NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, Oct. 2:
1. -- U.S. stock futures were weak on Thursday after equities began October with a sharp decline.
European stocks declined on Thursday, taking their cue from the drop on Wall Street and a weak day of trading in Asia.
The European Central Bank meets Thursday to set rates and will give its decision at 7:45 a.m. EDT, followed by a press conference. Economists expect interest rates to remain unchanged.
2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, and factory orders for August at 10 a.m.
3. -- U.S. stocks on Wednesday were pummeled after investors lost confidence amid a confluence of factors consisting of the geopolitical flare-up in China, soft economic reports out of Europe, and weaker-than-expected U.S. data.
The S&P 500 (^GSPC) tumbled 1.32% to settle at 1,946.16. The index booked its worst start to October in three years. The Dow Jones Industrial Average (^DJI) dropped by 1.45% on Wednesday to 16,804.71. The Nasdaq (^IXIC) slid 1.59% to 4,422.08.
4. -- Pacific Investment Management Co. said investors withdrew a record $23.5 billion from its flagship Pimco Total Return Fund last month, with most of the withdrawals taking place last Friday, the day Bill Gross resigned from the firm and announced he was joining Janus (JNS) .
The Pimco Total Return Fund has now experienced 17 straight months of outflows, totaling $92.3 billion, according to Reuters. Assets under management have fallen below $200 billion, down from a peak of $292.9 billion in April 2013.
Pimco, however, said it had seen smaller outflows on Monday and Tuesday.
"We are confident that the vast majority of them will continue to stand with Pimco as we demonstrate why we have earned the reputation as one of the world's premier investment managers," Pimco said in a statement on Wednesday.
Moynihan has been CEO of Bank of America for close to five years. As chairman, he succeeds Charles "Chad" Holliday, who will remain on the board.
Jack Bovender, who joined the board in August 2012, will serve as lead independent director, the bank said Wednesday.
The deal expands DirecTV's rights to stream the package live on mobile devices and online. The agreement is worth $12 billion over eight years -- $1.5 billion annually, according to a person familiar with the contract, The Associated Press reported.
The previous deal was worth about $1 billion a year.
Just what either of those entail remains a mystery, according to Engadget, although Musk has previously hinted that the third generation of Teslas would involve both the long-expected "budget" sedan and an SUV smaller than the Model X.
Elon Musk-backed photovoltaics installer SolarCity (SCTY) is the dominant player in residential installations with 30% of the market. Vivint is the fastest growing company in the space, installing 15% of the country's PVs in the second quarter, up from 8% in the first quarter. For the first half of 2014, Vivint Solar's revenue was $10 million, five times the prior-year period, according to Reuters.
Vivint Solar's IPO priced at $16 a share Tuesday,with the company raising $330 million. The pricing was at the low end of its estimated range of $16 to $18.
10. -- Coca-Cola(KO) - Get Report is overhauling its executive-compensation plan before it goes into effect next year, scaling back stock options and shifting to more cash-based performance awards, The Wall Street Journal reported.
The reversal by Coke, the world's largest beverage company, follows criticism from billionaire investor Warren Buffett and other Coke shareholders who called the equity plan excessive.
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