5 things to know before the stock market opens Monday, Jan. 31
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These are the top news, trends and analyses that traders need in order to get started with trading.
1. Wall Street appears lower in January’s final trading day
Traders in New York City work at the New York Stock Exchange (NYSE), U.S.A, 26 January 2022.
Brendan McDermid | Reuters
U.S. stock futuresThe stock market was mostly lower Monday heading into January’s final trading day. The 2.4% rise on Friday, despite weeks of turmoil, was not enough to stop the market from falling. S&P 500This is the worst month since March 2020, when the Covid pandemic began. Friday was the Dow Jones Industrial AverageThe rose 564 points (or 1.7%) and the NasdaqIt increased 3.1% But like the S&P 500, the Dow is tracking for its worst month since October 2020 and the Nasdaq is on pace for its worst month going all the way back to October 2008 in the throes of the financial crisis that led to the Great Recession. Friday’s rallyAll three benchmark stocks moved into positive territory last week. The Nasdaq was still in deep correction.
2. This week’s earnings report includes major tech companies and automakers
Flood of major companies reporting earningsThe week begins with a brief pause on Monday before moving forward. Wall Street so far has been disappointed with tech reports, sending Netflix, Intel and Tesla shares sharply lower. Apple and Microsoft performed better than usual last week which may bode well to the rest of the mega caps. Exxon Mobil and Google parent Alphabet will both be on Tuesday, after Chevron failed to report earnings. Facebook parent Meta Platforms, which includes Merck, Ford and Amazon is available Wednesday.
3. White House warns that Friday’s job report may be affected by omicron spread
Friday will see the release of the latest government employment report. Dow Jones economists expect that there were 178,000 new nonfarm payrolls last month. But, concerns remain over how Covid omicron may affect the results. CNBC’s Brian Deese was President Joe Biden’s top economic advisor. He said that the Covid cases spiked in January. could skew the employment data. Access to sensitive economic data is not available for the White House. Deese and his team at the National Economic Council are probably doing their own analyses.
4. Spotify adds content advisory for podcasts that refer to Covid
Audio streaming giant SpotifyAccording to Sunday, it will add content advisoriesTo all material which mentions Covid, please direct your users to official health sites. Spotify has seen its stock prices drop due to criticisms of the decision to broadcast “The Joe Rogan Experience”, a popular podcast that is rumored to spread coronavirus misinformation. Rogan shared a video of himself on Instagram Sunday saying that he accepts the content warnings before listening to podcasts which include Covid commentary. Rogan stated that he was open to listening to guests with controversial views about Covid and other experts with differing opinions. The boycott of Spotify was initiated by Neil Young last week.
5. Biden meets Qatar leader in the face of Europe’s energy crisis
As Supreme Court Justice Stephen Breyer retires at the conclusion of their current term at the Supreme Court, Joe Biden, the U.S. president, delivers remarks to Biden.
Kevin Lamarque | Reuters
With oil pricesBiden’s trading reached seven-year highs on the back of rising political tensions across Eastern Europe. is set to meetTuesday, Monday saw the White House with President of Qatar Oil-rich Nation Qatar. Biden believes that Qatari, which helped in U.S. military operations in Afghanistan last summer, will again support the West, as Europe faces a European energy shortage if Russia invades Ukraine. Biden’s and Qatar’s leaders would use Monday’s meeting for discussions on the Middle East, Afghanistan, and U.S. attempts to revive the 2015 Iran nuclear accord.
— The Associated Press contributed to this report. All market activity should be followed like a professional. CNBC Pro. Find the most recent information about the pandemic here CNBC’s coronavirus coverage.
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