5 things you need to know before the market opens on Monday, November 22

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Here are the most important news, trends and analysis investors need to start a trading day:

1. The Dow rebounded after Friday’s decline ended a difficult week

Traders work on the trading floor of the New York Stock Exchange (NYSE) in New York City on November 15, 2021.

Spencer Pratt | Getty Images

Dow futures rose by nearly 100 points, opening a week of shortened holidays. The average index of 30 stocks fell 268 points, or 0.75%, on Friday, as concerns about the increase in Covid cases reappeared, limiting the difficult trend of blue-chip stocks. The Dow fell nearly 1.4% this week. The S&P 500 index fell slightly from Friday’s record closing price, but it still rose slightly this week. With the support of technology stocks, the Nasdaq index rose on Friday and closed at a record high, rising more than 1.2% this week.

  • After US health officials finally approved all adults to be injected with the new crown virus on Friday, Moderna’s stock price rose by more than 2% before the market on Monday. Moderna’s stock went through a difficult month and fell 20%. Pfizer and BioNTech also rose due to booster approvals.
  • Elon Musk said that Tesla’s Model S Plaid car may be launched in China earlier this spring. When answering a question on Twitter about when electric cars will enter China overnight, CEO Musk said “maybe around March.” Tesla shares rose 2% before the market.

2. Biden may announce his Fed chairman nomination this week

Federal Reserve President Lael Brainard (Lael Brainard) and Federal Reserve Governors Jerome Powell and Stanley Fischer.

Andrew Haller | Bloomberg | Getty Images

An event that may affect the market is expected this week: President Joe Biden nominates the next chairman of the Federal Reserve. Biden is expected to announce his candidates in the next few days. Current Chairman Jerome Powell and Fed Governor Lyle Brainard are considered the most likely candidates. Many people predict that if Brainard wins, the central bank will be more dovish, which means that it will take longer to tighten extraordinary policies in the era of the new crown virus, including raising interest rates. Powell, who was selected by former President Donald Trump, often finds himself the target of Trump’s anger. He urges support for monetary policy that is good for business until the pandemic strikes. In the early days of Covid, the Fed acted quickly and strongly supported the economy.

3. The stock market may enter the best period during the holiday week

The US market will be closed for Thanksgiving on Thursday. The stock market closed early on Friday at 1pm Eastern Time. If history can be used as a guide, then the stock should perform well during the holiday week.

  • “Since 1950, the last five trading days of November have traditionally been positive,” said Sam Stovall, chief investment strategist at CFRA. “The market has a two-thirds chance of rising the day before Thanksgiving, a 57% chance of a rise one day after Thanksgiving, and a 71% chance of a rise on Monday.”
  • In addition to the Fed statement that Biden may announce, there will be some economic reports in the coming week. The most important announcement is personal consumption expenditure on Wednesday, which includes the Fed’s most concerned inflation indicator.

4. Austria continues to blockade and protests sweep across Europe

On November 20, 2021, at a rally held by the Austrian far-right liberal party FPOe against measures to contain the Covid pandemic, a demonstrator lit a smoke bomb.

Joe Klama | AFP | Getty Images

With Covid cases raging in Europe, Austria entered its fourth national lockdown on Monday. The mitigation measures announced on Friday triggered a widespread sell-off in global stock markets, including mandatory vaccination from February 1. The blockade in Austria is expected to last for 10 days, but officials have indicated that the blockade may be longer if necessary. Austria hopes to cancel these measures on December 13, but they may remain effective for people who have not been vaccinated. Thousands of protesters marched in Vienna on Saturday before the blockade. Demonstrations against virus restrictions also broke out in Switzerland, Croatia, Italy, Northern Ireland and the Netherlands.

5. Authentic Brands listed for IPO, selling 12.7 billion US dollars of shares to investors

Jamie Salter, Chairman and CEO of Authentic Brands Group LLC.

Norm Bates | Bloomberg | Getty Images

The retail group Authentic Brands Group plans to shelve its planned initial public offering and instead sell a large amount of its business equity to private equity firm CVC Capital, hedge fund HPS Investment Partners and existing stakeholders. The transaction announced on Monday valued the companies of retailers Forever 21, Aeropostale, Barneys New York, Brooks Brothers and Sports Illustrated at an enterprise value of US$12.7 billion. Jamie Salter of Authentic Brands has signed up as CEO for another five years, and he stated that the company’s goal is an IPO date of 2023 or 2024.

— The Associated Press contributed to this report.Follow all market behaviors like a professional CNBC Professional Edition. Get the latest information about the pandemic CNBC’s Coronavirus Report.


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