Here are five things you should know for Monday, January 10:
1. – Stock futures mixed, bond yields in focus
US stock futures traded mixed on Monday, while benchmark 10-year Treasury yields breached a two-year high, as investors continue to re-price stocks, bonds and currencies after last week’s hawkish Federal Reserve meeting minutes and strong jobs data.
With inflation expected to accelerate at the fastest annual pace in more than three decades later this week, spurred by pandemic stimulus, supply chain disruptions and soaring commodity prices, the Federal Reserve’s minutes last week revealed a stronger commitment to taming price increases by raising interest rates, three of which from Likely to come this year, according to interest rate futures contracts.
Meanwhile, with the headline unemployment rate down to 3.9%, and oil prices back at $80, investors are concerned that persistent inflation, combined with a spike in Covid infections, will limit growth in the US for the first few months. of the year.
On Wall Street, futures linked to the Dow Jones Industrial Average are signaling a modest gain of 10 points at the opening bell, while those linked to the S&P 500 are priced to fall by 1 point.
The technology-focused Nasdaq Composite, which started its worst week since February last year, is looking to open 15 points lower with 10-year Treasury yields rising to 1.796% in overnight trading.
2. – Wall Street Week Aid
Inflation data, bond auctions and bank earnings will highlight a busy week on Wall Street, as investors also look forward to key congressional testimony from Federal Reserve Chair Jerome Powell.
Powell will take questions from the Senate Banking Committee on Tuesday as part of his renomination process, as he is set to follow Lyle Brainard — President Joe Biden’s nomination for Fed vice president — on Wednesday.
Also on Wednesday will be inflation data for December, as economists look for a headline CPI reading of 7.2%, as well as a $36 billion auction of new 10-year Treasury yields.
Weekly jobless claims are set for Thursday, with an auction of $22 billion of 30-year bonds scheduled for later that session.
On the earnings front, Wall Street’s biggest bank will kick off its fourth-quarter earnings season on Friday with updates from JPMorgan Chase. (JPM) – Get a JPMorgan Chase & Co. report., Citigroup (c) – Get the Citigroup Inc. report. Wells Fargo WFC.
3. – Reddit hires Morgan Stanley, Goldman for $15 billion in IPO
Reddit Inc. is approaching. From an IPO that could value the eponymous online message board operator at nearly $15 billion by hiring investment bank advisors at Morgan Stanley and Goldman Sachs.
Multiple media reports suggest the group, which submitted plans to the US Securities and Exchange Commission to go public with the sixteen-year-old company last month, could beat the $10 billion valuation it received from an August funding round led by Fidelity Management if and when . Lists later this year.
Reddit, which has more than 100,000 so-called “community groups” and nearly 52 million daily active users, has hired Drew Vollero – the former chief financial officer of Snap Inc. SNAP that helped the messaging app maker go public in 2017 – in March and did so, brought on investors such as Fidelity, Sequoia Capital and Tencent Holdings in China.
4. – Bitcoin settled near September lows with a jump in alternate returns
Bitcoin prices settled near their lowest levels since late September in overnight trading, pegging the value of the world’s largest cryptocurrency about 40% south of its all-time high in mid-November.
A combination of soaring government bond yields, a flat US dollar and a shutdown of major bitcoin mining capacity in Kazakhstan last week all combined to push bitcoin prices into the low $41,000 range in overnight trading, as analysts cited a lack of intraday liquidity to protest investors from sharp declines.
Blockchain riot (riot) – Get the Riot Blockchain Inc. report, which fell 10.5% last week, is down 0.2% in pre-market trading at $20.32 each, while Bitcoin mining rival Marathon Parent Group is up 1.8% at $29.00 each.
Bitcoin was last seen trading 0.15% higher in the session at $41938.20 each.
5. – Novak Djokovic wins early court battle to compete for Australian Open
Tennis star Novak Djokovic scored an early victory in court to stay in Australia for his first grand slam of the year on Monday when a federal judge ordered the government to reinstate his visa.
Djokovic, who has not been vaccinated against Covid 19, was denied entry last week as he attempted to travel to Melbourne, the site of the Australian Open, to defend his 2021 title.
Federal Court Judge Anthony Kelly ordered the return of his visa, as well as his release from a quarantine hotel, noting that the world number one was not given enough time to appeal the government’s decision.
Australian Immigration Minister Alex Hawke can still revoke the 34-year-old Serbian’s visa – a requirement that Judge Kelly allowed in his ruling – under the country’s immigration law.