5 things you need to know before the stock market opens on Tuesday, October 12

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

1. Wall Street wants to avoid a three-game losing streak

Trader on the New York Stock Exchange, October 6, 2021.

Brendon McDermaid | Reuters

Due to rising bond yields and falling US oil prices, US stock index futures held steady on Tuesday. West Texas Intermediate crude oil is still near a seven-year high of over US$80 per barrel. Before the government released the latest job vacancies and labor mobility survey at 10 am Eastern Time, the 10-year US Treasury bond yield returned to its June high, about 1.6%. Economists predict that as of the end of August, there will be 10.9 million job vacancies, which is the same as the record level at the end of July.

On Monday, the Dow Jones Index continued Friday’s weakness due to much lower than expected employment growth in September. The average index of 30 stocks, the S&P 500 index and the Nasdaq index all fell by about 0.7% this week, due to concerns that the soaring oil price may affect the economic recovery brought about by Covid. The Dow Jones Index fell nearly 3.2% from its record closing price set on August 16. The S&P 500 Index fell nearly 3.9% from the record closing price set on September 2. The Nasdaq Index fell about 5.8% from the record closing price set on September 7.

2. The House of Representatives votes on the short-term debt ceiling agreement

The U.S. Capitol in Washington, DC, U.S., Wednesday, October 6, 2021.

Stephanie Reynolds | Bloomberg | Getty Images

The House of Representatives is scheduled to vote on Tuesday to approve an increase in the short-term debt ceiling and send the measure to President Joe Biden for signature. The $480 billion increase in compromise will allow the federal government to pay its bills by early December. It passed the Senate in a party-party Democratic vote last week. When Senate Republican leader Mitch McConnell agreed to help pass short-term growth, the deadlock on the October 18 deadline ended. But he insisted that he would not do it again. McConnell hopes that the Democrats will use their small majority on Capitol Hill to take separate actions on the debt ceiling through a settlement process.

3. Southwest Airlines has cancelled dozens of flights

Passengers wait for check-in at the Southwest Airlines ticket counter at Washington International Thurgood Marshall Airport in Baltimore, Maryland on October 11, 2021.

Kevin Ditch | Getty Images

Southwest Airlines has cancelled 87 flights since it cancelled about 2,220 flights on Saturday, which is about 2% of Tuesday’s schedule. More than half of the cancellations occurred on Sunday, when Southwest Airlines cancelled 30% of its daily flight schedule. In August, the airline reduced its flight schedule, hoping to solve the operational problem that often caused dozens of cancellations in summer. There is speculation that the interruption this weekend was caused by too many workers’ sick calls related to the Covid vaccine authorization. Southwest Airlines stated that this was “inaccurate” and “unfounded.”

4. The Republican Governor of Texas bans mandatory Covid vaccination

Governor Greg Abbott speaks at the National Rifle Association (NRA) annual convention in Dallas, Texas.

Lucas Jackson | Reuters

Republican Texas Governor Greg Abbott issued an executive order prohibiting any entity (including private companies) from imposing Covid vaccination requirements on employees or customers. Abbott said in a statement: “The COVID-19 vaccine is safe and effective. It is our best way to fight the virus, but it should be voluntary and never forced.” He said in the order that this is the Biden administration’s What the governor of Texas calls a federal excess that the federal vaccine authorization has promoted.

5. Jamie Dimon says he thinks “Bitcoin is worthless”

JPMorgan Chase CEO Jamie Dimon (Jamie Dimon) speaks to the Economic Club of New York in New York on January 16, 2019.

Carlo Allegri | Reuters

Jamie Dimon is still a Bitcoin skeptic.The CEO of JPMorgan Chase said at a meeting on Monday that the world’s largest numberTonNo currency has intrinsic value. “I personally think Bitcoin is worthless,” Dimon said. “But I don’t want to be a spokesperson, I don’t care. It makes no difference to me. I don’t think you should smoke either.” Although Bitcoin fell on Tuesday, it was still above $57,000, the highest since May level. It has been rising recently. Bitcoin rose by approximately 30% in October. It hit an all-time high of close to US$65,000 in April, and then fell below US$30,000 this summer.

— Reuters and NBC News 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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