Here are the key news, trends, and analysis investors need to start their trading day:
1. Dow will rise slightly after Friday’s record close
Traders operate on the floor of the New York Stock Exchange (NYSE) in New York City on October 15, 2021.
Spencer Platt | Getty Images
2. Bitcoin is rising again after last week’s all-time high
Bitcoin was higher on Monday, rising back towards $ 63,000 as Wednesday’s all-time high was hit just below $ 67,000 with some subsequent sales. Bitcoin’s rise to a record last week came when the US’s first exchange-traded bitcoin futures fund debuted 5%, a major development that sparked the excitement in the crypto industry. The ProShares Bitcoin Strategy ETF, which, like Bitcoin itself, was sold on Thursday and Friday, rose about 3% in pre-trading on Monday. Bitcoin’s previous all-time high in April coincided with another milestone for digital assets: the debut of the crypto exchange Coinbase on the Nasdaq.
3. Facebook is said to have been annoyed internally about right-wing content
The Facebook logo and stock chart are shown through broken glass in this image dated October 4, 2021.
Given Ruvic | Reuters
Facebook shares fell less than 1% after falling 5% in pre-market trading on Friday. The social network continued to be embroiled in controversy, with a report in the Wall Street Journal on Monday morning detailing internal arguments about how to deal with right-wing content. On Monday, former Facebook data scientist Frances Haugen-turned-whistleblower plans to answer questions from UK lawmakers working on laws to curb the power of social media companies. It will be Haugen’s second appearance before lawmakers after testifying in the U.S. Senate earlier this month.
4. Big Tech, more Dow stocks leading this week’s earnings
Facebook is expected to report its profits after the bell on Monday, triggering a number of quarterly results from Big Tech, including Apple, Microsoft, Alphabet and Amazon. About 30% of the S&P 500 companies are making profits this week. A third of the Dow reports, including Caterpillar, Coca-Cola, Merck, Boeing, and McDonald’s. Of the companies that have previously reported, almost 84% exceeded estimates. Based on current reports and estimates, according to I / B / E / S data from Refinitiv, earnings growth of 34.8% year over year is expected so far.
5. Manchin reportedly approves of the property tax for the Biden Plan
Senator Joe Manchin (D-WV) speaks to reporters outside of the U.S. Capitol on September 30, 2021 in Washington, DC.
Kevin Dietsch | Getty Images
Holdout Sen. Joe Manchin, DW.Va., appears to be on board with the White House’s proposals for new taxes on billionaires and certain businesses to help pay for President Joe Biden’s cutback in social services and climate protection, The Associated Press. Biden huddled with Manchin and Senate Majority Leader Chuck Schumer, DN.Y., at the President’s house in Delaware on Sunday to work to resolve the centrist-progressive party disputes that stalled the sweeping law .
– 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.