5 issues it’s best to know earlier than the inventory market opens on Wednesday August 25th
Here are the top news, trends, and analysis investors need to start their trading day:
1. S&P 500 wants to add to the record; J&J promotes boosters; meme stocks pop
A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan neighborhood of New York on April 16, 2021.
Carlo Allegri | Reuters
A vial containing the Janssen COVID-19 vaccine from Johnson & Johnson
Pacific Press | LightRakete | Getty Images
Dow Johnson & Johnson shares were modestly higher in the premarket on Wednesday after the US drugmaker said a booster shot of its Covid vaccine produced virus-fighting antibodies “nine times higher” than those seen four weeks after the single dose. J & J’s vaccine, approved in the US for emergency use, only requires one dose. Recipients are considered fully vaccinated two weeks after receiving the vaccination.
An AMC theater is pictured in Times Square in the Manhattan neighborhood of New York City, New York on June 2, 2021.
Carlo Allegri | Reuters
2. The Democrats in the House of Representatives clear the way for the budget law and infrastructure to be passed
The Speaker of the US House of Representatives, Nancy Pelosi (D-CA), comes to a meeting of the Democratic House of Representatives amid ongoing negotiations on budget and infrastructure laws in the US Capitol in Washington, USA, 24 August 2021.
Jonathan Ernst | Reuters
House Democrats pushed President Joe Biden’s economic plans Tuesday after breaking a stalemate that threatened to untangle the party’s broad agenda. In a vote of 220-212 parties, the House of Representatives passed a budget resolution of $ 3.5 trillion and introduced a bipartisan infrastructure bill worth $ 1 trillion. The vote allows Democrats to draft and approve a massive Republican-free spending package, and puts the Senate-approved infrastructure plan on track for final approval in the House of Representatives. The measure includes a non-binding commitment to vote on the Infrastructure Act by September 27th.
3. Biden will receive American CEOs for the cybersecurity summit
United States President Joe Biden speaks in the Roosevelt Room of the White House in Washington, DC on Tuesday, August 24, 2021.
Yuri Gripas | Abaca | Bloomberg | Getty Images
Biden will meet with top executives from several of the largest technology, financial services, insurance, energy and education companies on Wednesday to discuss tackling cybersecurity threats. The event, attended by CEOs of Amazon, Apple, and JPMorgan Chase, among others, comes after the U.S. witnessed several major cyberattacks that made the public and private sectors more urgent to contain such threats. In a call to reporters, a senior administration official said the aim was to address the “root causes” of the attacks such as gaps in critical infrastructure and a total of 500,000 vacant US cybersecurity jobs.
4. Secret service review of the origin of the coronavirus is unlikely to be conclusive
Residents of the city of Wuhan in the Chinese province of Hubei are due to take nucleic acid tests for Covid-19 on August 3, 2021.
STR | AFP | Getty Images
The unclassified version of a US intelligence investigation into the origin of the novel coronavirus in China, which has hit the globe since late 2019 and killed nearly 4.5 million people worldwide, is expected in the next few days. The review ordered by Biden in May is unlikely to provide unequivocal answers as to whether it started as a laboratory accident or occurred naturally in animal-to-human contact. A Chinese official said on Wednesday, “If you want to blame China for no reason, you better be prepared to accept the counterattack from China.” China has been seen as an obstacle to previous international efforts to gather vital information on the ground.
5. Goldman Sachs requires everyone who enters their offices to be fully vaccinated
People enter Goldman Sachs headquarters in New York, United States on Monday, June 14, 2021.
Michael Nagel | Bloomberg | Getty Images
Goldman Sachs said Tuesday that as of September 7, only Covid-vaccinated people – both employees and customers – will be able to enter its buildings. Goldman Sachs is also rolling out a mandatory weekly testing program for vaccinated workers on September 7, according to a source who refused to be identified when discussing personnel matters. The steps taken a day after the FDA approved Pfizer’s Covid vaccine in full followed similar enactments from Morgan Stanley and Citigroup.
– Associated Press and Reuters contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.
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