Your Daily Rundown
The Dow Jones Industrial Average rose 0.92% to end at 34,314.67 points, while the S&P 500 gained 1.05% to 4,345.73. The Nasdaq Composite climbed 1.25% to 14,433.83.
The S&P 500 is down more than 3% from its record high close on Sept. 2. However, about half of the index’s components have fallen 10% or more from their own 52-week highs.
Apple, Microsoft, Amazon and Alphabet, Wall Street’s most valuable companies, each rose more than 1% following a selloff in growth stocks the day before.
Bitcoin topped $50,000 for the first time since early September. The crypto changed hands Tuesday afternoon at around $50,900.
A federal jury awarded $130 million in damages to former Tesla Inc. employee Owen Diaz, finding the company subjected him to a racially hostile work environment and failed to take reasonable steps to prevent him from being racially harassed. Tesla shares slipped 0.1%.
Shares of Lordstown Motors Corp. fell about 11% after the electric-vehicle maker was downgraded to underweight from equal weight by analysts at Morgan Stanley, who cut their price target to $2 a share from $8.
PepsiCo Inc gained 0.6% after raising its full-year revenue forecast.
Facebook Inc rebounded 2.1% a day after taking a beating when its app and its photo-sharing platform Instagram went offline for hours.
Nine of the 11 major S&P 500 sector indexes rose, with financials, communication services and technology leading the way.
The 10-year Treasury yield recently stood at 1.52%, up from 1.17% on Aug. 2.
Yesterday’s Market Scorecard
NASDAQ (COMP) 14,433.83
S&P 500 (SPX) 4,345.72
Dow Jones (DJIA) 34,314.67
Russell 2000 (RUT) 2,228.58
The News Desk
Facebook Whistleblower Urges Congress To Move Against The Company
Facebook whistleblower Frances Haugen told lawmakers Tuesday she believes the social media giant won’t change its ways unless Congress makes it.
Why it matters: Haugen is finding a receptive audience among senators who have pledged to pass laws on online privacy, altering online liability shields and increasing algorithmic transparency.
You have the floor to respond Mr. Zuckerberg
Global Deal On 15% Minimum Tax Rate For Multinationals Edges Closer
Almost 140 countries are edging closer to a global deal on the taxation of multinationals, with agreement on a minimum 15% rate of corporation tax set to be announced as part of a landmark statement at the OECD in Paris on Friday.
Ireland, one of nine countries that declined to sign the OECD headline agreement in July, is expected to sign the landmark deal on Friday.
“The fun that came with our hidden offshore tax havens may come to an end”
U.S. May Face Recession If Congress Doesn’t Address The Debt Limit Within 2 Weeks
Treasury Secretary Janet Yellen on Tuesday said she believes the economy would fall into a recession if Congress fails to address the federal government’s borrowing limit before an unprecedented default on the U.S. debt.
President Joe Biden on Monday called on Congress to raise the debt limit this week and avoid even approaching near-certain economic turmoil.
At least we had a great bull run…
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Wednesday, October 6th: ADP Employment Change(Sep) (8:15 AM ET)
Wednesday, October 6th: EIA Petroleum Status Report (10:30 AM ET)
Thursday, October 7th: Jobless Claims (8:30 AM ET)
Friday, October 8th: Nonfarm Payrolls(Sep) (8:30 AM ET)
Trading Quote of The Day
“The market is a device for transferring money from the impatient to the patient.” – Warren Buffet