5 things you should know before the stock market opens on Monday November 1st

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Here are the top news, trends, and analysis investors need to start their trading day:

1. Dow futures are advancing starting in November where October left off

Photo by Spencer Platt / Getty Images

The Dow should start higher in November as futures rose 100 points after October closed on Friday with a record close for the 30-share average, S&P 500 and Nasdaq. In fact, stocks closed higher in October, a notoriously difficult month. The Dow, S&P 500 and Nasdaq posted weekly gains every four weeks. During the month the Dow rose 5.8%; the S&P 500 rose nearly 7%; and the Nasdaq was up nearly 7.3%. On Monday, the 10-year government bond yield was almost 1.6%; US oil prices were over $ 84 a barrel; and Bitcoin was back at nearly $ 63,000.

2. The bullish tone on Wall Street could be tested this week

While the November-December period has historically been positive for stocks, this year’s uptrend could be tested when the Federal Reserve begins its two-day November meeting on Tuesday.

  • Central bankers are expected to announce the start of a curb on Covid-era bond purchases.
  • The week ahead is also marked by a number of corporate earnings, including results from Covid vaccine makers Pfizer and Moderna.
  • On the way there, the House of Representatives should vote on Tuesday on the infrastructure law passed by the Senate and the Democrats’ single-handed package for social and climate spending.
  • Friday brings the government’s October employment report.

3. Biden announces environmental efforts at the UN climate summit

US President Joe Biden speaks to the media with the President of the European Commission during the G20 summit of world leaders on October 31, 2021 in the “La Nuvola” convention center in the EUR district of Rome.

Brendan Smialowski | AFP | Getty Images

President Joe Biden shifted the focus of his fight for action against global warming from Congress to the world stage on Monday and at a UN climate summit called on world leaders to commit to the big measures he still holds on to at home . The Glasgow, Scotland summit has often been cited as essential to the implementation of the groundbreaking 2015 Paris Agreement. The G-20 summit in Rome, which Biden attended, ended on Sunday with an agreement to formalize a pledge to end international subsidies for coal-fired power plants.

4. Barclays CEO Jes Staley resigns after Jeffrey Epstein investigation

Jes Staley

Chris Goodney | Bloomberg | Getty Images

Barclays boss Jes Staley has agreed to step down after a British watchdog investigation into his business relationships with the late financier Jeffrey Epstein. Current Head of Global Markets, CS Venkatakrishnan, will assume the role of CEO with immediate effect, subject to regulatory approval. Barclays said the investigation failed to determine that Staley “saw or was aware of any of Epstein’s alleged crimes.” Staley worked with Epstein during his long career at JPMorgan, where Epstein was a major private banking client until 2013. Staley told reporters last February that he has not seen Epstein since acquiring Barclays in 2015.

5. American Airlines has canceled nearly 2,000 flights since Friday

Pilots chat while looking at the tail of an American Airlines aircraft at Dallas-Ft Worth International Airport.

Mike Stone | Reuters

American Airlines has canceled nearly 300 flights, or about 10% of its Monday flight schedule, in addition to more than 1,700 cancellations since Friday, according to flight tracking website FlightAware. The airline blamed staff problems and strong winds at its busiest hub, Dallas / Fort Worth International Airport, last week. It is the latest mass flight disruption that travelers are facing as some airlines struggle to cope with a recovery in travel demand. Southwest Airlines announced earlier this month that an October meltdown that resulted in the cancellation of more than 2,000 flights cost $ 75 million.

– Associated Press and Reuters. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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