in the U.S. on Monday, which means that government offices and banks will be closed. The bond market will also be closed for the Columbus Day holiday, also known as Indigenous Peoples' Day, but the New York Stock Exchange and Nasdaq will both be open and functioning normally today.

2. US Stock Futures Steady After Last Week’s Rally

Stock futures are little changed Monday morning, as the U.S. equities market looks to extend a rally that has sent major indexes to all-time highs in recent sessions. The S&P 500 and Dow Jones Industrial Average hit record closing highs on Friday, boosted by strong bank earnings and benign inflation data. With Monday's holiday, there are no economic data or earnings releases today, but the calendar picks up significantly in the coming days. Major U.S. stock indexes are riding five-week winning streaks.

3. Boeing Slides After Big Job Cuts, $5B in Charges

Shares in Boeing (BA) are down more than 2% in premarket trading after the airplane maker announced a slew of cost-cutting measures over the weekend—including cutting about 10% of its workforce, or 17,000 people, and postponing the launch of its first 777x jetliner. Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter. The plane maker was hit with a downgrade warning on its debt by ratings agency S&P Global last week after it withdrew its contract offer to its striking machinists.

4. Tesla Rebounds After Post-Robotaxi Event Slide

Tesla’s (TSLA) shares are rising more than 1% in premarket trading, recouping some of the big losses posted Friday after the electric vehicle maker unveiled its highly anticipated Cybercab autonomous vehicle in an event that analysts said was light on details. Shares of Uber Technologies (UBER) are losing some ground, falling about 1% in premarket trading, after jumping to a record high Friday. The lukewarm response to the Cybercab boosted ridesharing companies as concerns eased about the competitive threat of self-driving taxis.

5. Bitcoin’s Jump Drives Crypto Stocks Higher

Crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000 for the first time in weeks, although the token remains below the $73,000 record high it reached in March. MicroStrategy (MSTR), a software company with sizable bitcoin holdings, is gaining about 6% in premarket trading, while cryptocurrency exchange Coinbase (COIN) is up 4% and bitcoin miner Marathon Digital Holdings (MARA) is rising 5%.

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