Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow futures fall as history indicates a difficult remainder of September
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City on May 4, 2021.
Brendan McDermid | Reuters
US stock futures fell on Friday, marking a milestone date of September 17, which historically marked the beginning of a losing streak for the market in a traditionally difficult month. The Dow Jones Industrial Average was lower on Thursday, although it ended a long way from the session lows. The S&P 500 also fell, while the Nasdaq broke the trend and rose slightly. Despite September fears, all three equity benchmarks were looking for weekly gains. Before Friday’s open, the Dow, the S&P 500 and the Nasdaq weren’t far behind their recent record closes, roughly 2.5%, 1.4% and 1.3% respectively.
2. Options and futures expirations could add volatility at Friday’s close.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, Monday, Aug. 23, 2021.
Michael Nagle | Bloomberg | fake images
Coinciding with seasonal factors stacked against Wall Street, it’s also a “quadruple witchcraft” Friday, the simultaneous expiration of stock options, index options, stock futures and index futures. Next week, the The Federal Reserve holds its two-day policy meeting in September, leaving investors nervous this month to read the tea leaves about when central bankers might start cutting back on their massive buying of Covid-era bonds. So far in September, at the close of Thursday, the Dow Jones was down 1.7%; the S&P 500 was down 1.1%; the Nasdaq was down 0.5%. However, all three were still way up for the year.
3. The Fed chief calls for a review of the central bank’s investment rules.
Jerome Powell, Chairman of the United States Federal Reserve, arrives at a Senate Banking Committee hearing in Washington, DC, on Thursday, July 15, 2021.
Al Drago | Bloomberg | fake images
Fed Chairman Jerome Powell has called for a review of the central bank’s ethics rules for appropriate financial activities after revelations revealed that several senior Fed officials made significant investments and others transacted multi-million dollar stocks in 2020. Last year was when policy makers implemented extraordinary measures to support the crumbling economy during the pandemic. What’s new in Powell’s investigation followed Sen. Elizabeth Warren, a Massachusetts Democrat, who sent 12 letters to Fed regional bank presidents demanding stricter ethics.
4. FDA Vaccine Advisory Panel to Meet on Pfizer Covid Boosters
Nurse Samantha Reidy gives Alan Kramer, 74, a cancer patient, his Pfizer-BioNTech Covid-19 booster shot at Hartford Hospital in Hartford, Connecticut, on August 24, 2021.
Joseph Prezioso | AFP | fake images
A key part of the president Joe Biden’s plan to combat Covid could be in jeopardy when an FDA vaccine advisory committee meets Friday to discuss and vote on Pfizer’s request to offer vaccine booster injections to the general public. The meeting comes as some scientists, including at least two from the FDA, said they are not entirely convinced that all Americans who have received the two-dose Pfizer vaccine need a third right now. Friday’s vote could halt the plan already announced by the Biden administration to begin distributing reinforcements next week.
United States President Joe Biden delivers remarks and participates in Climate Leaders Summit 5: The Economic Opportunities of Climate Action virtual session from the White House in Washington, DC on April 23, 2021 .
Jim Watson | AFP | fake images
Biden summons world leaders On Friday for a discussion on efforts to address climate change, seeking to build momentum ahead of an international summit on global warming later this year. Biden has been emphasizing climate change, a top national and global priority, repeatedly in recent weeks following devastating floods and wildfires in the U.S. Biden hopes to bring together large emitters to help host an upcoming climate conference of the UN, scheduled for October. Nov 31 12 in Glasgow, Scotland, a success.
– Reuters contributed to this report. Follow all the market action like a pro in CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.