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| Colin Powell, the former secretary of State and chairman of the Joint Chiefs of Staff, has died from Covid complications at the age of 84. "We have lost a remarkable and loving husband, father, grandfather and a great American," the family said, noting he was fully vaccinated. (CNBC) | |
| Bitcoin crept close to its April all-time highs near $65,000, rising about 1.5% on Monday to more than $61,000. The world's biggest digital currency hit a six-month high above $60,000 on Friday. Traders are optimistic the SEC won't stand in the way of the first bitcoin futures exchange-traded fund, which would begin trading Tuesday unless regulators stepped in. (CNBC) * Start-up Deel bets that Coinbase, Shopify and others will keep hiring overseas in the battle to find tech talent (CNBC) | |
| U.S. oil prices, as measured by West Texas Intermediate crude, jumped another 1%, topping $83 per barrel, their highest level since October 2014. Behind the march higher are continued recovering demand as Covid-depressed business activity picks up, and as high natural gas and coal prices encourage a switch to fuel oil and diesel for power generation. (Reuters) | |
| The 10-year Treasury yield started the week moving back up toward 1.62%. Before topping those levels earlier this month, the last time it was that high was in June. Industrial production figures for September are out at 9:15 a.m. ET, with estimates calling for a 0.2% increase following a 0.4% jump in August. (CNBC) | |
| China's third-quarter gross domestic product grew a disappointing 4.9% from a year ago as industrial activity in the world's second-largest economy rose less than expected in September. Many factories had to stop production in late September as a surge in the price of coal and a shortage of electricity prompted local authorities to abruptly cut off power. (CNBC) * Defaults loom over more property developers as China reassures investors on Evergrande (CNBC) | |
| A substantial portion of investors expect the U.S. Federal Reserve and the European Central Bank to keep monetary policy slightly too loose for too long, according to Deutsche Bank. In a survey of more than 600 investment professionals polled by the German lender, 42% expect the Fed to stay slightly too dovish. The prospect of a dovish policy error from the ECB was seen as more likely at 46%. (CNBC) | |
| Apple is holding a launch event Monday to announce new products, likely including a redesigned MacBook Pro. The company has a chance to drive continued momentum to its Macs ahead of the holiday shopping season, especially since it's expected to announce more computers that run on its own chips instead of Intel's processors. (CNBC) | |
| Facebook (FB) plans to create 10,000 jobs in the European Union over the next five years in a push to build a digital world known as the "metaverse." The social media giant said on Sunday it would hire high-skilled engineers in countries across the bloc. The company is focusing its recruitment drive on Germany, France, Italy, Spain, Poland, the Netherlands and Ireland. (CNBC) | |
| Foxconn, the Taiwanese company that manufactures smartphones for Apple and other global brands, announced plans Monday to produce electric cars for auto brands under a similar contract model. Foxconn's chairman said the company will produce cars and buses for brands in China, North America, Europe and other markets. (AP) * Ford plans to spend up to $315 million to make electric power units in northwest England (AP) | |
| Walmart (WMT) will not only dangle discounts on giant TVs, air fryers and Legos this holiday season. It will also push its subscription service, Walmart+. The retail giant said Monday the program's members will be first in line for Black Friday deals. Those customers can start shopping online sales four hours earlier than other shoppers throughout the month of November. (CNBC) * Saks' fast-growing e-commerce unit begins IPO preparations (WSJ) | |
| Southwest Airlines (LUV) asked a federal court to reject an effort by its pilots to block the airline from enforcing a Covid vaccine mandate. The pilots union said Southwest changed work rules unilaterally without negotiating first. (Bloomberg) |
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