Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow and S&P 500 futures are flat on key inflation data
A trader works on the floor of the New York Stock Exchange (NYSE) in New York on August 5, 2021.
Andrew Kelly | Reuters
Futures contracts pegged to the Dow Jones Industrial Average and S&P 500 moved around the flat line Wednesday morning as traders waited for key inflation data to be released. Dow futures only gained 24 points, or 0.1%, while S&P 500 futures lost 0.1%. The Nasdaq 100 futures, meanwhile, slipped nearly 0.4%.
The Department of Labor’s consumer price index for July is scheduled to be released at 8:30 a.m. ET. Economists polled by Dow Jones believe the index rose 0.5%, or 5.3%, year-on-year over the past month. If consumer prices rise faster than expected, it could put pressure on stocks and push government bond yields higher.
2. Senate approves framework for $ 3.5 trillion budget plan
Senate Majority Leader Charles Schumer, DN.Y., right, and Senator Bernie Sanders, I-Vt., Are seen at the U.S. Capitol on Monday, August 9, 2021.
Tom Williams | CQ Roll Call, Inc. | Getty Images
The Senate passed a budget resolution Wednesday morning marking the Democrats’ first step towards a $ 3.5 trillion spending plan. The decision was passed with 50 to 49 votes according to party lines. Republicans have united against the proposal and the tax hikes the Democrats want to use to fund it. The move – which directs Senate committees to draft a bill that includes spending on climate initiatives, paid vacation, and other items on the democratic agenda – comes a day after the Senate passed a bipartisan infrastructure bill worth $ 1 trillion.
3. Coinbase hits big, stocks rise
Coinbase Founder and CEO Brian Armstrong will attend Consensus 2019 at the Hilton Midtown in New York City on May 15, 2019.
Steven Ferdman | Getty Images
The Coinbase cryptocurrency exchange posted much better than expected results in the second quarter. Coinbase reported adjusted earnings of $ 3.45 per share on Tuesday afternoon on revenue of $ 2.23 billion. Analysts polled by Refinitiv expected earnings per share of $ 2.33 on sales of $ 1.78 billion. Coinbase’s shares rose more than 2% in pre-hours trading. The company said monthly transactions increased 44% quarter over quarter to 8.8 million, while trading volume increased 38% quarter over quarter to $ 462 billion.
4. The White House calls on OPEC and its allies to increase oil production
President Joe Biden discussed during a meeting in the State Dining Room of the White House in Washington on Jan.
Evelyn Hockstein | Reuters
According to a letter received from CNBC, the Biden government will urge OPEC and its oil-producing allies to increase crude oil production to combat rising gas prices. The White House also said the group’s agreement last month to increase production by 400,000 barrels a day from August onwards was “just not enough” at a “critical moment in the global recovery.” According to the AAA, US gas prices rose an average of just $ 1 per gallon over the past year. In May, the national average was above $ 3 per gallon for the first time since 2014.
5. More than $ 600 million stolen in massive crypto theft
cyan66 | iStock | Getty Images
More than $ 600 million in digital currency was recently stolen in what is possibly one of the biggest cryptocurrency thefts of all time. The robbery came after hackers exploited a vulnerability in the Poly Network, a platform that connects different blockchains so they can work together. The attack was published Tuesday by Poly Network on Twitter. “Law enforcement in every country will consider this a serious white-collar crime and you will be prosecuted,” Poly Network said in a tweeted statement.
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