GMC trucks parked outside a GMC dealership, on April 3, 2024, in Sherwood Park, Strathcona County, Alberta, Canada.
- A powerful hurricane is projected to hit the Tampa Bay area of Florida.
- FTX creditors will make $1.19 for every dollar in the company's bankruptcy plan.
- GM is hosting its first capital markets day in two years.
Here are five key things investors need to know to start the trading day:
1. Manic Monday
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Stocks struggled to kick off the week as oil prices climbed and Treasury yields rose. The Dow Jones Industrial Average lost nearly 400 points, or 0.94%, on Tuesday, while the S&P 500 sank 0.96% and the Nasdaq Composite dropped 1.18%. U.S. crude, meanwhile, climbed more than 3% to end the day above $77 per barrel. The benchmark 10-year Treasury yield rose above 4% for the first time since August, adding more than 4 basis points to reach 4.02%. Follow live market updates.
2. Hurricane Milton
Hurricane Milton was upgraded to a Category 5 storm in a matter of hours on Monday as it passed over the southern Gulf of Mexico. Shares of backup power generation company Generac Holdings surged on Monday, rising more than 8% and hitting a new 52-week high as the storm intensified. Insurance companies didn't fare so well, however, as Universal Insurance, based in Fort Lauderdale, Florida, plunged about 20%, and other stocks that have weather catastrophe exposure such as AIG, Allstate, Chubb, Progressive and Travelers all fell more than 3%. Milton, which was downgraded to a Category 4 storm early Tuesday, is projected to hit the Tampa Bay area of Florida on Wednesday, and forecasters have warned of a possible 8- to 12-foot storm surge.
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3. GM's big day
GM is turning on the Southern charm to convince investors that it's on the right track to keep turning a profit. It's hosting its first capital markets day in two years on Tuesday at vehicle and battery plants in Spring Hill, Tennessee. But the return comes as the automaker is facing slowing consumer demand and changing market conditions. Wall Street analysts expect GM to be measured in its goals, and some said they have low expectations. Nonetheless, investors are looking for updates on electric vehicles, hybrids, its embattled Cruise autonomous vehicle unit and its China restructuring.
4. FTX effects
Almost all FTX creditors will make money on the company's bankruptcy: $1.19 for every dollar. A Delaware bankruptcy judge approved FTX's reorganization plan almost two years after the crypto exchange spiraled into bankruptcy. The company, which previously estimated that it owes creditors around $11.2 billion, said it has collected between $14.7 billion and $16.5 billion worth of property for distribution. FTX raised the money by selling a number of assets.
5. New way to play
Google will be forced to offer alternatives to its Google Play store for downloading apps after a ruling from a U.S. judge. It's the most significant outcome of Epic Games' antitrust lawsuit against Google, which began in 2020. The company, which makes the popular video game Fortnite, accused Google of anti-competitive practices, including with its app store. It could be a boon for developers, as both Google and Apple's app stores typically take between 15% and 30% of total sales for high-grossing apps.
— CNBC's Lisa Kailai Han, Spencer Kimball, Yun Li, Michael Wayland, MacKenzie Sigalos, Kif Leswing and the Associated Press contributed to this report.
