Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street is trying to avoid a four-session losing streak.
Traders work at the site of the New York Stock Exchange (NYSE), October 12, 2021.
Brendan McDermid | Reuters
Supply chain problems, labor shortages and higher energy prices make it happen a very difficult quarter to model. According to Nick Reich, CEO of The Earnings Scout, as of Tuesday, 22 companies that are first-time reporters surpassed estimates by 11%. While this is above the traditional 3-5% rate, it is well below the average for the previous quarters of this year, including about 18% for the second quarter. The estimates for the third quarter, which have been growing steadily for several months, have stalled in the past few weeks.
3. September consumer prices remain high.
V The yield on the 10-year Treasury bond rose to about 1.6% on Wednesday after the government said the consumer price index rose 5.4% in September from a year earlier. The core CPI, which excludes the food and energy sectors, is up 4% from a year ago. Both indicators were largely in line with forecasts and similar to the year-over-year gains of the previous month. The Federal Reserve releases minutes of its policy meeting in September at 2:00 pm ET, when central banks indicated they expect to begin cutting monthly asset purchases “soon,” but did not say when.
4. The White House is committed to helping key West Coast ports remain open 24/7.
Containerized cargo ships call at the Port of Los Angeles on September 28, 2021 in Los Angeles, California.
Frederick J. Brown | AFP | Getty Images
The president Joe Biden will unveil a plan Wednesday to try to reduce the backlog in ports on the West Coast by expanding 24/7 operations. The Port of Los Angeles is expected to announce a 24/7 transition following a similar crossing at California’s Long Beach Port last month. Central to this plan to address disruptions in value chains is the commitment of some of the nation’s leading retailers and shippers, including FedEx, UPS, Walmart and Home Depot, to increase overnight and non-business operations in ports to bring goods to market. Collectively, ports account for about 40% of shipping containers entering the United States.
Flags of the United States, Canada and Mexico fly next to each other in Detroit, Michigan, USA on August 29, 2018.
Rebecca Cook | Reuters
The United States said on Wednesday that open your land borders to nonessential travel next month, ending a 19-month Covid freeze as the country requires all foreign visitors to be vaccinated. Transport, rail and ferry services between the United States and Canada and Mexico have largely been limited to essential travel since the early days of the pandemic. The latest move follows an announcement last month that the US would lift travel bans on air travel and would instead require Covid injections for foreign nationals wishing to enter by plane.
– The Associated Press contributed to this report. Follow all market activities like a pro CNBC Pro… Get the latest news on the pandemic with CNBC Coronavirus Coverage…