Below are the most important news, trends and analyzes that investors need to start their trading day:
1. S&P 500 looks higher before job report
A trader works on the ground on the New York Stock Exchange on August 27, 2021.
Source: NYSE
Futures of U.S. stock markets and 10-year Treasury yields rose before the government’s monthly employment report was released Friday at 8:30 p.m. The S&P 500 and Nasdaq hit all-time highs on Thursday as initial weekly unemployment claims hit lows since the early days of the Covid pandemic in March 2020. The Dow Jones Industrial Average broke a three-day losing streak, finishing 0.5% of its last record completed last month. Prior to Friday’s opening, the Dow was flat during the week, while the S&P 500 and Nasdaq were higher during the week.
2. August non-farm payroll earnings of 720,000, an unemployment rate of 5.2%
On August 16, 2021, in Arlington, Virginia, pedestrians walk along a “Now Hiring” sign in front of a store.
Olivier Douliery | AFP | Getty Images
Economists expect the Department of Labor’s employment report to show 720,000 non-farm payrolls and an unemployment rate to drop to 5.2%. The report will provide key guidance for the Federal Reserve in its decision-making process on when to start cutting its bond purchases. Speaking at the central bank’s annual economic summit last week, Fed Chairman Jerome Powell said he would still like to see more progress in the labor market before shrinking. In July, the economy created 943,000 new jobs, as the unemployment rate fell to 5.4%.
3. Bitcoin again exceeds $ 50,000; the ether is approaching $ 4,000 and the all-time highs
A visual representation of bitcoin.
STR | NurPhoto via Getty Images
Bitcoin traded above $ 50,000 again on Friday after briefly surpassing that level late last month. The world’s largest cryptocurrency hit an all-time high of more than $ 64,000 in April, but sold strongly in June and July, even falling below $ 30,000. But since mid-July, bitcoin has risen steadily. Ether, the second-largest digital currency, traded just below $ 4,000 on Friday. Ether surpassed that level in May to an all-time high of nearly $ 4,200. According to CoinMarketCap, the global cryptocurrency market, 40% of which is bitcoin, is valued at nearly $ 2.3 trillion.
4. Senator Manchin Opposes $ 3.5 Billion Dems Plan to Combat Climate Change, Poverty
Senator Joe Manchin, DW. He goes, talks to reporters as he heads to the Senate floor to vote in Washington on Tuesday, July 13, 2021.
Caroline Brehman | CQ-Roll Call, Inc. | Getty Images
West Virginia Sen. Joe Manchin is urging his Democratic Party leaders to “stop” his consideration of a $ 3.5 trillion massive spending bill. Democrats intend to pass the measure, which would invest in climate policy and social programs, in the coming weeks without Republican support. As they voted last month to advance the $ 3.5 trillion budget resolution, Manchin and Arizona Democratic Sen. Kyrsten Sinema indicated they would oppose the final bill unless the price tag is cut. . Democrats have a 50-50 majority in the Senate because the vice president breaks ties.
5. Biden will cover Ida damage in Louisiana, days after the storm sank in the northeast
Highway 440 flooded in Jersey City, New Jersey, United States on September 2, 2021 as hundreds of cars were trapped in the water as Hurricane Ida left east coast flooding behind.
Tayfun Coskun | Anadolu Agency | Getty Images
President Joe Biden will visit Louisiana on Friday to examine the damage left after Hurricane Ida crashed to the ground. The storm has killed at least 13 people in the Gulf Coast region and at least 46 in the northeast. Ida’s remnants threw devastating rains in five states, including New York and New Jersey, early Wednesday and Thursday. The highest number of deaths was in New Jersey, where at least 23 people died, many of whom drowned after their vehicles were trapped by flash floods.
– Associated Press contributed to this report. Follow all the actions of the market as a professional CNBC Pro. Get the news about the pandemic with CNBC coronavirus coverage.