5 things to know before the stock market opens Tuesday
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street looks to avoid a 3-session losing streak
Traders on the floor of the New York Stock Exchange, Oct. 6, 2021.
Brendon McDermid | Reuters
On Monday, the Dow continued Friday’s weakness on much weaker-than-expected September job growth. The 30-stock average, the S&P 500 and the Nasdaq all fell about 0.7% to start the week on concerns about how surging oil prices might affect the economic recovery from Covid. The Dow was down nearly 3.2% from its Aug. 16 record close. The S&P 500 was off almost 3.9% from its Sept. 2 record close. The Nasdaq was down about 5.8% from its Sept. 7 record close.
2. House to vote on short-term debt ceiling deal
The U.S. Capitol in Washington, D.C., U.S., on Wednesday, Oct. 6, 2021.
Stefani Reynolds | Bloomberg | Getty Images
The House is set to vote Tuesday to approve a short-term debt ceiling hike, sending the measure to President Joe Biden for his signature. The $480 billion compromise increase will allow the federal government to pay its bills until early December. It cleared the Senate last week in a party-line Democratic vote. The standoff over an Oct. 18 deadline ended when Senate GOP leader Mitch McConnell agreed to help pass the short-term increase. But he insists he won’t do it again. McConnell wants Democrats to use their slim majorities on Capitol Hill to act alone on the debt ceiling through the reconciliation process.
3. Southwest Airlines cancels dozens more flights
Travelers wait to check in at the Southwest Airlines ticketing counter at Baltimore Washington International Thurgood Marshall Airport on October 11, 2021 in Baltimore, Maryland.
Kevin Dietsch | Getty Images
4. GOP Texas governor prohibits Covid vaccine mandates
Governor Greg Abbott speaks at the annual National Rifle Association (NRA) convention in Dallas, Texas.
Lucas Jackson | Reuters
5. Jamie Dimon says he thinks ‘bitcoin is worthless’
Jamie Dimon, CEO of JPMorgan Chase speaks to the Economic Club of New York in New York, January 16, 2019.
Carlo Allegri | Reuters
— Reuters and NBC News contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.
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