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Here are the most important news, trends and analysis investors need to start their trading day:
1. Wall Street looks higher after Monday’s tech decline
A trader ominously looks at a screen on the New York Stock Exchange on September 17, 2001 in New York City.
Chris Hondros | Getty Images
2. US Faces Recession If Congress Does Not Act On Debt Limit, Yellen Says
Janet Yellen, U.S. Secretary of the Treasury, speaks during an interview during the National Association of Business Economics (NABE) annual meeting in Arlington, Virginia, United States, Tuesday, September 28, 2021.
Amanda Andrade-Rhoades | Bloomberg | Getty Images
Treasury Secretary Janet Yellen told CNBC on Tuesday that she believed the economy would fall into recession if Congress did not tackle the borrowing limit before an unprecedented default on US debt. “I see October 18 as a deadline. It would be catastrophic not to pay the government bills because we wouldn’t have the resources to pay the government bills,” Yellen said on “Squawk Box”. On Monday, President Joe Biden urged Republican senators to “deviate” from the debt ceiling. Republican Senate Leader Mitch McConnell said Democrats should use their majority on Capitol Hill to act without GOP votes.
3. Oil prices hit highs about 7 years after OPEC, allies move
Oil storage tanks are seen from above in Carson, Calif., April 25, 2020 after the price of crude plunged into negative territory for the first time in history on April 20.
Robyn Beck | AFP | Getty Images
U.S. oil prices, as measured by West Texas Intermediate crude, edged up Tuesday morning to reach around seven-year highs, near $ 78 a barrel. WTI jumped about 2.3% on Monday as international oil producers decided to limit their supplies. Despite pressure from the United States to increase production, OPEC and its allies feared that a global fourth wave of Covid infections could slow the recovery in demand, a source told Reuters just ahead of Monday’s vote. . Oil prices in the United States have jumped more than 60% in 2021, dragging major energy companies in their wake. Exxon has gained nearly 50% this year.
4. The Facebook whistleblower must testify; platform failure corrected
The Facebook, Whatsapp and Instagram logos are displayed through broken glass in this illustration taken on October 4, 2021.
Given Ruvic | Reuters
Facebook whistleblower Frances Haugen is due to testify Tuesday at the Senate Commerce Subcommittee hearing on consumer protection. After recent reports in the Wall Street Journal based on documents she leaked sparked a public outcry, Haugen revealed her identity in an interview on the CBS program “60 Minutes,” which aired Sunday night. She insisted that “Facebook, time and time again, has shown it prefers profit over security.” Facebook shares rose 1% pre-market on Tuesday after closing nearly 5% in their worst session in nearly a year.
Facebook and its Instagram and WhatsApp services are back online after a massive global outage. Facebook said Monday night that “the root cause of the outage was a faulty configuration change.” The approximately six-hour incident marked the longest downtime for the social media company since 2008, when a bug took the site offline for about a day, affecting around 80 million users. The company’s platforms currently have billions of users.
5. Tesla must pay ex-worker $ 137 million for hostile workplace and racism
Tesla CEO Elon Musk speaks at his company’s factory in Fremont, California.
Noé Berger | Reuters
A federal court in San Francisco has ruled that Tesla must pay former contractor Owen Diaz about $ 137 million after he suffered racist abuse while working for the company, his lawyers told CNBC. The jury awarded more than the lawyers asked for from their client, including $ 130 million in punitive damages and $ 6.9 million for emotional distress. Diaz told the court that colleagues used epithets to denigrate him and other black workers, telling him to “go back to Africa” and leaving racist graffiti in the toilets and racist drawing in his workspace. Diaz’s attorneys said the case could only move forward because their client failed to sign one of Tesla’s mandatory arbitration agreements.
– The Associated Press and Reuters contributed to this report. Follow all market actions like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.
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