Here are the most important news, trends and analysis that investors need to start their trading day:1. Wall Street steady after four straight days
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street steady after four straight days of record highs
A statue of George Washington is pictured in front of the New York Stock Exchange on Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
2. Fed to start tapering this month as it begins pulling back on pandemic aid
The Federal Reserve building is seen on March 19, 2021 in Washington, DC.
Daniel Slim | AFP | Getty Images
The Fed will begin slowing down later this month the purchase of Treasurys and mortgage-backed securities by $15 billion each month from the current $120 billion per month. The central bank held interest rates steady at near zero, saying that tapering pandemic monetary stimulus should not be viewed as a signal that rate hikes are imminent. On the current schedule, bond purchases would end around July 2022. Officials have said they don’t envision rate increases beginning until tapering is finished. Projections released in September indicate one hike at most coming next year. At his post-meeting news conference, Fed Chairman Jerome Powell said decades-high inflation is largely due to supply chain disruptions.
3. Moderna sinks after cutting 2021 forecast for Covid vaccine sales
A doctor draws up a syringe with Moderna’s vaccine.
Oliver Berg | picture alliance | Getty Images
Shares of Moderna sank roughly 11% in premarket trading after the company on Thursday cut its Covid vaccine sales forecast for the year to between $15 billion and $18 billion from $20 billion. By comparison, Pfizer has said it expects Covid vaccine sales of $36 billion this year. On Thursday, Moderna also announced lower-than-expected adjusted third-quarter earnings and revenue. Pfizer on Tuesday beat estimates with third-quarter adjusted earnings and revenue. Pfizer also boosted its outlook. Rivals including Moderna and Johnson & Johnson have faced production snags, which have helped Pfizer extend its lead in signing supply deals with countries.
4. Ford to impose Covid vaccine mandate on most salaried workers
A general view of the Halewood Ford transmission assembly plant after Ford announced a 230 GBP investment on October 18, 2021 in Halewood, England.
Christopher Furlong | Getty Images
Ford will require its roughly 32,000 salaried employees in the U.S. to be vaccinated against Covid by Dec. 8 or face unpaid leave, CNBC has learned. The mandate does not include Ford’s factory workers, parts depots and financial arm. The largest of that unaffected group is the company’s 57,000 workers represented by the United Auto Workers union. While encouraging its members to get vaccinated, the UAW has not been supportive of making it mandatory. Ford is the first major U.S. automaker to impose a vaccine mandate. General Motors and Stellantis, formerly Fiat Chrysler, have required salaried employees to submit their vaccination status, but they have not implemented a mandate.
5. House prepares to vote after Democrats boosted Biden bill
WASHINGTON, D.C. – APRIL 20, 2018: The United States Capitol in Washington, D.C., often called the Capitol Building, is the home of the United State Congress and the seat of the legislative branch of the U.S. federal govermnent. (Photo by Robert Alexander/Getty Images)
Robert Alexander
The House is preparing to vote as soon as Thursday on a revised draft of President Joe Biden’s now-$1.85 trillion social and climate spending package and a separate bipartisan, Senate-passed $1 trillion infrastructure bill. In a flurry of last-minute adjustments, after months of negotiations, Democrats added back a new paid family leave program, work permits for immigrants, and changes to state and local tax deductions. Democrats want to make gains on Biden’s proposals after their party lost the tight Virginia governor’s race and barely hung on in New Jersey’s unexpectedly close gubernatorial contest.
— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.
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