Stock market news today October 2

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Some of Wall Street’s biggest firms are already waving
red flags on the stock market’s newest sector

The new
communication-services sector implemented
Friday is already getting sour reviews from some analysts at
major Wall Street firms.

S&P Dow Jones Indices and MSCI first announced last November
that they would discard the old telecom sector for a new one that
melds communication and media companies. This was to catch up
with the dealmaking that had created companies like Verizon that
provide both.

Many investors who make sector-level decisions had already
incorporated these business-model changes into their strategies.
Also, many exchange-traded funds already allowed investors to buy
in to some of the themes the reorganization aimed to capture.

But for anyone still making adjustments, analysts at major firms
are urging caution.
Here’s what they’re saying.

Amazon just raised its minimum wage to $15 — and it’s a
brilliant strategic move in the ‘war for talent’

Amazon just signaled that it’s preparing for
retail’s so-called “war for talent.”

The retailer announced on Tuesday that it would
be raising
its minimum wage for all employees to
$15 an hour effective November 1.

While CEO Jeff Bezos implied
in a statement about the wage hikethat the change is coming
in response to recent attacks
from politicians and activists over the
company’s treatment of workers, analysts say that there is likely
some economic motivation behind the decision.

The new CEO of Goldman Sachs says people used to ‘cower
in a corner’ when he got in the elevator — until they learned
he’s a DJ on the side

For new Goldman Sachs CEO David Solomon, moonlighting as a DJ has
had some added benefits, besides
making the Billboard charts.

Solomon
said that for years as a senior banker, he’d walk into the
elevator at Goldman and would be met with blank stares. “I’d
say hi and most people would look at their feet and cower in the
corner,” he said on Tuesday as part of a panel for Fortune’s Most
Powerful Women Summit in Laguna Niguel, California.

But that all changed when word
spread that Solomon hit the turntables at clubs around Manhattan,
Brooklyn and the Hamptons under the name D-Sol.

“When people started seeing I had this hobby and was into music,
a 24 year-old analyst would say ‘Hey David, I saw your post on
this and I heard your track,'” he said. “They want to connect
with you, talk about how they got to the firm. It’s about being
human and opening yourself up. We all used to keep our private
lives so separated from what we were doing in business and that’s
changed.”

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