Here are the top news, trends, and analysis investors need to start their trading day:
1. Wall Street on track for a successful week of strong profits
Traders operate on the floor of the New York Stock Exchange (NYSE) on October 12, 2021.
Brendan McDermid | Reuters
The Dow Jones Industrial Average futures rose more than 200 points on Friday, the day after the 30-stock benchmark broke a four-session losing streak, rising 534 points, or nearly 1.6%. Dow stock Goldman Sachs rose more than 2% in Friday’s pre-trading session after reporting quarterly earnings and earnings that beat estimates. Strong investment banking and trading results drove the numbers. Bank profits have been strong this week.
- While the Dow had its best day since July on Thursday, the S&P 500’s 1.7% rise was its best day since March. The Nasdaq Composite rose more than 1.7% for its best day since May.
- The three stock benchmarks aimed for weekly gains.
- US oil prices rose to a new seven-year high, topping $ 82 a barrel.
- The yield on 10-year government bonds rose to around 1.54%.
2. Bitcoin is nearing $ 60,000 on hopes for the first Bitcoin futures ETF
Bitcoin on display.
Chesnot | Getty Images
Bitcoin continued its march up on Friday, moving towards $ 60,000 overnight as hopes grow that U.S. regulators won’t get in the way of the first Bitcoin futures fund traded on the exchange. The fund is slated to start trading on Tuesday. The Securities and Exchange Commission can object to filing until midnight on Monday. However, many crypto watchers believe that the odds are that the ETF will start trading as planned. Bitcoin hit an all-time high near $ 65,000 in April before plunging into a major slump in June that brought the world’s largest digital currency below $ 29,000. Bitcoin, known for its volatility, has doubled since then.
3. Retail sales rose unexpectedly in September as consumers continued to spend
Pedestrians carry Macy’s shopping bags in San Francisco, California, the United States, on Thursday, September 16, 2021.
David Paul Morris | Bloomberg | Getty Images
After two major inflation reports this week that showed continued price pressure at the wholesale and consumer levels, the government said on Friday that retail sales rose 0.7% in September. Economists polled by Dow Jones had expected a decline of 0.2%. Retail sales excluding cars rose 0.8% last month, also more than forecast. The dates follow the release of the minutes of the Federal Reserve meeting in September. According to the protocol, the central bank could begin curbing its Covid-era bond purchases as early as mid-November if the economy recovers. The next meeting of the Fed is for March 2-3. This year’s last meeting is scheduled for November 14th – 15th. December planned.
4. FDA committee meets for J&J booster as recommended by Moderna
A nurse fills a syringe with Johnson & Johnson’s Janssen Covid-19 vaccine at a clinic organized by The Tournament of Roses in association with the Pasadena Public Health Department on Jan.
Robyn Beck | AFP | Getty Images
The Food and Drug Administration’s Vaccine Advisory Committee will meet on Friday to review a booster of Johnson & Johnson’s Covid one-dose vaccine and dates on mixing and matching vaccinations. The panel unanimously recommended on Thursday that people 65 and over and other at-risk adults should be given a booster dose of Moderna’s two-dose Covid vaccine. The non-binding decision would bring Moderna guidelines in line with a third vaccination from Pfizer. A final FDA decision on Moderna boosters could be made within days of its review by the Centers for Disease Control and Prevention.
5. Virgin Galactic drops 20% after commercial service is delayed
Sir Richard Branson, left, together with the mission specialists Sirisha Bandla and Beth Moses in space on July 11, 2021.
Virgo galactic
Virgin Galactic is postponing the launch of its commercial space tourism service to the fourth quarter of 2022. Shares in Richard Branson’s space company plummeted 20% in the premarket. Virgin Galactic will begin overhauling and upgrading its spacecraft and carrier aircraft this month rather than conducting its next space test. The company’s improvement process, expected to take eight to ten months, makes the Unity 23 spaceflight the earliest time in mid-2022. Last month, the Federal Aviation Administration gave Virgin Galactic permission after an investigation into the July spaceflight that carried Branson to return to the flight.
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