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5 Things To Know Before The Stock Exchange Opens On Monday, October 11th

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street will start the week lower when oil hits 7-year highs.

Traders work on the New York Stock Exchange (NYSE) on October 4, 2021 in New York.

Spencer Platt | Getty Images

2. Oil jumped to over $ 82 a barrel as the global energy crisis continues.

U.S. oil prices measured West Texas Intermediate crude rose 3.5% on Monday to more than $ 82 a barrel after rising nearly 4.6% last week. Gasoline prices at a gas station also hit a seven-year high of around $ 3.27 a gallon, according to AAA. Crude oil prices have risen in weeks as the energy crisis gripping the world’s major economies showed no signs of abating. The energy crisis was triggered by a revival of business activity and supply restrictions from international producers. However, US drillers took advantage of the gain by adding five new oil rigs last week, the fifth straight weekly gain.

3. The largest banks are ahead of the third quarter report this week.

The combined photo of the file shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America, and Goldman Sachs.

Reuters

4. Yellen warns of a debt ceiling as House is about to vote on the deal.

View of the US Capitol during morning rush hour on Wednesday morning, October 6, 2021 in Washington DC.

Drew Angerer | Getty Images

Minister of Finance Janet Yellen said Sunday “a huge amount is at stake” after the Senate approved only a short-term extension of the debt ceiling, again creating the possibility of a default in December if lawmakers fail to close another deal. “Failure to raise the debt ceiling is likely to trigger a recession,” Yellen repeated on ABC’s This Week. The house, which was due out this week, is due to return on Tuesday to take action. Senate GOP leader Mitch McConnell on Friday sent a warning to President Joe Biden, stating that Republicans “will no longer provide such assistance.”

5. Southwest cancels about 2,150 flights, blaming weather and staff.

A Boeing 737 MAX 8 Southwest Airlines aircraft in front of United Airlines aircraft, including the Boeing 737 MAX 9 models, at William P. Hobby Airport in Houston, Texas, March 18, 2019.

Lauren Elliott | Reuters

Southwest Airlines canceled more than 1,800 flights this weekend, disrupting travel plans for thousands of customers and boarding crews. The airline blamed a combination of bad weather and a shortage of air traffic controllers and its own personnel for the accident. Other airlines have canceled relatively few flights. Southwest, which did not comment on the discrepancy, canceled 349 flights on Monday, which is 9% of its schedule. according to FlightAware… Union officials said Saturday that Southwest’s decision this week to join its competitors in demanding a Covid vaccine for workers is distracting airmen.

– Reuters and NBC News contributed to this report. Follow all market activities like a pro CNBC Pro… Get the latest news on the pandemic with CNBC Coronavirus Coverage


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