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. Stock futures sink as October’s wild swings continue
Traders work on the floor of the New York Stock Exchange (NYSE) on October 04, 2021 in New York City.
Spencer Platt | Getty Images
2. 10-year Treasury yield tops 1.55% ahead of jobs data
3. Near 7-year high oil prices stoke inflation concerns
Working oil pumps against a sunset sky.
Imaginima | E+ | Getty Images
4. Biden concedes $3.5 trillion budget bill will need to be smaller
U.S. President Joe Biden delivers remarks on infrastructure investments at the International Union of Operating Engineers Local 324 training facility in Howell, Michigan, October 5, 2021.
Jonathan Ernst | Reuters
President Joe Biden has conceded the final version of a $3.5 trillion package of social and environmental initiatives with only Democratic support will have to be considerably smaller. In virtual meetings with House Democrats this week, Biden said he reluctantly sees a price tag between $1.9 trillion and $2.3 trillion, a Democrat familiar with the sessions said Tuesday. Sen. Joe Manchin, a high-profile Democratic holdout, wants a bill closer to $1.5 trillion. For passage, Democrats need every vote in the 50-50 Senate and all but three in the House.
5. Democrats consider filibuster change to hike debt ceiling
Biden said Democrats are considering a change to the Senate’s filibuster rules in order to quickly pass a debt ceiling increase needed avoid a devastating credit default. The deadline set by the Treasury Department is Oct. 18. Getting rid of the filibuster would lower the typical 60-vote threshold for passage to 50. With Vice President Kamala Harris breaking any tie, a simple majority would be enough for passage. Republicans want Democrats to utilize the reconciliation process they aim to use for the budget bill, to act on the debt ceiling.
— The Associated Press and Reuters 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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