Below are the most important news, trends and analyzes that investors need to start their trading day:
1. Wall Street looks stable after Covid’s worries, driven by last week’s delta
A trader works on the ground on the New York Stock Exchange on August 27, 2021.
Source: NYSE
Futures of U.S. stock markets were flat on Tuesday after a much weaker-than-expected August job report reflected the impact of the delta-driven Covid resurgence in the United States brought down the S&P 500 Friday slightly lower since record close. The Nasdaq, however, made a small gain and another record. The Dow Jones industrial average fell on Friday and was up 0.7% on the new trading week compared to last month’s record close. Over the weekend, Goldman Sachs lowered its U.S. economic growth estimate to an annual rate of 5.7% in 2021, below the 6.2% consensus. The US stock market was closed on Monday for Labor Day.
2. El Salvador becomes the first country to adopt bitcoin as a legal tender
One of the many stores where bitcoin is accepted in El Zonte, El Salvador.
Bitcoin retreated 1.5% on Tuesday after topping $ 52,000 on Monday, a level not seen since May, as El Salvador revealed it bought 400 bitcoins worth about $ 21 million. The announcement came as El Salvador’s bitcoin law, passed in June, went into effect on Tuesday and became the legal currency of bitcoins. El Salvador is the first country to do so. But since bitcoin is known for its volatility at times, the move raised concerns about its effectiveness as a currency. Bitcoin hit an all-time high of more than $ 64,000 in April, but sold strongly in June and July, even falling briefly below $ 30,000. But since mid-July, bitcoin has regained ground.
3. Pfizer Covid reinforcements may be ready as early as the week of September 20th
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, makes an initial statement during a hearing of the Senate Committee on Health, Education, Work and Pensions to discuss the ongoing federal response to COVID-19 , at the United States Capitol. Washington, DC, May 11, 2021.
Greg Nash | Swimming pool | Reuters
As the total number of Covid cases in the United States exceeded 40 million over the holiday weekend, the White House chief medical adviser, Dr. Anthony Fauci said the United States is likely to begin distributing Pfizer booster vaccines widely during the week of Sept. 20. The Biden administration has announced plans to offer third doses to people who received the Pfizer or Moderna vaccine, pending approval from public health officials. The US recommends an additional shot eight months after the second dose. However, only Pfizer can get FDA and CDC approval in time for the launch, Fauci said Sunday.
4. Biden will cover Ida flood damage in New Jersey and New York
U.S. President Joe Biden participates in an information session with local leaders on the impact of Hurricane Ida at the St. Mary’s Parish Emergency Operations Center. John in LaPlace, Louisiana, September 3, 2021.
Mandel Ngan | AFP | Getty Images
President Joe Biden will study the damage in parts of the northeast that suffered catastrophic floods last week due to the remnants of Hurricane Ida. On Tuesday, Biden will tour Manville, New Jersey and the Queens neighborhood of New York City. At least 50 people died in six eastern states as record rainfall last week overflowed rivers and sewer systems. Some people were trapped in flats and basement cars that filled up quickly or were razed as they tried to flee. The storm also generated several tornadoes. More than half of those deaths occurred in New Jersey. Biden toured the Ida Damage on the Gulf Coast last week.
5. Deutsche Telekom lifts T-Mobile’s US stake in a SoftBank swap agreement
Headquarters of the German telecommunications giant Deutsche Telekom in Bonn, Germany.
Andreas Rentz | Getty Images
Deutsche Telekom has signed a $ 7 billion swap agreement with SoftBank to increase the German group’s stake in T-Mobile US. Deutsche Telekom also sold its Dutch unit. As a result of the two moves announced on Tuesday, Deutsche Telekom will increase its stake in T-Mobile by 5.3% to 48.4%, bringing CEO Tim Hoettges closer to its goal of ensuring direct control of the operator of $ 170 billion US mobile phone. SoftBank will receive cash and a 4.5% stake in Deutsche Telekom in return after the Japanese group sold its US Sprint unit to T-Mobile in a deal that closed in early 2020.
– Associated Press and Reuters 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.