Below are the most important news, trends and analyzes that investors need to start their trading day:
1. Dow looks stable after starting the week free 269 points
Traders are working on the New York Stock Exchange (NYSE) floor in New York on Monday, August 23, 2021.
Michael Nagle | Bloomberg | Getty Images
US futures were flat on Wednesday, a day after the Dow Jones Industrial Average fell 269 points, or nearly 0.8%, as worries about the impact of the Covid delta variant on reopening economic. The S&P 500 fell for the second straight session since Thursday’s record close. The Nasdaq won another record. After the bell, GameStop is available to post quarterly results.
The ten-year Treasury yield, which moves inversely to the price, fell to 1.35% on Wednesday, ahead of the government’s release of its latest JOLTS poll, Job Openings and Labor Turnover Survey, at 10 p.m. in the morning ET. The Federal Reserve comes out with its Beige Book survey on the economic activity of its 12 districts at 2 p.m. ET.
Bitcoin came under pressure again early Wednesday. It fell to 10% on Tuesday, just one day after hitting $ 52,000 and reaching its highest level since May. Volatility in recent days advanced and continued on Tuesday in El Salvador, becoming the first country to adopt bitcoin as its legal tender.
2. Coinbase shares fall after the company discloses SEC plans
Coinbase has received notice of a possible enforcement action by the Securities and Exchange Commission related to its interest-generating product, which the company planned to launch in the coming weeks. The signing of services and cryptocurrency exchange received a few weeks ago the so-called Wells notice from the SEC, according to which the regulator intends to sue Coinbase for the product, called Coinbase Lend, which the company revealed in a publication on the Tuesday night blog. Coinbase shares fell 3% in trading before trading on Wednesday.
3. BlackRock responds to Soros’ criticisms of China’s investments
BlackRock, the world’s largest asset manager, has responded to strong criticism from billionaire investor George Soros about the firm’s investments in China. Writing in the Wall Street Journal on Tuesday, Soros described BlackRock’s initiative in China as a “tragic mistake” that “would harm the national security interests of the U.S. and other democracies.” Soros ’comments come after BlackRock launched a set of mutual funds and other investment products for Chinese consumers. BlackRock told CNBC on Wednesday that its Chinese mutual fund subsidiary set up its first fund there after raising more than $ 1 billion from more than 111,000 investors.
4. The White House proposes an interruption to prevent the government from stopping
U.S. President Joe Biden comments on the August Jobs Report at the White House in Washington on September 3, 2021.
Kevin Lamarque | Reuters
The White House is proposing an uninterrupted spending measure to fund the government after the end of its term this month. The bill would include billions of dollars in aid to help people recover from Hurricane Ida and to help relocate Afghans who fled Kabul. The plan to avoid a government shutdown comes as lawmakers haggle over a $ 1 trillion bipartisan infrastructure bill and a $ 3,500 trillion budget reconciliation package.
U.S. Senate Finance Committee Chair Ron Wyden, D-Ore, questions IRS Commissioner Charles P. Rettig at a June 8, 2021 Senate Finance Committee hearing.
Tom Williams | Swimming pool | Reuters
To help pay off that $ 3.5 trillion spending plan, Democrats in Congress float a lot of taxes, including new taxes on the rich. A couple of proposals by Senate Finance Committee chairman Ron Wyden call for so-called market taxes on derivatives and reported interest, which can lead to income taxes each year.
5. Amazon expands grab and go; Apple sets the September event
Space access options are more for families looking for a solution for dinner, while Amazon Go stores focus on serving breakfast and lunch needs.
Source: Lauren Thomas, CNBC
Amazon said Wednesday it will bring its automated collection technology to and from two Whole Foods stores: one in California and the other in Washington, DC Shoppers who want to skip the payline can enter the store by scanning a application and by inserting a credit or debit card linked to your Amazon account or by placing your palm on the company’s palm scanning payment system, called Amazon One. Shares of Amazon, at the close on Tuesday, were down 7% from their all-time high of $ 3,773.08 in July. Shares were steady in the premarket on Wednesday.
Apple shares were also steady in the premarket. Shares hit an all-time high of $ 157.26 on Tuesday after tech giant sent out invitations to the media for its annual September product event. New iPhones are expected. Apple could also launch new models of Apple Watch and AirPods. The virtual event will be streamed live on Apple’s website. Typically, the company announces new iPhones in September. But last year, due to Covid, Apple announced the iPhone 12 in October. The September event was used to unveil new watches and iPads, as well as a subscription to streaming exercise classes and a host of other Apple services.
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