Table of Contents
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow futures dropped after starting October with a strong rally
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 29, 2021.
Brendan McDermid | Reuters
The month of October has a reputation for volatility, but the fourth quarter has mostly been a positive time for the market. Many strategists on Wall Street expect stocks to eclipse their recent highs after a rocky period in October. The S&P 500 has averaged outsized gains of 3.9% in the fourth quarter and was up four out of every five times since World War II, according to CFRA. September was the worst month in 2021.
2. U.S. trade rep to vow to enforce ‘phase one’ deal with China
U.S. Trade Representative Katherine Tai testifies before the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies during a hearing on the proposed budget for fiscal year 2022 for the Office of the U.S. Trade Representative on Capitol Hill on April 28, 2021 in Washington, DC.
Sarah Silbiger | Getty Images News | Getty Images
Washington must enforce the U.S.-China phase one trade agreement, and it will raise broader policy concerns with Beijing, according to remarks set to be delivered Monday by U.S. Trade Representative Katherine Tai. CNBC reported last week that the top trade advisor would announce that Beijing has not complied with the phase one deal that was reached under former President Donald Trump’s administration. Tai’s speech, at 10 a.m. ET at Washington think-tank, the Center for Strategic and International Studies, will outline the Biden administration’s China trade strategy.
3. Troubled Evergrande set to raise more cash from partial sale
China Evergrande Group’s headquarters in Shenzhen, China’s Guangdong province on Feb. 9, 2021.
Shen Longquan | Visual China Group | Getty Images
4. Whistleblower says Facebook ‘substantially worse’ than rivals
Olivier Douliery | AFP | Getty Images
Frances Haugen — a Facebook whistleblower who brought internal documents detailing the company’s research to The Wall Street Journal and Congress — revealed her identity ahead of an interview she gave to the CBS program “60 Minutes,” which aired Sunday night. The documents showed Facebook executives had been aware of negative affects of its platforms on some young users.
According to her website, Haugen was a former product manager on Facebook’s civic misinformation team. Haugen previously worked as a product manager at Pinterest, Yelp and Alphabet’s Google, according to her LinkedIn profile. “I’ve seen a bunch of social networks and it was substantially worse at Facebook than anything I’d seen before,” Haugen told “60 Minutes.” Shares of Facebook, down 10% in the past month, fell nearly 1% in Monday’s premarket.
5. Tesla beats expectations with Q3 deliveries despite delays
The logo of Tesla seen at one of its showroom. Tesla announced its Q1 2021 earnings today.
Toby Scott | LightRocket | Getty Images
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https://www.cnbc.com/2021/10/04/5-things-to-know-before-the-stock-market-opens-monday-oct-4.html
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