
5 things to know before the stock market opens Tuesday, Sept 28
Table of Contents
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Nasdaq futures sink as soaring bond yields slam tech
The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015.
Brendan McDermid | Reuters
U.S. stocks were sliding in Tuesday’s premarket, indicating further September losses with just three days left in one of the historically weakest months of the year.
- Nasdaq futures were sinking 200 points, or 1.5%. S&P futures were down almost 1%. Dow futures were dropping nearly 0.5%. The Nasdaq and S&P 500 fell Monday. The Dow Jones Industrial Average rose modestly. Monday’s divergence came as Treasury yields rose.
- The 10-year Treasury yield, increasing on economic optimism and inflation fears, remained above 1.5% on Tuesday, back to levels not seen since June. Higher bond yields, which move in the opposite direction of prices, can put pressure on tech stocks by exposing their high valuations.
- Energy stocks, however, were higher in premarket trading as U.S. oil prices rose about 1% to around $76 per barrel, nearly a three-year peak. U.S. oil prices soared 77% this year as Covid-disrupted business activity continued to recover.
2. Fed’s Powell to acknowledge inflation may last longer
Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, U.S., June 22, 2021.
Graeme Jennings | Reuters
3. Pfizer asks FDA to clear Covid vaccine for kids 5-11
A vial of Pfizer-BioNTech Covid-19 vaccine is seen at a pop up vaccine clinic in the Arleta neighborhood of Los Angeles, California, August 23, 2021.
Robyn Beck | AFP | Getty Images
4. Senate GOP blocks bill to fund government, suspend debt limit
Senate Minority Leader Mitch McConnell (R-KY) answers questions at the U.S. Capitol following the Republican policy luncheon on September 21, 2021 in Washington, DC.
Win McNamee | Getty Images
5. Ford, SK Innovation to spend $11 billion on new U.S. plants
A battery manufacturing complex U.S automaker Ford Motor Co and its South Korean battery partner SK Innovation plan to build in Kentucky, opening in 2025, is seen in an artist’s rendition released September 27, 2021.
Ford Motor Co | Handout | via Reuters
— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.
https://www.cnbc.com/2021/09/28/5-things-to-know-before-the-stock-market-opens-tuesday-sept-28.html
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