Here are the top news, trends, and analysis investors need to start their trading day:
1. Stock futures rise to S&P 500, Nasdaq broke 3-day losing streaks
Traders operate on the floor of the New York Stock Exchange (NYSE) on October 12, 2021.
Brendan McDermid | Reuters
2. Wholesale inflation data, unemployment claims before the bell
The government is releasing two key economic reports ahead of Wall Street opening Thursday: the September producer price index and initial jobless claims. Initial applications for unemployment benefits fell to a Covid-era low of 293,000 in the week that ended October 9, fewer applications than expected. The headline PPI and core PPI (excluding the food and energy sectors) rose 8.6% and 5.9% year over year, respectively, similar to August year-over-year. Thursday’s wholesale inflation came after Wednesday’s increased consumer inflation data. Given mounting price pressures, the cost of living adjustment from social security will be 5.9% next year, the largest increase in about 40 years.
3. Banks and health-related companies have rallied on strong results
The pace of the earnings season accelerated Thursday as a number of banks reported quarterly results before the bell and their stocks rose higher in pre-trading hours.
Dow stocks UnitedHealth and Walgreens Boots Alliance also reported better-than-expected earnings and sales. These stocks jumped in the premarket.
4. FDA Vaccine Panel Preparing to Consider Moderna, J&J Boosters
A registered nurse applies on 24.
Shannon Stapleton | Reuters
The FDA’s Vaccine Advisory Group will meet on Thursday to consider a refresher on Moderna’s two-shot Covid therapy. FDA scientists declined to comment on Tuesday. The agency’s panel will then meet on Friday to consider a refresher on Johnson & Johnson’s single-dose and mix-and-match vaccine dates. A highly anticipated NIH study published Wednesday suggests that J&J recipients are better off getting a booster from Pfizer or Moderna. Also on Wednesday, the FDA said the data provided by J&J suggests that recipients could benefit from an additional dose. A booster of Pfizer’s two-shot vaccine was approved last month for certain groups of people.
5. Foreclosures Rise As Covid Mortgage Bailouts Expire
fstop123 | E + | Getty Images
Foreclosures are starting to jump as government and private programs designed to help homeowners deal with the economic fallout from the Covid pandemic are phased out. Mortgage lenders began foreclosures on 25,209 properties in the third quarter, up 32% from the second quarter. Year-over-year, that’s a 67% increase from Q3 2020, according to Attom, a mortgage data company. States with the most new foreclosures were California, Texas, Florida, New York, and Illinois.
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