Latest News

5 things to know before the stock market opens Wednesday


1. S&P 500 takes win streak into historically tough September

A trader works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021.

Andrew Kelly | Reuters

U.S. stock futures started off the new month higher Wednesday after the S&P 500 logged seven straight monthly gains, its longest winning streak since a 10-month run ending in December 2017. The broader market index, while falling slightly Tuesday, rose 2.9% in August. The Dow Jones Industrial Average and Nasdaq also fell a bit Tuesday but rose 1.2% and 4% in August, respectively. Ahead of Wednesday’s open, the Dow was just over 0.7% away from last month’s record close. The S&P 500 and Nasdaq were just shy of Monday’s record closes. September can be a perilous for stocks, with the month historically lower more often than higher.

2. ADP set to report on August hiring at U.S. companies

A woman walks by a “Now Hiring” sign outside a store on August 16, 2021 in Arlington, Virginia.

Olivier Douliery | AFP | Getty Images

ADP is set to report at 8:15 a.m. ET its August look at hiring at U.S. companies. Economists expect private sector job gains of 600,000 last month. The 330,000 total in July was far short of estimates. The ADP numbers have not been a great barometer during the Covid pandemic of what the government’s monthly report might show Friday. Economists expect 720,000 nonfarm payrolls additions and a dip in the nation’s unemployment rate to 5.2%. The economy created a better-than-expected 943,000 new jobs in July as the unemployment rate dropped to 5.4%. The latest weekly tally of initial jobless claims is out Thursday.

3. Oil up ahead of OPEC+ meeting as Gulf Coast assesses Ida damage

Broken power lines, destroyed by Hurricane Ida, are seen along a highway near a petroleum refinery on August 30, 2021 outside LaPlace, Louisiana.

Michael Robinson Chavez | The Washington Post | Getty Images

Oil prices rose modestly ahead of Wednesday’s OPEC+ meeting. The Organization of the Petroleum Exporting Countries and its allies led by Russia are expected to stick to a plan to add 400,000 barrels per day each month through December. U.S. oil prices broke a four-month winning in August, falling nearly 7.4% in their worst month since October 2020. That’s despite last week’s gain of 10.6% in advance of Hurricane Ida, which slammed the Gulf Coast on Sunday, temporarily halting oil production and refinery operations. About 985,000 customers in Louisiana remained in the dark early Wednesday as the region suffers from sweltering heat.

4. Biden to meet with Ukraine president, defends end of Afghanistan war

President of Ukraine Volodymyr Zelensky meets US New Hampshire Senator Jeanne Shaheen, Ohio Senator Rob Portman and Connecticut Senator Chris Murphy in Kiev, Ukraine on June 02, 2021.

Ukrainian Presidency | Anadolu Agency | Getty Images

President Joe Biden will unveil a wide-ranging humanitarian and military aid package for Ukraine on Wednesday, during a visit by Ukraine’s president, Volodymyr Zelensky, to the White House. A now infamous call between Zelensky and Donald Trump in 2019 was a cornerstone of the former U.S. president’s first impeachment case.

US President Joe Biden speaks on ending the war in Afghanistan in the State Dining Room at the White House in Washington, DC, on August 31, 2021.

Brendan Smialowski | AFP | Getty Images

In an address to the nation Tuesday afternoon, Biden defended his decision to end the U.S. war in Afghanistan after nearly 20 years, saying the era of large U.S. military deployments to rebuild other nations has ended. The Taliban, ousted from power after the 9/11 attacks, now control nearly all of Afghanistan.

5. CDC chief urges unvaccinated Americans to refrain from Labor Day travel

Director of the Centers for Disease Control and Prevention Rochelle Walensky listens during the Senate Health, Education, Labor, and Pensions Committee hearing on Capitol Hill in Washington,DC on July 20, 2021.

Stefani Reynolds | AFP | Getty Images

CDC director Dr. Rochelle Walensky is advising unvaccinated Americans against traveling over the upcoming Labor Day weekend, as the U.S. battles a surge in Covid hospitalizations driven by the spread of the highly contagious delta variant. Walensky on Tuesday also recommended spending time outside with other vaccinated family members during the holiday, urging people to mask-up indoors. As of Monday, the seven-day average of new daily Covid cases in the U.S. rose 6% to nearly 160,000. Over the same period, new U.S. Covid deaths on average increased 29% from a week ago to 1,329.

— The Associated Press and 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.

September is the toughest month for stocks, but this time could be different

Previous article

Private payrolls increase by just 374,000 in August, far short of the 600,000 estimate, ADP says

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News