Here are the key news, trends, and analysis investors need to start their trading day:
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA on September 29, 2021.
Brendan McDermid | Reuters
US stock futures fell modestly on Monday after ending a tough week with a strong rally on the first day of October. the Dow Jones industry average led up on Friday with a plus of 482 points or 1.4%. The S&P 500 was up 1.2%. The Nasdaq’s profit of 0.8% broke a dry spell of five sessions. The tech-heavy index was more than 5.2% off its last record high on September 7th. The S&P 500 was nearly 4% off its record high of September 2nd. The Dow was more than 3.6% off its August 16 record high.
The month of October has a reputation for volatilitybut the fourth quarter was mostly a positive time for the market. Many Wall Street strategists expect stocks to beat their recent highs after a rocky period in October. The S&P 500 averaged oversized gains of 3.9% in the fourth quarter, up four out of five times since World War II, according to the CFRA. September was the worst month in 2021.
U.S. Trade Representative Katherine Tai testifies during a proposed 2022 budget hearing for the U.S. Trade Representative’s Office on Capitol Hill on April 28, 2021 in Washington, DC.
Sarah Silberner | Getty Images News | Getty Images
Washington needs to enforce the US-China Phase 1 trade deal, and it will raise broader political concerns about Beijing. after remarks to be delivered on Monday by US trade representative Katherine Tai. CNBC reported last week that the top trade advisor would announce that Beijing has failed to honor the Phase 1 deal reached under the administration of former President Donald Trump. Tai’s speech at 10 a.m. ET at the Washington think tank, the Center for Strategic and International Studies, will outline the Biden government’s China trade strategy.
China Evergrande Group’s headquarters in Shenzhen, Guangdong Province, China on February 9, 2021.
Shen Longquan | Visual China Group | Getty Images
Debt developer China Evergrande Group will sell part of its stake in its real estate services unit, the second asset sale in as many weeks while the Chinese real estate giant, struggling with liquidity, is trying to raise cash. Trading in shares of Evergrande and Evergrande Property Services was interrupted on Monday morning. In a filing on the Hong Kong Stock Exchange, Evergrande said it had requested to stop trading prior to announcing a “big deal”. Last week, Evergrande announced it would sell a $ 1.5 billion stake in Shengjing Bank to a state-owned asset management company.
Olivier Douliery | AFP | Getty Images
Frances Haugen – a Facebook whistleblower who submitted internal documents to the Wall Street Journal and Congress detailing the company’s research – revealed her identity Before an interview, she was the CBS show “60 Minutes”, which aired Sunday night. The documents showed that Facebook executives were aware of the negative impact its platforms had on some young users.
According to her website, Haugen was a former product manager on Facebook’s civic disinformation team. Haugen previously worked as a product manager Pinterest, Howl and alphabet‘s Google, according to their LinkedIn profile. “I’ve seen a number of social networks and it was much worse on Facebook than anything I’ve seen before,” Haugen told 60 Minutes. Facebook shares, which were down 10% last month, fell nearly 1% in the premarket on Monday.
The Tesla logo that can be seen in one of its showrooms. Tesla today announced its results for the first quarter of 2021.
Toby Scott | LightRakete | Getty Images
Shares in Tesla – by almost 10% to date – rose almost 3% in the pre-market after the company announced on Saturday that it had delivered 241,300 better-than-expected electric vehicles in the third quarter of 2021. The company produced 237,823 cars in the quarter. Most were Model 3 and Y, the more affordable mid-range offerings. The rest were the high-end models Model S and X. Tesla does not publish the delivery figures by model, nor does it disclose sales or production figures from China compared to the USA. It also thanked the customers for their patience.