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NYC Vaccine Mandate, Clarida Speech, ADP; GM Earnings - What's Moving Markets

EconomyAug 04, 2021 06:36AM ET
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© Reuters

By Geoffrey Smith 

Investing.com -- New York City imposes the U.S.'s first vaccine mandate on the general public, while China shuts down more and more transport links and tourism venues to stop its Covid-19 outbreak, hitting oil prices. ADP is due to release its monthly labor market survey and the Fed's thinker-in-chief Richard Clarida will speak on the outlook for monetary policy. CVS, General Motors (NYSE:GM) and Electronic Arts (NASDAQ:EA) lead the day's earnings roster, while crypto assets are still hurting after Gary Gensler's attack on them on Tuesday. Here's what you need to know in financial markets on Wednesday, 4th August.

1. NYC's vaccine mandate and China's shutdowns

New York City introduced a vaccination mandate for all those looking to use indoor public spaces, the first of its kind in the U.S.   A certificate of vaccination will be needed for all those working in or visiting indoor dining areas, gyms, theaters and concert venues.

“It’s time for people to see vaccination as literally necessary to living a good and full and healthy life,” NYC Mayor Bill de Blasio said.

The move comes a day after the Biden administration intervened to extend a ban on tenant evictions in most counties across the U.S.  It cited the risks of spreading Covid-19, although critics saw it more as an economic measure aimed at protecting low-income families.

In China, meanwhile, the spread of the coronavirus prompted more local shutdowns of public transport, tourism and entertainment venues, adding to concerns of an economic slowdown there.

2. Fed's Clarida to speak; ADP hiring due

Richard Clarida, widely seen as the most influential ‘thought leader’ at the Federal Reserve, will speak on monetary policy at 10 AM ET (1400 GMT), with his comments likely to be scanned for any hint of willingness to start reducing the Fed’s bond purchases before the end of this year.

Before that, payrolls processor ADP will release its monthly data for private-sector hiring in the month through mid-July. The correlation between ADP’s data and the government’s labor market data, which are due on Friday, has weakened during the pandemic, but will still be taken as a rough guide of overall developments. Analysts expect some 695,000 people to have been hired, little changed from last month’s survey.

Elsewhere, final purchasing managers indices for the Eurozone in July were revised down slightly but the composite PMI of 60.2 was still a record high.

3. Stocks set to open mixed; Robinhood's rally and GM earnings eyed

U.S. stocks are set to open mixed later, pulling back only slightly from a record close in the S&P 500.

By 6:15 AM ET, Dow Jones futures were down 12 points, less than 0.1%, while S&P 500 futures were effectively flat from Tuesday’s close. Nasdaq 100 futures edged up by less than 0.1%.

Earnings updates are due from CVS Health (NYSE:CVS), Booking (NASDAQ:BKNG), General Motors, Kraft Heinz (NASDAQ:KHC) and Electronic Arts, among others. EA’s report follows a strong update late on Tuesday from Activision Blizzard (NASDAQ:ATVI), which also announced the departure of a number of executives linked to a gender discrimination scandal.

Oil stocks Occidental (NYSE:OXY) and Devon Energy (NYSE:DVN) may also gather attention after beating expectations with their results on Tuesday, while Robinhood (NASDAQ:HOOD) stock was up 8% in premarket, extending a retail-driven rally that seemed purely sentiment-driven.

4. Crypto bruised by Gensler salvo

Gary Gensler, the head of the Securities and Exchanges Commission, called on Congress to give him more powers to tackle rampant “fraud, scams and abuse” in cryptocurrency markets.

Gensler said crypto’s chief attraction for many still seemed to be its use in ransomware attacks and other illegal activity. 

Bitcoin weakened further below $40,000 on Gensler’s remarks, dragging other crypto assets down with it. By 6:15 AM ET, it was down 2.5% at $37,745.

5 Oil edges lower as tanker standoff resolved, Chinese worries mount

Oil prices weakened again but held above $70 a barrel, amid growing fears that China’s anti-Covid-19 measures will hit fuel consumption there.

By 6:15 AM ET, U.S. crude futures were down 0.6% at $70.17 a barrel, while Brent futures were down 0.3% at $72.17 a barrel.

The market is slowly pricing in a higher political risk around the return of Iranian oil to the market, highlighted again by the temporary seizure of the Asphalt Princess, a UAE-flagged tanker, in the Gulf of Oman by Iranians. The incident was declared resolved overnight.

The U.S. government publishes its weekly inventories data at 10:30 AM ET, after the American Petroleum Institute estimated on Tuesday that they fell by less than expected.

 

NYC Vaccine Mandate, Clarida Speech, ADP; GM Earnings - What's Moving Markets
 

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Comments (18)
Charles Barnes
Charles Barnes Aug 08, 2021 11:31PM ET
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Simple. Get vaccinated and live. Do it for your family. Arrogance and ignorance is deadly.
Charles Barnes
Charles Barnes Aug 08, 2021 11:24PM ET
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SEC is evil.
Anthony Cloud
Anthony Cloud Aug 05, 2021 7:00AM ET
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How long until we find out the covid vaccines contain the delta variant? Interesting how the delta spurred up in the vaccinated when vaccination rates are among the highest thus far....
Bob Collins
Bob Collins Aug 04, 2021 9:24AM ET
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The degree of risk to be taken exceeds the humanitarian importance of the problem to be solved by the experiment. The survival rate of COVID is 99.97. The survival rate of the vaccine is virtually the same thus far; only 99.969% survive the shot. But there are also long lasting injuries from the vaccine like micro blood clotting in the capillaries of the lungs and myocarditis and pericarditis which are being under reported by the CDC.
Charles Barnes
Charles Barnes Aug 04, 2021 9:24AM ET
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You probably think we are magnetic.
Bob Collins
Bob Collins Aug 04, 2021 9:22AM ET
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The experiment does not avoid all unnecessary physical and mental suffering and injury. Estimated 45-55 thousand death directly related to th vaccine in the US alone according to whistle-blowers inside the CDC.
Bob Collins
Bob Collins Aug 04, 2021 9:21AM ET
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Administering experimental gene therapy is a crime against humanity according to the The Nuremberg Code of 1947. It is being forced upon humanity by coercion, fraud, deceit, and overreaching of Globalist Totalitarian regimes, i.e. Biden. the UK, the EU, Australia, etc.
Charles Barnes
Charles Barnes Aug 04, 2021 9:21AM ET
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Just medicine trying to save your 256mb brain.
Meow Mowe
Meow Mowe Aug 04, 2021 9:02AM ET
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Mandating participation in clinical trials. Insanity.
John Klan
John Klan Aug 04, 2021 9:00AM ET
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That's why people with any sense are getting out of NYC.
Joel Schwartz
Joel Schwartz Aug 04, 2021 8:42AM ET
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All of you crazies on here are why this pandemic is dragging out forever. There is no conspiracy, only you spoiled children.
jason xx
jason xx Aug 04, 2021 8:42AM ET
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You mean the Chinese didn't plot our downfall when they released the virus on themselves? Interesting counter point
Scot House
Scot House Aug 04, 2021 8:42AM ET
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Only ones dragging it out are the scaredy cat liberals and their grab for more power.
Josh Davis
Josh Davis Aug 04, 2021 8:42AM ET
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Scot House i mean ask yourself this without their mandates and the media would you even know there was covid ? I didnt think so. Why else blast it on the news 24/7 its so deadly itll be forgotten otherwise….
Charles Barnes
Charles Barnes Aug 04, 2021 8:42AM ET
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jason xx are you magnetic too?
John Klan
John Klan Aug 04, 2021 8:39AM ET
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Even if I have taken the vaccine I would boycott any business who required one.
Francesco Lucchesi
Francesco Lucchesi Aug 04, 2021 8:39AM ET
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most definitely. I'd rather stay home forever
Charles Barnes
Charles Barnes Aug 04, 2021 8:39AM ET
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Foolish and dangerous to all
Francesco Lucchesi
Francesco Lucchesi Aug 04, 2021 8:22AM ET
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the adp indicates America is booming
James Johannsen
James Johannsen Aug 04, 2021 7:33AM ET
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total tyranny
Bib Wi
Bib Wi Aug 04, 2021 7:27AM ET
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the leak that vaccine does not work only 37% effective even aspirin is more effective
Whaling Trawler
Whaling Trawler Aug 04, 2021 7:26AM ET
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This is what war with China looks like before the shooting begins. Poisoning your enemy first is a big advantage.
PAULIUS MATIUSOVAS
PAULIUS MATIUSOVAS Aug 04, 2021 7:10AM ET
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impossible. its about total control
jason xx
jason xx Aug 04, 2021 7:01AM ET
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BTC/crypto started dropping before genslers remarks. he obviously leaked them to somebody like accountants leak earnings
Joe Mike
Joe Mike Aug 04, 2021 6:57AM ET
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okay no problem
David Bowie
Defcon2 Aug 04, 2021 6:45AM ET
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The solution is for people to stay home if they are so scared of getting the CCP-19 virus. Let other people live and work in peace!
Show previous replies (1)
Jozef Drozd
Jozef Drozd Aug 04, 2021 6:45AM ET
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The next step towards the complete enslavement of people. Wake up, it has to be stopped.
Joe Mike
Joe Mike Aug 04, 2021 6:45AM ET
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+1(918)401-9312
Joe Mike
Joe Mike Aug 04, 2021 6:45AM ET
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really
Joe Mike
Joe Mike Aug 04, 2021 6:45AM ET
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I want to safe my cino
andrew alfred
andrew alfred Aug 04, 2021 6:45AM ET
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Yea if u think that the solution then try bringing the people back who died taking the shot because they listen to you
 
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