BY THE NUMBERS
U.S. stock futures were steady Tuesday as elevated bond yields and U.S. oil prices dipped. West Texas Intermediate crude was still around seven-year highs above $80 per barrel. The 10-year Treasury yield was trading back to June highs at about 1.6% ahead of the government's 10 a.m. ET release of its latest Job Openings and Labor Turnover Survey. Economists expect 10.9 million job openings as of the end of August, unchanged from the record level posted at the end of July. (CNBC)
On Monday, the Dow continued Friday's weakness on much weaker-than-expected September job growth. The 30-stock average, the S&P 500 and the Nasdaq all fell about 0.7% to start the week on concerns about how surging oil prices might affect the economic recovery from Covid. The Dow was down nearly 3.2% from its Aug. 16 record close. The S&P 500 was off almost 3.9% from its Sept. 2 record close. The Nasdaq was down about 5.8% from its Sept. 7 record close. (CNBC)
IN THE NEWS TODAY
The House is set to vote Tuesday to approve a short-term debt ceiling hike, sending the measure to President Joe Biden for his signature. The $480 billion compromise increase will allow the federal government to pay its bills until early December. It cleared the Senate last week in a party-line Democratic vote. The standoff over an Oct. 18 deadline ended when Senate GOP leader Mitch McConnell agreed to help pass the short-term increase. But he insists he won't do it again. (AP)
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Southwest Airlines (LUV) scrapped 87 flights, or about 2% of Tuesday's schedule, after cancelling about 2,220 since Saturday. More than half of the cancellations came Sunday, when Southwest wiped out 30% of its daily schedule. There was speculation this weekend's disruptions were driven by excessive worker sick calls tied to a Covid vaccine mandate. Southwest said that's "inaccurate" and "unfounded." (CNBC)
Republican Texas Gov. Greg Abbott issued an executive order prohibiting any entity, including private businesses, from imposing Covid vaccination requirements on employees or customers. "The COVID-19 vaccine is safe, effective, and our best defense against the virus, but should remain voluntary and never forced," Abbott said in a statement. (CNBC)
Amazon (AMZN) is giving its employees more flexibility to work from home even after its offices begin to reopen next year. In a memo to employees Monday, Amazon CEO Andy Jassy said the company will leave it up to individual team directors to decide how often their employees work in the office. (CNBC)
* Return of office workers reaches pandemic high as employees trickle in (WSJ)
Jamie Dimon is still a bitcoin skeptic. The JPMorgan CEO, at a conference Monday, said the world's biggest digital currency has no intrinsic value. "I personally think that bitcoin is worthless," Dimon said. "But I don't want to be a spokesman for that, I don't care. It makes no difference to me. I don't think you should smoke cigarettes, either." (CNBC)
* Dimon says supply chain disruptions 'will not be an issue next year' (CNBC)
Bitcoin, while lower Tuesday, was still above $57,000, a level not seen since May. It's been rallying recently. Bitcoin was up roughly 30% in October. It hit an all-time high near $65,000 in April before sinking below $30,000 this summer. (CNBC)
LG Electronics has agreed to reimburse General Motors (GM) up to $1.9 billion to recall Chevrolet Bolt EVs due to faulty batteries provided by the South Korean supplier. Problems with the Bolt, the company's flagship mainstream EV, have led the automaker to recall every one of the electric cars since production began in 2016. (CNBC)
Two of Facebook's (FB) top engineers on its blockchain and digital currency project left the company to join Andreessen Horowitz's crypto team, the venture capital firm told CNBC on Monday. The social network's efforts have faced stiff resistance from regulators and lawmakers worldwide, and a number of its high-profile leaders have departed.
* Facebook whistleblower behind major leak is going to testify in Europe (CNBC)
Jon Gruden has resigned as coach of the NFL's Las Vegas Raiders after emails he sent before being hired in 2018 contained racist, homophobic and misogynistic comments. It was a rapid downfall for Gruden, who is in the fourth year of a 10-year, $100 million contract. (AP)
STOCKS TO WATCH
Moderna (MRNA) added 1% in premarket trading, ahead of Thursday's FDA panel meeting on the drug maker's application for approval of booster shots utilizing its Covid vaccine. Briefing documents are scheduled to be posted this morning, shedding some light on the prospects for approval.
CureVac (CVAC) tumbled 15.5% in the premarket after the company said it would discontinue the development of its most advanced Covid vaccine candidate. The decision came after the European Medicines Agency told the company it would not fast-track the approval process.
GlaxoSmithKline (GSK) jumped 3% in the premarket following a Bloomberg report that the company's $54 billion consumer products unit is attracting buyout interest from private-equity firms. Glaxo would only say it's "far advanced" with plans to separate the consumer business.
Airbnb (ABNB) – Cowen upgraded Airbnb to "outperform" from "market perform," saying the Street is underestimating 2022 bookings growth and that the increase in alternative lodging will be a permanent part of the travel landscape. Airbnb shares gained 2.4% in the premarket.
Signet Jewelers (SIG) announced the acquisition of rival Diamonds Direct for $490 million in cash, and said the deal would add immediately to earnings. Signet rallied 3% in premarket action.
Nike (NKE) rose more than 1% in premarket trading after Goldman Sachs initiated coverage with a "buy" rating, citing a healthy industry backdrop as well as strong growth initiatives by the athletic footwear and apparel maker.
Fastenal (FAST) matched estimates with quarterly earnings and revenue. The industrial products maker said it continued to experience inflation related to materials and transportation costs, and its shares fell 1% in the premarket.
Tesla (TSLA) sold over 56,000 vehicles made in China during September, the largest monthly total since it started production in Shanghai two years ago. Tesla rose 1% in premarket trading.
Matt Amodio's "Jeopardy!" reign has come to an end. His 38-game streak, with winnings in $1,518,601, concluded in Monday's episdoe, when the Yale computer science Ph.D. student and Ohio native came in third place. Amodio follows only Ken Jennings, winner of 74 consecutive games and $2,520,700. (USA Today)