Here are five things you need to know for Friday July 9th:
1. – Stock futures indicate a rebound on Wall Street
Stock futures rebounded modestly on Friday from broad losses from the previous session, fueled by concerns that the spread of COVID-19 variants could stall global growth.
The benchmark ten-year government bond yield rose to 1.344% early Friday, ending an eight-day rally in the bond market.
Contracts related to the Dow Jones Industrial Average rose 200 points on Friday, S&P 500 futures rose 16 points and Nasdaq futures rose 3 points.
Stocks closed broadly lower on Thursday and government bond yields fell below 1.3%, a five-month low as investors feared growth would be hampered by the spread of new coronavirus infections.
Reflation trading – which outperforms assets that benefit from a strengthening economy and rising inflation – took a hit this week as there are signs that labor and resource shortages are hampering growth in the world’s major economies.
However, Barclays analysts said the “sharp reversal in reflation deals looks exaggerated”. However, they warned that with “poor summer liquidity, highs in activity data, rising Covid cases,
Supply bottlenecks and the (Federal Reserve) are approaching rejuvenation.
The economic calendar in the US on Friday is bright. Greenbrier Cos. (GBX) – Get the report from Greenbrier Companies, Inc. should report quarterly results.
2. – Jim Cramer on the stock market sell-off
TheStreet’s Jim Cramer told his “Mad Money” viewers that it’s easy to see why the market sold out on Thursday: America has one of the best vaccination programs in the world and is still being hammered by the Delta variant of COVID. Imagine how bad the situation is in the rest of the world.
Cramer said we are seeing a failure of global leadership when it comes to ending the pandemic.
Cramer said some older “Mad Money” viewers may remember that polio and smallpox vaccinations were mandatory. There was no politics and no debate. But today the FDA can’t even explain why COVID vaccines aren’t fully approved yet and continue to operate under emergency clearances. These questions led to skepticism and doubts and hesitation, said Cramer, and that’s how the Delta variant spread so quickly.
Cramer added that investors are also concerned about how politics handles everything from big tech to commerce to railroad – and not just in the United States. Cramer said China is an equal opportunity annihilator as it blocks mergers, destroys IPOs and uses its power wherever possible.
Cramers Mad Money Recap: COVID, China, Cybersecurity
3. – Pfizer is trying to get the third dose of the COVID vaccine
Pfizer (PFE) – Get the Pfizer Inc. Report said it would seek U.S. emergency clearance from the Food and Drug Administration for a third booster dose of its COVID-19 vaccine, and said it could boost immunity and potentially protect against the Delta variant of the virus.
Pfizer Dr. Mikael Dolsten told Associated Press that early data from the company’s booster study suggested that people’s antibody levels increased five to ten-fold after a third dose compared to their second dose months earlier.
However, officials from the FDA and the Centers for Disease Control said they would take a more cautious approach, saying in a joint statement that “Americans who have been fully vaccinated are currently not in need of a booster vaccination.
“We are prepared for booster doses if and when the science”
shows that they are needed, ”added the agencies.
Pfizer manufactures its COVID vaccine in partnership with BioNTech in Germany (BNTX) – Get BioNTech SE report.
4. – Bitcoin performs higher after the break-in
Bitcoin surged a little higher early Friday after cryptocurrencies spiked in Thursday’s stock market sell-off.
Bitcoin rose to $ 32,930, up 0.9%. It fell to nearly $ 30,000 on Thursday, a key level of support. According to CoinDesk, the world’s largest cryptocurrency is up 12.45% so far in 2021.
Due to the volatility in the previous session, there were comments from US Senator Elizabeth Warren, who warned of the growing risks that the “very opaque and volatile” cryptocurrency market poses to consumers and financial markets, according to a Reuters report.
The senator also said in a letter to Securities and Exchange Commission chairman Gary Gensler that she wanted responses by July 28 on the SEC’s authority to protect consumers who invest and trade in cryptocurrencies.
5. – China signals it is open for 737 MAX test flights
Chinese aviation authorities have signaled that they are ready to conduct flight tests with Boeing (BA) – Get Boeing Company Report 737 MAX, a move toward lifting the plane’s landing in the country after more than two years, reported Bloomberg, citing people familiar with the matter.
Boeing is preparing to send a delegation of around 35 pilots and engineers to a meeting with the regulatory authorities at the end of July. It could be many months after such a flight before a flight ban is lifted, Bloomberg noted, especially if heightened trade tensions between the US and China are not interrupted.
China’s regulators said in March they had “major concerns” about the aircraft, including design changes, new pilot training and the causes of the two MAX crashes.
The Federal Aviation Administration lifted the grounding of the Boeing 737 MAX in November 2020.
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