Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to jump as optimism builds for a debt celling deal
Traders on the floor of the New York Stock Exchange, Oct. 6, 2021.
Brendon McDermid | Reuters
Dow futures rose 300 points Thursday as Democratic senators signaled they were receptive to a debt ceiling offer from Senate GOP leader Mitch McConnell that would allow an emergency increase into December. Optimism about a possible deal swung Wall Street from sharp early Wednesday losses to modest gains at the close for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq. All three benchmarks were tracking Thursday for three-session winning streaks after October started off with sharp back-and-forth losses and gains.
2. Bond yields rose following before-the-bell jobless claims data
A career fair in Louisville, Kentucky, on June 23, 2021.
Luke Sharrett/Bloomberg via Getty Images
The 10-year Treasury yield rose Thursday, trading above 1.54%, after the Labor Department announced better-than-expected weekly initial jobless claims figures. First-time filings for unemployment benefits fell to 326,000 for the week ended Oct. 2. Economists had expected 345,000 new claims. The government issues its September employment report Friday. ADP’s look at private sector hiring trends last month, released Wednesday, came in stronger than expected.
3. McConnell wants to give Dems time to act alone on debt ceiling
Senate Minority Leader Mitch McConnell, a Republican from Kentucky, speaks during a news conference following Senate Republican policy luncheons at the U.S. Capitol in Washington, D.C., on Tuesday, Sept. 14, 2021.
Stefani Reynolds | Bloomberg | Getty Images
McConnell late Wednesday said his debt ceiling offer would give Democrats time to use their majorities on Capitol Hill to craft a bill to raise the borrowing limit on their own without Republican votes. The deadline to take action on the debt limit and avoid a U.S….