Here are the top news, trends and analysis that investors need to start their trading day:
1. Dow Jones futures advances, beginning in November as October stalled
Photo by Spencer Platt/Getty Images
The Dow was set to start higher in November, with futures showing a 150-point advance, after October ended on Wall Street on Friday, with a record closing average of 30 stocks, the S&P 500 and the Nasdaq. In fact, in October, an infamously difficult month, stocks closed higher. The Dow, S&P 500 and Nasdaq all posted weekly gains for four straight weeks. For the month, the Dow was up 5.8%. The S&P 500 is up nearly 7%; The Nasdaq rose 7.3%. On Monday, the 10-year Treasury yield was around 1.58%. US oil prices were at $84 per barrel; Bitcoin is back above $62,000.
2. The bullish tone on Wall Street could be tested this week
While the November-December extension has historically been positive for stocks, the bullish tone for this year could be tested as the Federal Reserve begins its two-day November meeting on Tuesday.
- Central bankers are expected to announce the start of reducing bond purchases in the era of Covid.
- Next week also features a slew of corporate earnings, including results from Covid vaccine companies Pfizer and Modern.
- Along the way, the House of Representatives, early Tuesday, was expected to vote on the infrastructure bill passed by the Senate and the Democrats’ social and climate spending package.
- On Friday, the government’s employment report for October is released.
3. Biden promotes environmental efforts at UN climate change summit
US President Joe Biden addresses the media with the President of the European Commission during the G20 Summit of world leaders on October 31, 2021 at the Eurozone “La Nuvola” conference center in Rome.
Brendan Smilofsky | AFP | Getty Images
President Joe Biden was shifting the focus of his battle for action against global warming from Congress to the world stage on Monday, pleading with world leaders at a United Nations climate summit to commit to the kind of big action he’s still working on at home. The summit in Glasgow, Scotland, has often been described as essential to putting the landmark 2015 Paris climate agreement into action. The G20 summit in Rome, which Biden attended, concluded on Sunday with agreement to formalize a pledge to cut international support for coal-fired power plants.
4. Barclays CEO Jes Staley resigns after Jeffrey Epstein’s investigation
Chris Godney | Bloomberg | Getty Images
Jes Staley, chief executive of Barclays Bank, has agreed to step down after an investigation by a British watchdog into his business dealings with the late financier Jeffrey Epstein. The current President of Global Markets, CS Venkatakrishnan, takes over as CEO, which is effective immediately, and is subject to regulatory approval. Barclays said the investigation did not find Staley “witnessed or had knowledge” of any of Epstein’s alleged crimes. Staley dealt with Epstein during his long career at JPMorgan, where Epstein was a major private banking client until 2013. Staley told reporters last February that he hadn’t seen Epstein since taking over Barclays in 2015.
5. American Airlines has canceled nearly 2,000 flights since Friday
Pilots talk as they look at the tail of an American Airlines plane at Dallas-Fort Worth International Airport.
Mike Stone | Reuters
American Airlines has canceled about 250 flights, or about 9%, of its schedule on Monday, according to flight-tracking website FlightAware, in addition to more than 1,700 cancellations since Friday. The carrier blamed staffing problems and high winds at its busiest hub, Dallas/Fort Worth International Airport, last week. It’s the latest mass flight disruption facing travelers as some airlines struggle to deal with a rebound in travel demand. Southwest Airlines said earlier this month that the October meltdown, during which it canceled more than 2,000 flights, cost it $75 million.
– Associated Press and Reuters. Follow all market movements like a pro CNBC Pro. Get the latest news on the epidemic with CNBC’s coronavirus coverage.