Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow futures, bond yields rise after strong job data
A trader works on the floor of the New York Stock Exchange (NYSE) in New York on August 5, 2021.
Andrew Kelly | Reuters
2. The number of people employed outside agriculture was higher than expected in July
Economists polled by Dow Jones were looking for 845,000 new jobs and a headline unemployment rate of 5.7%. The decline in the unemployment rate looked even stronger when you consider that the labor force participation rate rose to 61.7%, the highest level since the pandemic broke out in March 2020. Wages were also stronger, with the average hourly wage rising 0.4% in July.
3. United Airlines requires vaccines for its 67,000 US employees
United Airlines pilot Steve Lindland receives COVID-19 vaccine from RN Sandra Manella at the United on-site clinic at O’Hare International Airport in Chicago, Illinois on March 9, 2021.
Scott Olson | Getty Images
United Airlines will require its 67,000 US employees to be vaccinated against Covid by October 25th or risk being fired, a first for major US airlines that is likely to put pressure on rivals. Airlines, including United, have opposed vaccine mandates for all workers and instead offered incentives such as extra pay or time off for vaccination. Delta Air Lines started asking newly hired employees to provide proof of vaccination in May. United followed suit in June.
4. The White House supports senators pushing for stricter crypto reporting rules
The White House got into a controversial battle for rival $ 1 trillion crypto changes to the infrastructure bill, a little out of the blue. The dispute revolves around a provision in the bipartisan bill that raises money through stricter tax rules for cryptocurrency transactions. The White House wrote in a statement late Thursday that “the amendment proposed by Senators Warner, Portman and Sinema strikes the right balance and takes an important step forward to promote tax compliance”.
5. JPMorgan quietly reveals access to half a dozen crypto funds
A woman walks past JPMorgan Chase & Co’s international headquarters on Park Avenue in New York.
Andrew Burton | Reuters
JPMorgan Chase, led by Bitcoin skeptic Jamie Dimon, began giving its wealth management clients access to six crypto funds last month. On Thursday, financial advisors allowed private banking clients to invest in a new Bitcoin fund created with crypto firm NYDIG, according to people who know about the move. The fund is almost identical to one that NYDIG offers to clients of rival bank Morgan Stanley, people said. Late last month, JPMorgan launched access to four funds from Grayscale Investments and one from Osprey Funds.
– Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.
