Here are the key news, trends, and analysis investors need to start their trading day:
1. Dow to add to Friday’s gains; Bond yields are rising too
A trader works on the New York Stock Exchange (NYSE) in Manhattan, New York City, USA, 19 August 2021.
Andrew Kelly | Reuters
Dow futures rose more than 150 points on Monday after the 30-stock average broke a three-session losing streak, gaining 225 points on Friday. The S&P 500 and Nasdaq had their second consecutive positive days. But Friday’s rally wasn’t enough to lift the three stock benchmarks out of negative territory for the week. They all hit record highs earlier this month.
Bond yields started the week higher. The yield on 10-year government bonds was trading at 1.28% on the Monday ahead of the Federal Reserve Economic Symposium in Jackson Hole, Wyoming. The Kansas City Fed announced last week that it would be practically holding its annual central bankers’ gathering this year due to the rise in Covid cases. Fed Chairman Jerome Powell’s address to the group this Friday will be streamed live.
2. Bitcoin rises one day after exceeding $ 50,000
A visual representation of Bitcoin.
STR | NurPhoto via Getty Images
Bitcoin rose more than 3% on Monday, a day after it topped $ 50,000 and hit a three-month high. The cryptocurrency hit an all-time high of over $ 64,000 in April, but sold out heavily in June and July, even falling below $ 30,000 for a short time. But Bitcoin has been rising steadily since mid-July. Other large digital coins were also higher on Monday, with ether trading up more than 5%.
In the past few days, two major announcements for cryptocurrencies have been positive. PayPal announced on Monday that it was rolling out its service this week to allow people in the UK to buy, hold and sell digital currency.
3. The FDA is reportedly working on full approval of the Pfizer vaccine
Nurse Mary Ezzat prepares to deliver a Pfizer COVID-19 booster syringe to Jessica M. at the UCI Medical Center in Orange, Calif., Thursday, August 19, 2021.
Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images
The Food and Drug Administration is working on full approval of the two-shot Covid vaccine manufactured by Pfizer and BioNTech as early as Monday, the New York Times reported, citing sources. The move would make it the first Covid vaccine to move from emergency approval to full FDA approval.
US companies have tightened vaccination regulations for employees as Covid cases have increased across the country in recent weeks due to the rampant Delta variant. Some companies cited the agency’s full approval as part of the decision-making process. The FDA declined to comment on the Times report to CNBC.
4. Vice President Harris says the US is focused on evacuations from Afghanistan
British Coalition Forces, Turkish Coalition Forces and US Marines assist a child during an evacuation at Hamid Karzai International Airport, Kabul, Afghanistan, in this August 20, 2021 photo. Sgt. Victor Mancilla / US Marine Corps / Handout via REUTERS THIS PICTURE WAS TAKEN BY PROVIDED TO A THIRD PARTY. TPX PICTURES OF THE DAY
Sgt. Victor Mancilla | US Marine Corps | via Reuters
The main US focus in Afghanistan right now is on evacuating American citizens, Afghan allies and vulnerable groups, Vice President Kamala Harris said Monday when speaking with reporters during a trip to Singapore. The Pentagon has ordered US commercial airlines to provide aircraft to expedite the process.
The Biden administration is facing increasing criticism for its handling of the US military withdrawal from Afghanistan. Last week the civil government collapsed there and the Taliban took power. Thousands have flooded Kabul airport to flee. A firefight broke out at the airport early on Monday.
5. Henri drenched northeast; Record rain swamps Tennessee
Satellite image of tropical storm Henri, which hit the northeastern United States on August 22, 2021.
Henri continued to soak parts of the northeast on Monday. The slow moving weather system that hit land in Rhode Island on Sunday as a tropical storm has already dumped 3 to 6 inches of rain. Parts of New England, New York, New Jersey, and eastern Pennsylvania are projected to have approximately 1 to 3 inches of additional rainfall.
A car is buried under rubble that was washed against a bridge over a creek on Sunday, August 22, 2021 in Waverly, Tenn.
Mark Humphrey | AP
At least 22 people were killed and rescue workers searched Sunday for dozens of people missing after record-breaking Tennessee rains. The floods in rural areas of the state destroyed roads and homes, leaving families unsure whether their loved ones would survive the unprecedented flood.
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