Tuesday, October 26, 2021

5 things you need to know before the stock market opens on Wednesday

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Here are the most important news, trends and analyzes that investors need to start their trading day:

1. Nasdaq returns from a 2.8% decline as bonds yield an average yield

View of the New York Stock Exchange building on Wall Street in downtown Manhattan, New York.

Roy Rochlin | Getty Images Entertainment | Getty Images

U.S. stocks rose in early trading on Wednesday as bond yields fell. On Tuesday, the 10-year Treasury revenue hit a three-month high of 1,567%. Nasdaq lost 2.8%. Big Tech and growth names are sensitive to high performance because their high price is based on future growth and cash flow. The S&P 500 lost 2%. The Dow Jones Industrial Average was down 569 points, or 1.6%. With two days to go until September, the Dow fell 3%; The S&P 500 was cheaper by 3.7%; and was down nearly 4.7% in a historically bad month for Nasdaq stocks.

2. Biden digs up a $ 3.5 trillion plan and the debt is unpaid

President Joe Biden was at the White House on Wednesday to cancel a trip to Chicago that should have focused on vaccination against Covid in order for his party to try to support its $ 3.5 trillion budget plan. Democratic leaders want to use the thin majority in the House and Senate to pass a package of social security spending without GOP support.

  • Biden met Tuesday with Senators Democrats Joe Manchin and Kirsten Cinema.
  • Progress on Democrats ’budget measures could determine when the House will vote on the $ 1 trillion infrastructure bill passed by the Senate.
  • It is also necessary to fund the federal government from Thursday to the end of the next fiscal year to prevent closures and raise the public debt limit in the coming weeks.

3. About 600 United employees may relinquish their Covid vaccine authority

A United Airlines passenger plane landed at Newark Liberty International Airport in New Jersey on December 6, 2019.

Chris Xelgren |

United Airlines says 593 employees could be fired for failing to comply with the carrier’s Covid vaccination policy, one of the U.S. company’s most stringent assignments. More than 96% of United’s 67,000 U.S. workers met the vaccine demand. The deadline to show proof of vaccination was late Monday. About 2,000 United employees have asked to be relieved of their mandate for religious or medical reasons. When the Chicago airline announced the benefits in the summer, the released employees said they would be put on temporary unpaid leave.

4. Lucid will begin production of its flagship Air sedan before customers deliver

People test the Dream Edition P and Dream Edition R electric cars at the Lucid Motors plant in Casa Grande, Arizona, on September 28, 2021.

Caitlin O’Hara |

Lucid has begun production of its first electric vehicles for customers, with delivery set to begin at the end of next month. This phase is crucial for the launch of the EV, which debuted in July on the Nasdaq through the SPAC merger. It ranks first to compete with Tesla. The top-of-the-line Lucid Air Dream Edition will go on sale in late October, followed by cheaper models. Lucid said he received more than 13,000 orders. In July, the company told investors that it plans to produce 20,000 Lucid Air sedans in 2022, with revenue exceeding $ 2.2 billion. Lucid shares rose 7% in the Premier market.

5. Elon Musk says the U.S. government should avoid regulating cryptocurrencies

Tesla CEO Elon Musk stands at the Tesla Gigafactory foundry at a press conference. year

Patrick Pleul | union of pictures | union of pictures | Getty Images

Tesla CEO Elon Musk says the U.S. government should abandon its efforts to regulate cryptocurrencies. “I don’t think it’s possible to eradicate cryptocurrency, but governments can slow its development,” Musk said at a Codex conference on Tuesday. Mask, who said on Twitter that he frequently supports digital coins, responded to a question from New York Times commentator Kara Swisher. Tesla said it bought bitcoin earlier this year to “maximize our cash flow.”

– The Associated Press and contributed to this report. Follow all the movements in the market like a professional Pro. Stay up to date with the latest news about the pandemic coronavirus coverage.

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