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Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow poised to leap as optimism builds for debt ceiling deal
Traders on the floor of the New York Stock Exchange, October 6, 2021.
Brendon McDermid | Reuters
Dow futures rose 300 points on Thursday as Democratic senators signaled they were receptive to a debt ceiling offer from Senate GOP leader Mitch McConnell that would allow an emergency increase until ‘in December. Optimism over a possible deal pushed Wall Street from steep losses Wednesday morning to modest gains at the close for the Dow Jones Industrial Average, S&P 500 and Nasdaq. All three benchmarks were following a three-game winning streak after the start of October on Thursday with big gains and losses.
2. Bond yields are stable ahead of employment data Thursday and Friday
A career fair in Louisville, Kentucky on June 23, 2021.
Luke Sharrett / Bloomberg via Getty Images
The 10-year Treasury yield was flat Thursday and stayed above 1.5% ahead of the Labor Department’s weekly review of initial jobless claims. Economists are expecting unemployment benefit filings for the first time of 345,000 for the week ended October 2. This would represent a decrease from 362,000 new requests the previous week. The government released its September employment report on Friday. ADP’s look at private sector hiring trends last month, released on Wednesday, turned out to be stronger than expected.
3. McConnell wants to give Dems time to act alone on the debt ceiling
Senatorial Minority Leader Mitch McConnell, a Republican from Kentucky, speaks at a press conference following the Senate Republicans’ Political Lunches at the United States Capitol in Washington, DC on Tuesday, September 14, 2021 .
Stefani Reynolds | Bloomberg | Getty Images
McConnell said Wednesday night that his debt cap offer would give Democrats time to use their majorities on Capitol Hill to craft a bill to raise the borrowing limit themselves without Republican votes. The deadline for taking action on the debt limit and avoiding a credit default in the United States is October 18. If Democrats accept McConnell’s offer, lawmakers will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.
4. Biden to tout Covid vaccine mandates for big business
U.S. President Joe Biden speaks about the bipartisan infrastructure bill and its Build Back Better program at the International Union of Operations Engineers Training Center in Howell, Michigan on October 5, 2021.
Nicolas Kamm | AFP | Getty Images
President Joe Biden is expected to travel to Chicago on Thursday to meet with the CEO of United Airlines and local Democratic leaders as he touts his decision to impose Covid vaccine warrants on employees of large companies. Last month, Biden ordered all federal workers and contractors to get vaccinated, with a few exceptions. For private employers with 100 or more workers, he proposed requiring employees to be vaccinated or tested weekly. Meanwhile, Pfizer said Thursday it has asked the Food and Drug Administration to clear its Covid vaccine with BioNTech for children aged 5 to 11.
5. George Soros’ fund owns “a few” bitcoins, fund CEO confirms
Hungarian-American investor and philanthropist George Soros delivers a speech on the sidelines of the annual meeting of the World Economic Forum (WEF) on January 23, 2020 in Davos, eastern Switzerland.
Fabrice Coffrini | AFP | Getty Images
Soros Fund Management, the asset management company founded by billionaire investor and philanthropist George Soros, has revealed that it owns the cryptocurrency bitcoin. The family office owns “a few coins … but not a lot,” said Dawn Fitzpatrick, CEO and CIO of Soros Fund Management, in an interview at a Bloomberg event this week. While declining on Thursday, bitcoin has made a comeback in recent days, trading above $ 54,000.
– 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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