Wall Street looks to avoid a 3-session losing streak


BY THE NUMBERS

U.S. stock futures had been regular Tuesday as elevated bond yields and U.S. oil costs dipped. West Texas Intermediate crude was nonetheless around seven-year highs above $80 per barrel. The 10-year Treasury yield was buying and selling back to June highs at about 1.6% forward of the federal government’s 10 a.m. ET launch of its newest Job Openings and Labor Turnover Survey. Economists count on 10.9 million job openings as of the top of August, unchanged from the document stage posted on the finish of July. (CNBC)

On Monday, the Dow continued Friday’s weakness on a lot weaker-than-expected September job development. The 30-stock average, the S&P 500 and the Nasdaq all fell about 0.7% to begin the week on issues about how surging oil costs may have an effect on the financial restoration from Covid. The Dow was down almost 3.2% from its Aug. 16 document shut. The S&P 500 was off virtually 3.9% from its Sept. 2 document shut. The Nasdaq was down about 5.8% from its Sept. 7 document shut. (CNBC)

IN THE NEWS TODAY

The House is set to vote Tuesday to approve a short-term debt ceiling hike, sending the measure to President Joe Biden for his signature. The $480 billion compromise enhance will permit the federal authorities to pay its payments till early December. It cleared the Senate final week in a party-line Democratic vote. The standoff over an Oct. 18 deadline ended when Senate GOP chief Mitch McConnell agreed to assist go the short-term enhance. But he insists he will not do it once more. (AP)

Southwest Airlines (LUV) scrapped 87 flights, or about 2% of Tuesday’s schedule, after cancelling about 2,220 since Saturday. More than half of the cancellations got here Sunday, when Southwest worn out 30% of its day by day schedule. There was hypothesis this weekend’s disruptions had been pushed by extreme employee sick calls tied to a Covid vaccine mandate. Southwest stated that is “inaccurate” and “unfounded.” (CNBC)

Republican Texas Gov. Greg Abbott issued an executive order prohibiting any entity, together with non-public companies, from imposing Covid vaccination necessities on staff or prospects. “The COVID-19 vaccine is safe, effective, and our best defense against the virus, but should remain voluntary and never forced,” Abbott stated in a assertion. (CNBC)

Amazon (AMZN) is giving its staff extra flexibility to make money working from home even after its workplaces start to reopen subsequent 12 months. In a memo to employees Monday, Amazon CEO Andy Jassy stated the corporate will go away it up to particular person group administrators to determine how usually their staff work within the workplace. (CNBC)

* Return of office workers reaches pandemic high as employees trickle in (WSJ)

Jamie Dimon continues to be a bitcoin skeptic. The JPMorgan CEO, at a convention Monday, stated the world’s largest digital foreign money has no intrinsic worth. “I personally assume that bitcoin is worthless,” Dimon stated. “But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me. I don’t think you should smoke cigarettes, either.” (CNBC)

* Dimon says supply chain disruptions ‘will not be an issue next year’ (CNBC)

Bitcoin, whereas decrease Tuesday, was still above $57,000, a stage not seen since May. It’s been rallying not too long ago. Bitcoin was up roughly 30% in October. It hit an all-time excessive close to $65,000 in April earlier than sinking under $30,000 this summer season. (CNBC)

LG Electronics has agreed to reimburse General Motors (GM) up to $1.9 billion to recall Chevrolet Bolt EVs due to defective batteries supplied by the South Korean provider. Problems with the Bolt, the corporate’s flagship mainstream EV, have led the automaker to recall each one of many electrical automobiles since manufacturing started in 2016. (CNBC)

Two of Facebook’s (FB) high engineers on its blockchain and digital foreign money undertaking left the company to be part of Andreessen Horowitz’s crypto group, the enterprise capital agency informed CNBC on Monday. The social community’s efforts have confronted stiff resistance from regulators and lawmakers worldwide, and a variety of its high-profile leaders have departed.

* Facebook whistleblower behind major leak is going to testify in Europe (CNBC)

Jon Gruden has resigned as coach of the NFL’s Las Vegas Raiders after emails he despatched earlier than being employed in 2018 contained racist, homophobic and misogynistic feedback. It was a speedy downfall for Gruden, who’s within the fourth 12 months of a 10-year, $100 million contract. (AP)

STOCKS TO WATCH

Moderna (MRNA) added 1% in premarket buying and selling, forward of Thursday’s FDA panel assembly on the drug maker’s utility for approval of booster photographs using its Covid vaccine. Briefing paperwork are scheduled to be posted this morning, shedding some gentle on the prospects for approval.

CureVac (CVAC) tumbled 15.5% within the premarket after the corporate stated it could discontinue the event of its most superior Covid vaccine candidate. The resolution got here after the European Medicines Agency informed the corporate it could not fast-track the approval course of.

GlaxoSmithKline (GSK) jumped 3% within the premarket following a Bloomberg report that the corporate’s $54 billion shopper merchandise unit is attracting buyout curiosity from private-equity corporations. Glaxo would solely say it is “far advanced” with plans to separate the buyer enterprise.

Airbnb (ABNB) – Cowen upgraded Airbnb to “outperform” from “market perform,” saying the Street is underestimating 2022 bookings development and that the rise in various lodging can be a everlasting a part of the journey panorama. Airbnb shares gained 2.4% within the premarket.

Signet Jewelers (SIG) introduced the acquisition of rival Diamonds Direct for $490 million in money, and stated the deal would add instantly to earnings. Signet rallied 3% in premarket motion.

Nike (NKE) rose greater than 1% in premarket buying and selling after Goldman Sachs initiated protection with a “buy” ranking, citing a wholesome business backdrop in addition to robust development initiatives by the athletic footwear and attire maker.

Fastenal (FAST) matched estimates with quarterly earnings and income. The industrial merchandise maker stated it continued to expertise inflation associated to supplies and transportation prices, and its shares fell 1% within the premarket.

Tesla (TSLA) bought over 56,000 autos made in China throughout September, the biggest month-to-month complete because it began manufacturing in Shanghai two years in the past. Tesla rose 1% in premarket buying and selling.

WATERCOOLER

Matt Amodio’s “Jeopardy!” reign has come to an end. His 38-game streak, with winnings in $1,518,601, concluded in Monday’s episdoe, when the Yale pc science Ph.D. scholar and Ohio native got here in third place. Amodio follows solely Ken Jennings, winner of 74 consecutive video games and $2,520,700. (USA Today)

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