5 things to know before the stock market opens Wednesday
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow looks steady after starting week off 269 points
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, on Monday, Aug. 23, 2021.
Michael Nagle | Bloomberg | Getty Images
The 10-year Treasury yield, which moves inversely to price, dropped to 1.35% on Wednesday, ahead of the government’s release of its latest JOLTS, Job Openings and Labor Turnover Survey, at 10 a.m. ET. The Federal Reserve is out with its Beige Book survey of economic activity across its 12 districts at 2 p.m. ET.
Bitcoin was under pressure again early Wednesday. It dropped as much as 10% on Tuesday, just one day after topping $52,000 and reaching its highest level since May. The volatility in recent days came ahead of and following El Salvador on Tuesday becoming the first country to adopt bitcoin as legal tender.
2. Coinbase shares fall after company reveals SEC plans to sue
Coinbase has received notice of a possible enforcement action from the Securities and Exchange Commission related to its interest-earning product, which the company had planned to launch in the coming weeks. The cryptocurrency exchange and services firm received a so-called Wells notice from the SEC a week ago, saying the regulator intends to sue Coinbase over the product, called Coinbase Lend, the company disclosed in a Tuesday night blog post. Shares of Coinbase fell 3% in premarket trading Wednesday.
3. BlackRock responds to Soros’ criticism over China investments
BlackRock, the world’s largest asset manager, has responded to sharp criticism from billionaire investor George Soros over the firm’s investments in China. Writing in The Wall Street Journal on Tuesday, Soros described BlackRock’s initiative in China as a “tragic mistake” that would “damage the national security interests of the U.S. and other democracies.” Soros’ comments come after BlackRock launched a set of mutual funds and other investment products for Chinese consumers. BlackRock told CNBC on Wednesday its China mutual fund subsidiary set up its first fund there after raising over $1 billion from more than 111,000 investors.
4. White House proposes stopgap to avoid government shutdown
U.S. President Joe Biden delivers remarks on the August Jobs Report at the White House in Washington, September 3, 2021.
Kevin Lamarque | Reuters
U.S. Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles P. Rettig at a June 8, 2021 Senate Finance Committee hearing.
Tom Williams | Pool | Reuters
To help pay for that $3.5 trillion spending plan, congressional Democrats are floating a slew of taxes, including new levies on the wealthy. A couple of proposals from Senate Finance Committee Chairman Ron Wyden call for so-called mark-to-market taxes on derivatives and carried interest, which may result in levies on gains every year.
5. Amazon expands grab and go; Apple sets September event
The grab-and-go options in the space are more for families looking for a dinner solution, whereas Amazon Go stores are focused on serving breakfast and lunch needs.
Source: Lauren Thomas, CNBC
Apple shares were also steady in the premarket. The stock hit an all-time high of $157.26 on Tuesday after the tech giant sent invitations to the media for its annual September product event. New iPhones are expected. Apple could also release new Apple Watch and AirPods models. The virtual event will be streamed on Apple’s website. The company typically announces new iPhones in September. But last year, due to Covid, Apple announced the iPhone 12 in October. The September event was used to reveal new watches and iPads as well as a streaming exercise class subscription and a bundle of other Apple services.
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