Dow futures drop as history points to tough September rest
BY THE NUMBERS
U.S. equity futures fell on Friday, marking a key date, September 17, which historically marked the start of a tough period for the market in an already traditionally tough month. The Dow Jones Industrial Average fell on Thursday, although it finished well above session lows. The S&P 500 also fell, while the Nasdaq reversed the trend and rose slightly. (CNBC)
Despite the angst in September, all three benchmarks were tracking weekly gains. Before Friday’s open, the Dow, S&P 500 and Nasdaq were not too far from their recent closing highs, at around 2.5%, 1.4% and 1.3% respectively. (CNBC)
Coinciding with seasonal factors stacked against Wall Street, it is also a “quadruple witch” on Friday, the simultaneous expiration of stock options, index options, stock futures and futures contracts. clues. The Fed is holding its policy meeting next week, leaving investors already on the alert this month to read the tea leaves on the decline. (CNBC)
Fed Chairman Jerome Powell called for a review of the central bank’s ethics rules for appropriate financial activities after the disclosure that several senior Fed officials had significant investments and others had made investments. multi-million dollar stock market transactions in 2020 (CNBC)
IN THE NEWS TODAY
A key part of President Joe Biden’s plan to fight Covid could be at risk as an FDA vaccine advisory committee meets on Friday to debate and vote on Pfizer’s request to offer vaccine recalls to the general public . The vote could put an end to the already announced plan by the Biden administration to start handing out boosters next week. (CNBC)
* Florida surpasses 50,000 Covid deaths after battling Delta Wave (PA)
* Delta variant is so contagious it ‘raises the bar’ for Covid vaccines, according to Moderna (CNBC)
Biden calls world leaders for a discussion on climate change efforts on Friday, seeking to build momentum ahead of an international summit on global warming later this year. Biden has repeatedly highlighted climate change, a national and global priority, in recent weeks following devastating floods and wildfires in the United States (Reuters)
The White House is warning state and local governments against deep cuts to disaster relief, Medicaid and infrastructure grants. money from schools and other programs if Congress does not raise the US debt ceiling. The Treasury Department used extraordinary measures to keep the federal government functioning. (PA)
* Democrats seek to extend extended monthly child tax credit payments until 2025 (CNBC)
Former President Donald Trump, who was impeached for inciting the Capitol Riot, has condemned the criminal proceedings against hundreds of his supporters who were part of the Jan.6 mob. Trump came as Washington police prepared for the scheduled Saturday “Justice for J6” rally outside Capitol Hill, which is being held to support the defendants. (CNBC)
The Los Angeles Clippers, owned by former Microsoft CEO Steve Ballmer, on Friday announced a sponsorship deal with financial software company Intuit, which will own the property rights to the new $ 1.2 billion arena of the team, slated to open in Inglewood in 2024. (CNBC)
STOCKS TO MONITOR
The operator of the Manchester United football team (MANU) reported a quarterly loss about 6% lower than it lost a year ago amid a roughly 16% increase in revenue. Manchester United are not providing revenue or profit guidance for fiscal 2022 due to the uncertainty surrounding Covid.
Invesco (IVZ) is in talks to merge with State Street’s asset management unit (STT), according to people familiar with the matter who spoke to the Wall Street Journal. These sources said a deal is not imminent and may not happen at all. Invesco shares jumped 6.5% in the pre-market, while State Street edged up 0.6%.
Softbank’s Vision Fund sold 57 million shares of South Korean online retailer Coupang (CPNG) for nearly $ 1.7 billion, according to an SEC filing.
Unum (UNM) is launching a new digital verification tool designed to help businesses manage immunization mandates. The insurer’s product allows workers to report immunization status and download documentation, while helping companies manage exemptions.
Eli Lilly (LLY) has obtained FDA approval for the extension of emergency use authorization for his Covid treatment. The treatment can now be used in patients who may have a high risk of infection after being exposed to someone with Covid.
General Motors (GM) plans to extend downtime at seven North American factories as the global semiconductor shortage continues to dampen production.
US Steel (X) plans to build a new US steel plant, construction of which will begin next year and production is expected to start in 2024. This decision comes against a backdrop of soaring demand for steel and rising prices. roughly quadrupled since summer 2020. Shares have fallen 2.1% pre-market.
Zumiez (ZUMZ) rose 1% in pre-market trading after the street wear and sportswear company announced a $ 150 million share buyback program.
Diamondback Energy (FANG) announced an accelerated return on capital plan and approved a $ 2 billion share buyback. Diamondback stock rose 5% in pre-market trading.