Here are the key news, trends, and analysis investors need to start their trading day:
1. Dow futures, bond yields rise after strong labor market data
A trader works on the floor of the New York Stock Exchange (NYSE) in New York on August 5, 2021.
Andrew Kelly | Reuters
2. The number of people employed outside agriculture was higher than expected in July
Economists polled by Dow Jones had searched for 845,000 new jobs and a headline unemployment rate of 5.7%. The decline in the unemployment rate looked even stronger when you consider that the labor force participation rate rose to 61.7%, the highest level since the pandemic broke out in March 2020. Wages were also stronger, with the average hourly wage rising 0.4% in July.
3. United Airlines requires vaccines for its 67,000 US employees
United Airlines pilot Steve Lindland receives a COVID-19 vaccine from RN Sandra Manella at United’s on-site clinic at O’Hare International Airport on March 9, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
United Airlines will require its 67,000 U.S. employees to get Covid vaccinated or risk firing by October 25 at the latest, a first for major U.S. airlines that is likely to put pressure on rivals. Airlines, including United, have opposed vaccine mandates for all workers and instead offered incentives such as extra pay or time off for vaccination. Delta Air Lines began submitting vaccination records for newly hired employees in May. United followed suit in June.
4. The White House supports senators pushing for stricter crypto reporting rules
The White House entered a controversial battle for rival $ 1 trillion crypto changes to the infrastructure bill, a little out of the blue. The dispute revolves around a provision in the bipartisan bill that raises money through stricter tax rules on cryptocurrency transactions. The White House wrote in a statement late Thursday that “the amendment proposed by Senators Warner, Portman and Sinema strikes the right balance and takes an important step forward to promote tax compliance”.
5. JPMorgan quietly reveals access to half a dozen crypto funds
A woman walks past JPMorgan Chase & Co’s international headquarters on Park Avenue in New York.
Andrew Burton | Reuters
JPMorgan Chase, led by Bitcoin skeptic Jamie Dimon, began giving its wealth management clients access to six crypto funds last month. On Thursday, financial advisors were allowed to begin investing private bank customers in a new Bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move. The fund is almost identical to one that NYDIG offers to clients of rival bank Morgan Stanley, people said. Late last month, JPMorgan launched access to four funds from Grayscale Investments and one from Osprey Funds.
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