5 issues you need to know earlier than the inventory market opens on Friday July ninth
Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow to make up some losses from Thursday’s sell-off
Traders on the floor of the New York Stock Exchange.
Dow futures rebounded about 200 points on Friday, the day after a wide sell-off on Wall Street. The Dow lost 259 points, or 0.75%, on Thursday to close around 1% from last Friday’s record high. The 30-share average was down as much as 536 points during Thursday’s session. The S&P 500 and Nasdaq also ended their daily lows, pulling back from Wednesday’s record closing times. All three stock benchmarks were well on their way to end the week lower. Concerns about a slowdown in economic growth due to the proliferation of the Covid Delta variant weighed on sentiment on Thursday as investors bought bonds for perceived security and caused yields to fall.
2. 10-year government bonds bounce back from February lows
Bond yields, which are moving in the opposite direction to prices, rose on Friday. The yield on 10-year government bonds was back above 1.34% after falling to 1.25% on Thursday, a level not reached since February. The 10-year yield hit a 14-month high of 1.78% in March. It started at less than 1% in 2021. Government bond yields have generally been down for the past week, with declines accelerating on Thursday amid concerns about delta variants and an unexpected surge in initial jobless claims for the past week rising from the Covid-era lows of the previous week is.
3. Biden signs executive order to crack down on Big Tech
United States President Joe Biden speaks about the situation in Afghanistan in the East Room of the White House in Washington DC on July 8, 2021.
Saul Loeb | AFP | Getty Images
The White House is expected to announce a new executive order on Friday aimed at tackling anti-competitive practices in big tech, labor and numerous other sectors. The comprehensive arrangement, which includes 72 actions and recommendations involving a dozen federal agencies, aims to reshape thinking around corporate consolidation and antitrust laws, CNBC’s Ylan Mui reported. “The impetus for this executive order really lies in where we can encourage more competition across the board,” said Brian Deese, chief economic advisor to the White House, in an exclusive interview with Mui.
4. Pfizer is developing a Covid booster to combat the delta variant target
New Yorkers, 12 and older, will be vaccinated on June 13, 2021 at the St. Anthony of Padua Roman Catholic Church in the Bronx of New York City, United States.
Tayfun Coskun | Anadolu Agency | Getty Images
Pfizer and BioNTech are developing a Covid booster to target the Delta variant, which is already the predominant form of the disease in the United States. Variants are currently known, the companies remain “vigilant” and are working on an updated version of the vaccine. Thursday’s announcement came on the same day that the Olympic Games organizers said they would be banning all fans from the Games this year after Japan declared a state of emergency in Tokyo to contain a wave of new Covid infections.
5. Wells Fargo is informing customers that all personal lines of credit are being closed
A man walks past a Wells Fargo Bank branch on a rainy Washington morning.
Gary Cameron | Reuters
Wells Fargo plans to discontinue a popular consumer credit product, angering some of its customers. The bank will close all existing personal credit lines in the coming weeks and will no longer offer the product, according to customer letters verified by CNBC. The revolving lines of credit, which typically allow users to borrow $ 3,000 to $ 100,000, have been suggested as a way to consolidate higher-interest credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts. Wells Fargo is still recovering from the aftermath of its 2016 fake accounts scandal.
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