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Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow should add to Friday’s gains; bond yields also rise
A trader works on the New York Stock Exchange (NYSE) in Manhattan, New York City, United States, August 19, 2021.
Andrew Kelly | Reuters
Dow futures rose more than 150 points on Monday after the 30-stock average broke a three-game losing streak on Friday with a gain of 225 points. The S&P 500 and the Nasdaq recorded their second consecutive positive day. But Friday’s rally was not enough to pull all three stock indexes out of negative territory for the week. They all hit closing records earlier this month.
Bond yields started the week higher. The 10-year Treasury yield was trading around 1.28% on Monday, ahead of the Federal Reserve’s economic symposium in Jackson Hole. The Kansas City Fed announced last week that it would host the annual central bankers gathering virtually this year due to the increase in Covid cases. Fed Chairman Jerome Powell’s speech to the group this Friday will be broadcast live.
2. Bitcoin rises a day after going above $ 50,000
A visual representation of bitcoin.
STR | NurPhoto via Getty Images
Bitcoin rose more than 3% on Monday, a day after surpassing $ 50,000 and peaking in three months. Bitcoin hit an all-time high of over $ 64,000 in April, but sold off strongly in June and July, even falling briefly below $ 30,000. But since mid-July, bitcoin has been on the rise. Other major digital coins were also higher on Monday, with Ether trading up more than 5%.
Over the past few days, two key announcements have been positive for cryptocurrencies. PayPal announced Monday that it is launching its service this week allowing people to buy, hold and sell digital currencies in the UK. .
3. FDA would work towards full approval of Pfizer vaccine
Nurse Mary Ezzat prepares to administer a Pfizer COVID-19 booster to Jessica M. at UCI Medical Center in Orange, Calif. On Thursday, August 19, 2021.
Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images
The FDA is working on full approval of the two-shot Covid vaccine manufactured by Pfizer and BioNTech as of Monday, The New York Times reported, citing sources. The move would make it the first Covid vaccine to go from emergency use authorization to full FDA approval.
U.S. companies have tightened vaccination rules for employees as Covid cases have spiked across the country in recent weeks due to the rampant delta variant. Some companies have cited full FDA approval as part of the decision-making process. The FDA declined to comment on the Times report to CNBC.
4. Vice President Harris Says US Focuses on Evacuations Out of Afghanistan
British Coalition Forces, Turkish Coalition Forces and U.S. Marines assist a child during an evacuation at Hamid Karzai International Airport in Kabul, Afghanistan, in this photo taken August 20, 2021. Sgt . Victor Mancilla / US Marine Corps / Document via REUTERS THIS IMAGE HAS BEEN PROVIDED BY A THIRD PARTY. TPX IMAGES OF THE DAY
Sgt. Victor Mancilla | United States Marine Corps | via Reuters
The main objective of the United States in Afghanistan right now is to evacuate American citizens, Afghan allies and vulnerable groups, Vice President Kamala Harris said on Monday, speaking to reporters on a trip. in Singapore. The Pentagon has ordered U.S. commercial airlines to provide planes to help speed up the process.
The Biden administration faces growing criticism over its handling of the US military withdrawal from Afghanistan. Last week the civilian government collapsed and the Taliban took power. Thousands of people have flocked to Kabul airport in the hope of escaping. Early Monday, a shootout broke out at the airport.
5. Henri soaks the northeast; Tennessee swamp rain record
Satellite image of Tropical Storm Henri as it hits the northeastern United States on August 22, 2021.
NOAA
Henri continued to soak parts of the northeast on Monday. The slow system, which made landfall like a tropical storm in Rhode Island on Sunday, has already dumped 3 to 6 inches of rain. About 1 to 3 inches of additional precipitation is forecast for parts of New England, New York, New Jersey and eastern Pennsylvania.
A car is among the debris that washed up against a bridge over a stream on Sunday August 22, 2021 in Waverly, Tenn.
Mark Humphrey | PA
At least 22 people were killed, and rescue teams searched for dozens of people still missing on Sunday after record-breaking rainfall in Tennessee. Flooding in rural areas of the state destroyed roads and homes, leaving families in doubt as to whether their loved ones survived the unprecedented flood.
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