Here are the key news investors need to start the trading day:
1. All eyes on the inflation indicator
U.S. stock futures edged higher on Thursday morning as investors hope the major averages turn positive for the fifth consecutive day. The inflation data and its impact on the Federal Reserve’s interest rate policy in the central bank’s November decision will shape the markets on the day. September’s consumer price index is due at 8:30 a.m. ET. Economists expect a 0.3% increase from the previous month and a 3.6% increase from a year ago. Investors will also be watching the war between Israel and Hamas. Follow live market updates here.
2. Top US diplomat lands in Israel
The death toll in the Middle East conflict is rising. At least 1,200 people have died in Israel and more than 1,200 people in the West Bank and Gaza Strip, officials said. A day after forming an emergency government, Israel said it would not lift the siege on Gaza until hostages held by Hamas were returned. US Secretary of State Antony Blinken arrived in Israel on Thursday where he plans to meet with government officials. The State Department said he would “discuss measures to strengthen Israel’s security and underscore the United States’ unwavering support for Israel’s right to self-defense.” Follow live updates here.
3. Be in the spotlight
Republicans in the House of Representatives have a choice for speaker. Republican lawmakers nominated Majority Leader Steve Scalise, R-La., for the chamber’s top job after he defeated Judiciary Committee Chairman and conservative hardliner Jim Jordan, R-Ohio. Scalise must now win over a handful of holdouts in a notoriously sensitive Republican caucus – which ousted former Speaker Kevin McCarthy this month – to secure the post in a House vote in which all Democrats are likely to oppose his candidacy . The vote could take place as early as Thursday. The speaker’s position comes as Congress decides how to respond to the Israel-Hamas conflict and as the U.S. faces a Nov. 17 deadline to prevent a shortfall in government funding. On Wednesday, Scalise told reporters: “We need to get back to work today.”
4. High prices are here to stay
Get comfortable with high interest rates. Federal Reserve officials agreed at their September meeting that interest rates must remain high until inflation approaches the central bank’s 2 percent target. Some policymakers disagreed about how much further they need to tighten monetary policy to control rising prices. At the meeting where the Fed decided against a hike, a majority of officials agreed that another rate hike in the future would “likely be appropriate,” minutes said. The central bank faces a difficult balancing act: It wants to curb demand and massively increase the costs of rent, food and a range of other essential goods without pushing the economy into recession. At the same time, rising interest rates have made it more difficult for people looking for a house or a car to get a loan.
5. UAW raises the stakes
United Auto Workers steps up its strike against Ford Motor. In a surprise move Wednesday evening, the union expanded its walkout to include a highly profitable SUV and truck plant in Kentucky that employs 8,700 UAW members. The UAW said it called the strike after Ford “refused to make further progress in negotiations” and called the action a “new phase” in the labor movement. The union has been waging targeted strikes against three major Detroit automakers, Ford, General Motors and Stellantis, for nearly a month. Ford called the extension of the strike “grossly irresponsible.”
—CNBC’s Hakyung Kim, Ruxandra Iordache, Spencer Kimball, Emily Wilkins, Jeff Cox and Michael Wayland contributed to this report.
— Follow general market action like a pro on CNBC Pro.