| What to watch today: Wall Street looks higher after Monday's tech decline | | |  | TUE, OCT 05, 2021 | | | | AS OF TUE, OCT 05, 2021 • 08:14 ET | | Dow Jones Fut | | 34,002.92 | | Current: | 34,035.00 | | Change: | 165.00 | | Impl. Open: | 170.08 | | | S&P 500 Fut | | 4,300.46 | | Current: | 4,312.00 | | Change: | 20.75 | | Impl. Open: | 21.54 | | | NASDAQ 100 Fut | | 14,472.12 | | Current: | 14,531.50 | | Change: | 69.25 | | Impl. Open: | 70.88 | | | Russell 2000 Mini | | 2,217.47 | | Current: | 2,225.20 | | Change: | 10.40 | | Impl. Open: | 11.73 | | | U.S. oil prices, as measured by West Texas Intermediate crude, rose modestly Tuesday morning to around seven-year highs near $78 per barrel. WTI jumped roughly 2.3% on Monday as international oil producers decided to keep a cap on supplies despite pressure from the U.S. to ramp up output. (Reuters) | Treasury Secretary Janet Yellen told CNBC on Tuesday she believes the economy would fall into a recession if Congress fails to address the borrowing limit before an unprecedented default on the U.S. debt. "I do regard Oct. 18 as a deadline. It would be catastrophic to not pay the government's bills, for us to be in a position where we lacked the resources to pay the government's bills," Yellen said.
* Biden pushes Congress on debt limit, urging GOP to just get out of the way (CNBC)
Biden on Tuesday is set to visit the Michigan district of a moderate Democratic lawmaker who has urged him to promote his $3.5 trillion budget proposal more aggressively to the public. Back in Washington, negotiations continued on two bills to boost spending on social safety nets and environmental programs as well as infrastructure projects. | | | Facebook (FB) whistleblower Frances Haugen is set to testify at Tuesday's hearing of the Senate Commerce subcommittee on consumer protection. After recent reports in The Wall Street Journal based on documents she leaked raised a public outcry, Haugen revealed her identity in an interview on the CBS program "60 Minutes," which aired Sunday night. Shares of Facebook rose 1% in Tuesday's premarket after closing down almost 5% in their worst session in nearly a year. (AP & CNBC)
Facebook and its Instagram and WhatsApp services are back online after a massive global outage. Facebook said late Monday that "the root cause of this outage was a faulty configuration change." The roughly six-hour incident marked the longest stretch of downtime for the social media company since 2008, when a bug knocked the site offline for about a day. (CNBC) | | | | A San Francisco federal court decided that Tesla must pay a former contract worker, Owen Diaz, around $137 million after he endured racist abuse working for the company, his attorneys told CNBC. Diaz's lawyers said the case was only able to move forward because their client had not signed one of Tesla's mandatory arbitration agreements. (CNBC) | | | Johnson & Johnson (JNJ) said Tuesday it submitted data to the FDA for emergency use authorization of a booster shot of its Covid vaccine for all adults. J&J shares rose modestly. The filing comes after the FDA last week scheduled an Oct. 15 meeting of its expert advisory committee to discuss whether to authorize a second shot of J&J's single-dose vaccine. (Reuters)
Southwest Airlines (LUV) is the latest carrier to announce a Covid vaccine mandate for its workers. Employees will have until Dec. 8 to comply, although they will be allowed to apply for religious or medical exemptions. (Reuters)
Ocugen (OCGN), a developer of gene therapy treatments, soared 10.7% in the premarket after it announced joint development and supply agreements involving its Covid vaccine candidate and its treatment for dry age-related macular degeneration. (CNBC) | | | | Tom Brady's return to New England was filled with drama from start to finish, and it helped NBC Sports bring in the most viewers for its "Sunday Night Football" franchise since 2012. The network said that Brady's Tampa Buccaneers' close win over the Patriots averaged 28.5 million total viewers on all platforms, including NBC TV and streaming service Peacock. | | | | After 40 drawings without a big Powerball winner, a single ticket sold in California matched all six numbers and was the lucky winner of the nearly $700 million jackpot prize. The winning numbers drawn Monday night were 12, 22, 54, 66 and 69. The Powerball was 15. This was the first jackpot won on a Monday night since Aug. 23, when the game launched a third weekly drawing. (AP) |  | Lordstown Motors (RIDE) was downgraded to "underweight" from "equal-weight" at Morgan Stanley, which notes that the recently announced sale of Lordstown's Ohio plant to Foxconn values the plant at less than a fifth of prior estimates. Lordstown tumbled 6.8% in the premarket. | | | | Supermarket operator Albertsons (ACI) fell 4% in the premarket after BMO Capital downgraded the stock to "underperform" from "market perform." BMO notes increasing wage costs and a more price-sensitive consumer environment. | | | | Veoneer (VNE) agreed to be acquired by investment firm SSW Partners for $37 per share, with SSW then selling the auto tech firm's sensor and driving platform business to Qualcomm (QCOM). Veoneer had agreed in July to be bought by Canadian auto supplier Magna International (MGA) for $31.25 per share. Veoneer fell 1% in the premarket. | | | | Duckhorn Portfolio (NAPA) reported quarterly profit of 8 cents per share, well above the 1 cent a share consensus estimate. The California-based wine producer's revenue also topped Wall Street forecasts. Duckhorn Portfolio issued a better-than-expected full-year earnings outlook as well. Its shares rose 2.2% in premarket trading. | | |
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