5 things to know before the stock market opens Monday, Oct. 11
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Investors need the following news, analysis and trends to help them start trading:
1. Wall Street to begin week lower after oil hits seven-year highs
Traders in New York City work at the New York Stock Exchange (NYSE), October 4, 2021.
Spencer Platt | Getty Images
2. Over $82 per barrel for oil as the world energy crisis continues
Oil prices in the United States, as measured by West Texas Intermediate crudeOn Monday, the indices rose 3.5% more than $82 per barrelAfter rising to nearly 4.6% last Wednesday. Gasoline prices at the pumpAAA reported that they also reached seven-year highs of $3.27 per gallons, according to AAA. Multiweek gains in crude prices were sustained by an energy crisis that gripped many major world economies and showed no signs of abating. Due to increased business activity and reduced supplies by international producers, the energy crisis has occurred. The U.S. drilling industry was taking advantage of these increases and added five more oil rigs to their fleet last week. This is the fifth consecutive weekly increase.
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File photo of Wells Fargo (Citibank), Morgan Stanley (JPMorgan Chase), Bank of America (Bank of America), and Goldman Sachs.
Reuters
4. Yellen raises concerns about debt ceiling, House to vote on deal
View of the U.S. Capitol at morning rush hour, Wednesday October 6, 2021 in Washington DC.
Drew Angerer | Getty Images
Treasury Secretary Janet YellenAccording to Sunday’s announcement, “enormous amount at stake”The Senate only approved a temporary extension to the debt ceiling. This means that default could occur in December, if Congress is unable make another agreement. “A failure of raising the debt ceiling will probably lead to a recession,” Yellen stated on ABC’s “This Week.” The House was scheduled to go on Tuesday, but will return Tuesday to vote for the measure. Senate GOP Leader Mitch McConnellSent a message to the President Friday Joe BidenThe Republicans said that they would not offer such assistance to them again.
5. Southwest cancels approximately 2,150 flights. They blame weather and staffing
Southwest Airlines Boeing 737 MAX 8 plane is pictured at William P. Hobby Airport, Houston, Texas on March 18, 2019, alongside United Airlines planes including Boeing 737 MAX 9 models.
Loren Elliott | Reuters
Southwest AirlinesThis weekend more than 1 800 flights were cancelled disrupting the travel plansthousands of passengers and flight crews stranded. Bad weather, shortages of air traffic controllers, and staff problems were all blamed by the carrier for its meltdown. Others airlines cancelled relatively few flights. Southwest did not address the discrepancy and cancelled 349 flights Monday. That’s 9% off its scheduled flight schedule. according FlightAware. Union officials stated Saturday that Southwest joining its competitors in mandating Covid vaccines to workers is distracting from aviators’ focus.
— Reuters and NBC News contributed to this report. All market action can be followed like a pro. CNBC ProThis is. The latest information on pandemics is available here CNBC’s coronavirus coverage
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