Sign in Subscribe
Coronaviruses

Market Watch: Key Developments for Monday, September 13

Strategic Insights

— 2 min read

Stock futures traded higher on Monday as recovery bets re-emerged following weeks of uncertainty linked to the ongoing rise in Delta-variant coronavirus infections and the timing of stimulus withdrawal from major central banks. Investors are now looking at an autumn glide path for stocks based on a similar move by the Federal Reserve later this month. Key data releases for inflation, scheduled for Tuesday, and retail sales, expected on Thursday, will have a significant impact on market trends. Meanwhile, oil prices rose 67 cents to $70.39 per barrel, as traders continue to price in the impact of a delayed return to full capacity for drilling installations in the Gulf of Mexico following damage from Hurricane Ida.

Key Takeaways:

  • Stock futures traded higher Monday as recovery bets re-emerged, with contracts tied to the Dow Jones Industrial Average indicating a 180-point boost and those linked to the S&P 500 priced for a 22-point advance.
  • Nasdaq Composite futures are set for a 65-point gain, thanks in part to pre-market advances for big tech names such as Apple (AAPL) and Tesla (TSLA).
  • Oil prices rose 67 cents to $70.39 per barrel, as traders continue to price in the impact of a delayed return to full capacity for drilling installations in the Gulf of Mexico following damage from Hurricane Ida.
  • China's authorities extended their crackdown on the tech industry, warning big companies to stop blocking links to their rivals' platforms, with a report suggesting Beijing was also readying plans to force the split of Ant Group's popular Alipay.
  • House Democrats have drafted plans to raise taxes in order to pay for President Joe Biden's ambitious $3.5 trillion spending ambitions, taking aim at corporate levies and capital gains.
  • Kansas City Southern (KSU) has chosen a $27.2 billion cash-and-stock offer from Canadian Pacific, reversing an earlier decision to go with a bid from its domestic rival, Canadian National.
  • U.S. health officials could be ready to approve Pfizer's (PFE) coronavirus vaccine for children between the ages of 5 and 11 as early as next month.

Statistics:

  • Stock futures traded higher with contracts tied to the Dow Jones Industrial Average indicating a 180-point boost and those linked to the S&P 500 priced for a 22-point advance.
  • Oil prices rose 67 cents to $70.39 per barrel.
  • Corporate taxes would rise to 26.5% under the newly-drafted plans, with capital gains facing a top-tier level of 20%.
  • $27.2 billion is the amount of the cash-and-stock offer from Canadian Pacific to Kansas City Southern.
  • 5-11 is the age range for which Pfizer's coronavirus vaccine could be approved by U.S. health officials as early as next month.

Sources:

  • "Stock Futures Higher As Growth Bets Return" by Martin Baccardax (September 13, 2021)
  • "China Extends Big Tech Crackdown" by Martin Baccardax (September 13, 2021)
  • "Democrats Draft Tax Plans To Pay For Biden Stimulus" by Martin Baccardax (September 13, 2021)
  • "Kansas City Southern Choses Suitor" by Martin Baccardax (September 12, 2021)
  • "Kids May Get COVID Vaccine Access Before Halloween" by Martin Baccardax (September 12, 2021)

Read more