Here are the most important news, trends and analysis that investors need to start their trading day:
1. Stock futures rally after S&P 500, Nasdaq breaks 3-day loss streak
Traders work at the site of the New York Stock Exchange (NYSE), October 12, 2021.
Brendan McDermid | Reuters
Government has been absent since two key economic reports ahead of Wall Street’s opening on Thursday: September PPI and jobless claims. In the week ending October 9, the number of first-time jobless claims fell to a Covid-era low of 293,000 – less than expected. PPI header and basic PPI, which excludes food, energy and trade, grew by 8.6% and 5.9% over last year., respectively, similar to the August increase over the same period last year. Wholesale inflation on Thursday came after the release of higher consumer inflation data on Wednesday. With price pressures mounting, the social security cost of living adjustment will be 5.9% next year, the largest increase in about 40 years.
3. Shares of banks and healthcare-related companies rallied on strong results.
The pace of the earnings season accelerated on Thursday, with many banks reporting quarterly results ahead of the bell and their shares rallying premarket.
4. The FDA vaccine team prepares to review the Moderna, J&J boosters.
A registered nurse applies a dose of Moderna COVID-19 vaccine to Sarasota Hospital worker Larry Hammers, 62, at Sarasota Memorial Hospital in Sarasota, Florida on September 24, 2021.
Shannon Stapleton | Reuters
The FDA Vaccine Advisory Group meets Thursday to consider revaccination for Moderna regimen with two Covid vaccines. FDA scientists on Tuesday declined to take this position. The agency group then meets on Friday to discuss Johnson & Johnson’s single-shot booster and combination vaccine data. A highly anticipated NIH study released Wednesday suggests J&J recipients would be better off getting a booster from Pfizer or Moderna. Also on Wednesday, the FDA said data provided by J&J suggests an additional dose may be beneficial to recipients. The booster for Pfizer’s two-vaccine vaccine was approved for specific populations in the last month.
5. Dramatic Increase in Foreclosures As Covid Mortgage Foreclosures Expire
fstop123 | E + | Getty Images
Foreclosures are starting to rise as government and private sector programs to help homeowners cope with the economic fallout from the Covid pandemic began to expire. Mortgage lenders began buying back 25,209 properties in the third quarter, up 32% from the second quarter. This is a 67% year-on-year increase over the third quarter of 2020, according to mortgage data company Attom. The states with the most new foreclosures were California, Texas, Florida, New York, and Illinois.
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