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Dow futures droppedOn Wednesday, October has lived up to its reputation of extreme volatility by gaining 350 points or 1%. S&P 500 and Nasdaq futures fell more than 1.2% and nearly 1.5%, respectively, in premarket trading. On Tuesday, Dow Jones Industrial Average, S&P 500 and Nasdaq all soaredThe rebound from the session’s slide was about 1%. After a difficult September, Wall Street began the new month with a rally on Friday. Market strategists noted that although October is often difficult, historically the fourth quarter of the year has been very strong for stocks. This is the NasdaqIt was just 6% off its Sept. 7, record closing. The S&P 500The Dow was only 4.2% away from the Sept. 2 record closing. Dow was 3.7% off its Aug. 16 record close.

Tuesday: Rising bond yields were pressuringTech stocks: Apple MicrosoftAnd AmazonEach fell over 1% in premarket. These are the 10-year Treasury yieldThis was 1.55 percent more than in the previous two key job reports. ADP will release its September view of private sector employment before the Wednesday opening bell at 8.15 am. ET. ET. One day prior to the September Employment Report, Thursday’s Labor Department releases weekly jobless claims.

U.S. oil pricesOn Wednesday, the stock market slid slightly from its near-seven-year peak and was on pace to end a 4-session winning streak. West Texas Intermediate crudeHowever, WTI gained 1.7% Tuesday and settled at $78.93/barrel after reaching a session high close to $80. WTI is up nearly 65% for 2021. It adds pressure to the U.S. oil market at a time where the prices are low. Federal ReserveThe goal of this study is to assess the ability to sustain higher inflation while policymakers evaluate whether or not to begin reducing extreme Covid-era monetary stimulus measures.

President Joe BidenThe final version of the $3.5 trillion social and environment initiatives package with Democratic support must be substantially smaller, Biden said. Biden stated this week that he does not see a cost between $1.9 trillion to $2.3 trillion in virtual meetings with House Democrats. a Democrat familiar with the sessions saidTuesday Sen. Joe ManchinA prominent Democratic holdout, Senator Corey Stewart, would like a bill that is closer to $1.5 trillion. To pass, Democrats must have every vote in both the 50-50 Senate as well as all three House votes.

Biden stated Democrats are considering a changeThe Senate has adopted filibuster rules to pass the debt ceiling raise needed to prevent a credit default. October 18th is the deadline as set by Treasury Department. Eliminating the filibuster will lower the threshold of 60 votes needed to pass legislation to 50. If Vice President Kamala Harris broke any tie, it would only take a simple majority to pass the bill. Republicans would like Democrats to take advantage of the reconciliation process that they plan to use to pass the budget bill and to address the debt limit.

— The Associated Press and Reuters contributed to this report. You can follow all market activity like a professional. CNBC ProYou can read more. Find the most recent information about the pandemic here CNBC’s coronavirus coverage