Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow set to comeback after five losing sessions
A trader works on the floor at the New York Stock Exchange, August 27, 2021.
Source : NYSE
2. House Democrats would be ready to propose tax hikes
Samuel Corum | Getty Images News | Getty Images
House Democrats are expected to propose sweeping tax increases on American businesses, wealthy Americans and investors to help pay their $ 3.5 trillion budget bill. The plan calls for a corporate tax hike to 26.5% from 21% and a 3% surtax on individual income above $ 5 million, according to Reuters, citing two people familiar with the matter. Democrats are also considering raising the capital gains tax rate to 28.8% from 23.8%. The House returns from its summer recess on September 20. The Senate returns on Monday.
3. Pfizer’s Covid Vaccine Seems on Track for Younger People
A vial of Pfizer-BioNTech Covid-19 vaccine is seen at an pop-up vaccination clinic in the Arleta neighborhood of Los Angeles, California on August 23, 2021.
Robyn Beck | AFP | Getty Images
Pfizer’s U.S.-based Covid vaccine, developed in collaboration with German partner BioNTech, could be cleared for use in children ages 5 to 11 as early as next month, according to two sources familiar with the situation who spoke. to Reuters. Pfizer is expected to have enough study data by then to submit an emergency use request to the FDA. The two-dose Pfizer shot is already used on an emergency basis for adolescents 12 to 15 years old and approved for people 16 years of age and over.
4. Chinese regulators would target Ant Group’s Alipay
The head office of Ant Group Co. in Hangzhou, China on Wednesday, January 20, 2021.
Qilai Shen | Bloomberg | Getty Images
Hong Kong-listed Alibaba shares fell more than 4% overnight after a Financial Times report that Beijing wants to dissolve Alipay from the Ant Group and force the creation of a separate loan app. U.S. stocks of Alibaba, the Ant Group’s e-commerce subsidiary, were also under pressure on Monday ahead of marketing. Chinese electric vehicle inventories also fell after the industry minister said there were “too many” electric vehicle manufacturers in China and consolidation in the sector was needed. However, shares of electric vehicle maker Xpeng stabilized in pre-market trading in the United States.
5. Disney plans to release the rest of the 2021 films in theaters only
Simu Liu stars as Shang-Chi in Marvel’s “Shang-Chi and the Legend of the Ten Rings”.
Disney will show the rest of its movie roster this year exclusively in theaters, rather than simultaneously making them available on its Disney + streaming service. Disney’s ‘Shang-Chi and the Legend of the 10 Rings’, in theaters only, once again topped the weekend box office after its record breaking Labor Day weekend debut. “Shang-Chi,” in the Marvel Cinematic Universe, has grossed nearly $ 250 million worldwide and doesn’t even have a China release date yet.
– Reuters and The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.