Here are the key news, trends, and analysis investors need to start their trading day:
1. Dow resets after five losing sessions
A trader works on the New York Stock Exchange on August 27, 2021.
2. The Democrats in the House of Representatives are reportedly ready to propose tax increases
Samuel Corum | Getty Images News | Getty Images
House Democrats are expected to propose sweeping tax hikes for U.S. corporations, wealthy Americans, and investors to pay off their $ 3.5 trillion draft budget. The plan provides for a corporate tax increase from 21% to 26.5% and a 3% surcharge on individual incomes over $ 5 million, Reuters said, citing two people familiar with the matter. The Democrats are also considering raising the top tax rate on capital gains from 23.8% to 28.8%. The House of Representatives will return from its summer break on September 20. The Senate will be back on Monday.
3. Pfizer’s Covid vaccine seems to be on the right track for younger children
A Pfizer-BioNTech Covid-19 vaccine vial will be given on Jan.
Robyn Beck | AFP | Getty Images
Pfizer’s US-based Covid vaccine, which was developed in collaboration with German partner BioNTech, could be used in children between the ages of 5 and 11 as early as next month, according to two sources familiar with the situation who spoke to Reuters be allowed. By then, Pfizer is expected to have enough study data to file an emergency application with the FDA. The two-dose Pfizer shot is already fully approved for adolescents between 12 and 15 years of age in an emergency and for people aged 16 and over.
4. Chinese regulators reportedly attacked Ant Group’s Alipay
The headquarters of Ant Group Co. in Hangzhou, China on Wednesday January 20, 2021.
Qilai Shen | Bloomberg | Getty Images
Alibaba’s Hong Kong-listed shares fell more than 4% overnight after a Financial Times report reported Beijing plans to disband Ant Group’s Alipay and force it to create a separate credit app. The US shares of Alibaba, the e-commerce subsidiary of the Ant Group, were also under pressure in the premarket on Monday. Chinese electric vehicle stocks also fell after the industry minister said there were “too many” electric vehicle manufacturers in China and that industry consolidation was needed. However, the shares of EV manufacturer Xpeng have stabilized in US premarket trading.
5. Disney plans to release the rest of the films in theaters only in 2021
Simu Liu plays Shang-Chi in Marvel’s “Shang-Chi and the Legend of the Ten Rings”.
Disney will be showing the rest of its movie roster in theaters exclusively this year rather than simultaneously making them available through its Disney + streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings,” only in theaters, has topped the weekend box office again after making its record debut over the Labor Day weekend. “Shang-Chi” in the Marvel Cinematic Universe has grossed nearly $ 250 million worldwide and doesn’t even have a release date in China.
– Reuters and The Associated Press contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.