5 things to know before the stock market opens Tuesday, Oct. 5
Investors need the following news, analysis and trends to help them start trading:
The New York Stock Exchange, September 17th 2001. A grimaced trader gazes at a monitor.
Chris Hondros | Getty Images
The oil-storage tanks can be seen above Carson, California on April 25, 2020. This is after crude prices fell into negative territory, for the first time ever in human history, on April 20.
Robyn Beck | AFP | Getty Images
U.S. Oil Prices, As Measured by West Texas Intermediate crudeTuesday, the senate rose slightly to a modest level. around seven-year highsOil prices hover around $78 per barrel. WTI rose 2.3% Monday due to international oil producers deciding to maintain a supply cap. OPEC and allies were not under pressure by the U.S., but they were concerned about a fourth round of Covid-related infections, a source said to Reuters shortly before Monday’s election. Major energy companies have joined the surge in U.S. crude oil prices, which has risen more than 60% since 2021. ExxonIt has nearly doubled in value this year.
In this October 4th 2021 illustration, the Instagram, Whatsapp and Facebook logos are shown through broken glass.
Dado Ruvic | Reuters
FacebookFrances Haugen, whistleblower is set to testifyTuesday’s Senate Commerce subcommittee hearing on consumer protection. Following recent stories in The Wall Street Journal that were based on leaked documents, there was a lot of public outrage. Haugen spoke on CBS’ “60 Minutes” Sunday evening and revealed her identity. According to Haugen, “Facebook has repeatedly shown that it prefers safety over profit.” Facebook shares surged 1% on Tuesday after close to 5% drop in premarket. worst session in nearly a year.
After a huge global outage, Facebook’s Instagram and WhatsApp platforms are now back online. Facebook claimed late Monday that the root cause was a configuration error. This incident, which lasted approximately six hours, marked the end of Facebook’s support. longest stretch of downtime for the social media company since 2008A bug caused the website to go offline for approximately a week, which affected around 80 million users. The platform currently has billions of users.
Elon Musk is the Chief Executive of Tesla at Fremont’s Factory in California.
Noah Berger | Reuters
San Francisco’s federal court ruled that TeslaOwen Diaz (an ex-contract worker) must be paid around $137 millionCNBC reported that his lawyers told him about the racist abuse he suffered while employed by the company. His attorneys told CNBC that the jury had awarded Diaz more damages than they requested, with $130M in punitive damages for his client and $6.9M for emotional distress. Diaz said that fellow Black workers used epithets on him, calling him “go back to Africa”, telling him to leave racist graffiti in public places and drawing racial cartoons in his work space. Diaz’s attorneys claimed that the case could not be moved forward due to their client having not signed any of Tesla’s arbitration mandatory agreements.
U.S. President Joe Biden speaks from the State Dining Room of the White House, Washington on October 4, 2021 about the U.S. Debt Ceiling.
Jonathan Ernst | Reuters
President Joe BidenOn Tuesday is set to visitA moderate Democratic lawmaker from Michigan has been urging him to make his $3.5 billion budget proposal to the public more aggressively. Two bills were being discussed in Washington to increase funding for social safety nets and programs that protect the environment, as well infrastructure projects.
Biden called on Republican senators to “get out of the way”Let Democrats suspend the debt ceiling of the United States to prevent it from becoming a danger to credit default. Senate Republican leader Mitch McConnell called on Democrats to make use of their majority in Congress to pass legislation without the GOP’s approval. Congress is facing an Oct. 18 deadline.
— The Associated Press and Reuters contributed to this report. You can follow all market activity like a professional. CNBC ProThis is. The latest information on pandemics is available here CNBC’s coronavirus coverage