5 things to know before the stock market opens on Friday September 24



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Here are the most important news, trends and analysis investors need to start their trading day:

1. Dow should drop as it tries to maintain its September rally

The Dow Jones’ 506 point rise on Thursday and Wednesday’s jump of 338 points more than offset Tuesday’s slight drop and Monday’s 614 point drop. The S&P 500 also posted consecutive gains. The Nasdaq advanced for three consecutive sessions. All three stock indexes were around 2% of their most recent record close.

Dow’s shares, Nike, fell 5% in pre-market on Friday, the morning after the company said global supply chain congestion was hurting the company more than it did. ‘planned. The sneaker giant lowered its 2022 tax outlook. Nike topped profit estimates, but lacked revenue.

2. Bitcoin Sinks As China Steps Up Cryptocurrency Crackdown

Budrul Chukrut | LightRocket | Getty Images

Bitcoin plunged on Friday as traders rocked by the tough talks from China over cryptocurrencies. In a question-and-answer session posted on its website, the People’s Bank of China said that services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, China’s central bank said. Bitcoin fell 7% to less than $ 42,000. It hit an all-time high of over $ 64,000 in April, but sold out in June and July, even briefly dipping below $ 30,000. Since mid-July, bitcoin has been gaining ground, hitting a recent high of around $ 52,000 earlier this month.

3. Bond yields rise as fears of Evergrande contagion in China fade

Apartment buildings and leisure facilities in China Evergrande Group’s Life in Venice real estate and tourism development in Qidong, Jiangsu Province, China on Tuesday, September 21, 2021.

Qilai Shen | Bloomberg | Getty Images

The 10-year US Treasury yield climbed over 1.42% on Friday, reverting to highs reached in July. The yield, which moves in the opposite direction to price, fell earlier this week as investors sought safety and bought bonds as the deteriorating situation at China Evergrande slammed stocks on Monday. However, as concerns faded over the risk of financial contagion if the Chinese real estate giant collapsed, prices of the US Treasury fell and yields rose. Evergrande has not said whether he will make a payment of $ 83 million on a US dollar-denominated bond due to be paid on Thursday. The struggling Chinese developer made a payment on a local bond on Wednesday.

4. CDC chief cancels panel and clears Pfizer boosters for frontline workers

On Friday, the head of the Centers for Disease Control and Prevention called off an advisory committee, approving the distribution of Pfizer’s Covid boosters to a wide range of workers across the United States. distribute the injections to older Americans and adults with underlying health conditions at least six months after their second injection. But in a usual gesture, she broke with the panel by also releasing boosters for those in high-risk professional and institutional settings.

5. Costco reinstates purchase limits on toilet paper and other items

Costco’s chief financial officer said the company was lifting some purchase restrictions on key items, including toilet paper, paper towels, bottled water and high-demand cleaning products. During Costco’s post-benefit call Thursday, CFO Richard Galant said the limits were being imposed for a different reason than when the pandemic started. “A year ago there was a shortage of goods,” he said. “Now they have a lot of goods, but there are delays of two or three weeks in having them delivered.” Costco beat estimates with its latest quarterly results.

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