Stock market news: Opening bell, October 4, 2018

A
worker controls forming of aluminium ingots on a conveyor belt at
the foundry shop of the Rusal Krasnoyarsk aluminium smelter in
Krasnoyarsk, Russia.
Reuters/Ilya
Naymushin

Here is what you need to know. 

Global bond yields just exploded. The US
10-year yield climbed more than 3 basis points Thursday morning
to 3.21% — its highest since May 2011. The benchmark yield is up
about 15 bps since Tuesday’s close. 

Stanley Druckenmiller unloads on the unstoppable machines
disrupting markets, and explains how they’ve kept him from
dominating. “These algos have taken all the
rhythm out of the market and have become extremely confusing to
me,” Druckenmiller told RealVision.com in an exclusive interview
seen by Business Insider. “When you take away price action versus
news from someone who’s used price-action news as their major
disciplinary tool for 35 years, it’s tough, and it’s become very
tough. I don’t know where this is all going.”

GM and Honda are joining forces on self-driving
cars. Honda will invest $2 billion over 12
years in the collaboration with GM’s Cruise autonomous
division, with an additional $750 million equity investment that
brings Cruise’s valuation to $14.6 billion, the automakers
announced Wednesday. 

AMD tumbles into a bear market before getting upgraded at
Moody’s. The chipmaker fell more than 8% early
Wednesday, running its drop from its September highs to 22%,
before receiving an upgrade at the ratings agency Moody’s that
cited strength in gaming consoles like Xbox an PlayStation.

Upwork soars in its trading debut. Shares
gained as much as 57% in the their Nasdaq debut, before finishing
up 41% at $21.18 apiece.  

Dell has met with bankers to explore an IPO if its VMware
tracking stock plan fails. Dell confirmed Wednesday
that it has met with some investment banks to explore an initial
public offering just in case its plan to repurchase the tracking
stock of the company VMware — of which it owns 80% — in a $2.17
billion cash-and-stock deal falls through, Reuters says.

Danske Bank is facing a criminal investigation in the US over its
$235 billion money laundering scandal. “We are
co-operating with the authorities investigating us as a result of
the case,” Danske Bank interim CEO Jesper Nielsen said. “However,
it is too early to speculate on any outcome of the
investigations.”

Stock markets
around the world are mixed. Japan’s Nikkei
(-0.61%) trailed in Asia and Britain’s FTSE (-0.48%) leads in
Europe. The S&P 500 is set to open down 0.38% near 2,914.

Earnings reporting remains light. Constellation
Brands reports ahead of the opening bell while Costco releases
its quarterly results after markets close.

US economic keeps coming. Initial claims will
be released at 8:30 a.m. ET before factory orders and durable
goods both cross the wires at 10 a.m. ET.