Here are the top news, trends, and analysis investors need to start their trading day:
Traders on the floor of the New York Stock Exchange.
Dow futures ricocheted off around 200 points on Friday, the day after a huge sell-off on Wall Street. The Dow lost 259 points, or 0.75%, on Thursday, about 1% off last Friday’s record close. The 30-share average was down as much as 536 points during Thursday’s session. The S&P 500 and Nasdaq also ended their lows of the day, Withdrawal from Wednesday’s record closing. All three stock benchmarks were on track to end the week lower. Concerns about a slowdown in economic growth due to the proliferation of the Covid Delta variant weighed on sentiment on Thursday as investors bought bonds for perceived security and caused yields to fall.
Bond yields, which are contrary to prices, rose on Friday. The 10-year government bond yield was then over 1.34% again falls to just 1.25% on Thursday at levels not seen since February. The 10-year yield hit a 14-month high of 1.78% in March. It started at less than 1% in 2021. Government bond yields have generally been down for the past week, with declines accelerating on Thursday amid concerns about delta variants and an unexpected spike in initial jobless claims for the last week rising from the Covid-era lows of the previous week .
United States President Joe Biden speaks about the situation in Afghanistan in the East Room of the White House in Washington DC on July 8, 2021.
Saul Loeb | AFP | Getty Images
The White House is expected to announce on Friday new implementation regulations aims to tackle anti-competitive practices in big tech, labor law, and numerous other sectors. The comprehensive arrangement, which includes 72 actions and recommendations involving a dozen federal agencies, is designed to get thinking about corporate consolidation and antitrust laws, CNBCs Ylan Mui reported. “The impetus for this executive order really lies in where we can encourage more competition across the board,” said Brian Deese, chief economic advisor to the White House, in an exclusive interview with Mui.
New Yorkers, 12 and older, will be vaccinated on June 13, 2021 at the St. Anthony of Padua Roman Catholic Church in the Bronx of New York City, United States.
Tayfun Coskun | Anadolu Agency | Getty Images
Pfizer and BioNTech develop a Covid Booster vaccination designed to target the Delta variant, which is already the predominant form of the disease in the United States. While they believe a third vaccination of their current two-dose vaccine can maintain the “highest protection” against all currently known variants, are “stay vigilant” and are working on an updated version of the vaccine. Thursday’s announcement came on the same day that Olympic Games organizers said they would be banning all fans from the Games this year after Japan declared a state of emergency in Tokyo to contain a wave of new Covid infections.
A man walks past a Wells Fargo Bank branch on a rainy Washington morning.
Gary Cameron | Reuters
Wells Fargo plans to discontinue a popular consumer credit product, upset some of his customers. The bank will close all existing personal credit lines in the coming weeks and will no longer offer the product, according to customer letters verified by CNBC. The revolving lines of credit, which typically allow users to borrow $ 3,000 to $ 100,000, have been suggested as a way to consolidate higher-interest credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts. Wells Fargo is still recovering from the aftermath of its 2016 fake accounts scandal.