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Here are the most important news, trends and analysis investors need to start their trading day:
1. Wall Street is expected to start the week lower as oil hits 7-year highs
Traders work on the floor of the New York Stock Exchange (NYSE) on October 4, 2021 in New York City.
Spencer Platt | Getty Images
2. Oil climbs to over $ 82 a barrel as global energy crisis persists
U.S. oil prices, as measured by West Texas Intermediate crude, jumped 3.5% on Monday to over $ 82 a barrel after rising nearly 4.6% last week. Gasoline prices at the pump were also at seven-year highs, around $ 3.27 per gallon, according to AAA. Crude prices extended their gains for several weeks as an energy crisis affecting the world’s major economies showed no signs of slowing down. The energy crisis is due to a resumption of commercial activity and limited supplies from international producers. However, US drillers took advantage of the increases, adding five new oil rigs last week, the fifth consecutive weekly increase.
3. Big Bank Profits Dominate Third Quarter This Week
A combined archive photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.
Reuters
4. Yellen warns of debt ceiling as House prepares to vote on deal
A view of the U.S. Capitol during the morning rush hour on Wednesday morning October 6, 2021 in Washington, DC.
drew anger | Getty Images
Treasury Secretary Janet Yellen said on Sunday there was “a huge amount at stake” after the Senate approved only a short-term extension of the debt ceiling, again creating potential for debt. default in December if lawmakers are unable to strike another deal. “Failure to raise the debt ceiling would likely cause a recession,” Yellen repeated on ABC’s “This Week.” The House, which was due to come out this week, is expected to return on Tuesday to pass the measure. On Friday, Senate GOP Leader Mitch McConnell sent a warning to President Joe Biden, saying Republicans “will no longer provide such assistance.”
5. Southwest cancels around 2,150 flights, blaming weather and staff
A Southwest Airlines Boeing 737 MAX 8 is pictured in front of United Airlines planes, including Boeing 737 MAX 9 models, at William P. Hobby Airport in Houston, Texas, March 18, 2019.
Loren Elliott | Reuters
Southwest Airlines canceled more than 1,800 flights over the weekend, disrupting travel plans for thousands of customers and stranding flight crews. The carrier blamed the collapse on a combination of bad weather as well as shortages of air traffic controllers and its own staff. Other airlines have canceled relatively few flights. Southwest, which has not commented on the disparity, canceled 349 flights, 9% of its schedule, on Monday, according to FlightAware. On Saturday, union officials said Southwest’s decision this week to join rivals in demanding Covid vaccines for workers is contributing to the distractions of airmen.
– Reuters and NBC News contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.
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