Stocks slide at the open, all eyes on Powell
US stocks moved lower on Monday but were still set for strong monthly and quarterly gains as investors waited to hear Jerome Powell speak in the run-up to the crucial monthly jobs report.
The S&P 500 (^GSPC), the Nasdaq Composite (^IXIC), and the Dow Jones Industrial Average (^DJI) all fell about 0.2%.
With few catalysts to kick off the week, Powell’s speech on Monday afternoon is expected to be key.
Mon, September 30, 2024 at 1:50 PM GMT+1
DirecTV to buy Dish Network
Another media merger has been confirmed.
Yahoo Finance’s Alexandra Canal reports:
Satellite TV provider DirecTV (T, TPG) said Monday it will buy rival Dish Network (SATS), including Dish's streaming brand Sling TV, through a debt exchange transaction. Financial terms were not disclosed.
The deal, which is still subject to regulatory approval, is set to create one of the US's largest pay-TV providers.
"The combination of DirecTV and Dish will benefit US video consumers by creating a more robust competitive force in a video industry dominated by streaming services owned by large tech companies and programmers," the companies said in a joint statement.
Shares in EchoStar (SATS), which owns Dish Network, moved about 1% higher in premarket trading following the news. The stock had surged nearly 10% on Friday after the acquisition rumors intensified.