Bitcoin, PayPal, Bolt Recall, Jackson Hole: 5 things to know

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Here are five things you need to know for Monday, August 23:

1. – Stock Futures Indicate Wall Street Gains

Stock futures rose on Monday as Wall Street extended Friday’s gains amid growing concerns over the virus and as investors turned to the Jackson Hole Symposium later in the week for clues to future policy. the Federal Reserve.

Dow Jones Industrial Average contracts rose 104 points, S&P 500 futures rose 12 points, and Nasdaq futures gained 47 points.

The yield of the benchmark 10-year Treasury index rose to 1.273% on Monday.

Shares ended higher on Friday, a brilliant end to a difficult week, as investors grapple with the spread of the highly contagious delta variant of COVID-19, the impact of the virus on growth and the continued crackdown on China on its technological sector.

For the week, the Dow Jones fell 1.1%, the S&P 500 slipped 0.6%, and the Nasdaq fell 0.7%.

Manufacturing and GDP data in the United States will be monitored this week as rising rates of coronavirus infection in the United States and around the world cause investors to question the impact of COVID-19 on growth and overall economic recovery.

The Federal Reserve’s annual Jackson Hole Symposium kicks off Thursday, with an opening speech by Fed Chairman Jerome Powell scheduled for Friday. The conference will be held virtually “due to the recently high COVID-19 health risk level,” the Federal Reserve Bank of Kansas City said on its website.

2. – This week’s schedule: Jackson Hole Retreat, Best Buy, Salesforce and Peloton Earnings

The U.S. economic calendar on Monday includes the Markit Manufacturing PMI (flash) for August at 9.45 a.m. ET, the Markit Services PMI (flash) for August at 9.45 a.m. and existing home sales for July at 10 a.m.

Data will be released later in the week on new home sales, durable goods, jobless claims, gross domestic product, personal income, consumer spending and consumer confidence.

The Federal Reserve’s Jackson Hole Symposium begins Thursday and continues through Saturday. Its theme this year: “Macroeconomic policy in an unequal economy”.

Profit reports are due Monday from JD.com (JD) – Get Report, Palo Alto Networks (PANW) – Get Report and Riot Blockchain (RIOT) – Get Report, and later in the week from Best Buy (BBY) – Get Report, Salesforce (CRM) – Get Report, Snowflake (SNOW) – Get Report, Splunk (SPLK) – Get Report, Dell Technologies (DELL) – Get Report, Vmware (VMW) – Get Report, Nordstrom (JWN) – Get Report, Workday (WDAY) – Get Report, Marvell Technology (MRVL) – Get Report, Dick’s Sporting Goods (DKS) – Get Report and Peloton Interactive (PTON) – Get a report.

Profits to watch: Nordstrom, Best Buy and Marvell

Salesforce and Marvell are part of Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the shares? Find out more now.

3. – Bitcoin exceeds $ 50,000 for the first time since May

Bitcoin was trading above $ 50,000 for the first time since mid-May after collapsing several months ago and losing more than half of its value.

The world’s largest cryptocurrency was valued at $ 50,177, up 1.99%, early Monday. Bitcoin has grown over 72% so far in 2021.

“We are seeing some very bullish signs here,” Vijay Ayyar, head of Asia-Pacific with the Luno crypto exchange in Singapore, told Bloomberg, adding that Bitcoin could “test historic highs again”.

Bitcoin hit a record high of $ 64,829 in mid-April, according to CoinDesk. It has traded between $ 30,000 and $ 40,000 in recent months, as officials around the world stepped up scrutiny of cryptocurrencies.

4.- PayPal launches cryptocurrency service in UK

PayPal Holdings (PYPL) – Get Report has expanded its cryptocurrency services outside of the United States, allowing UK customers to buy, sell and hold Bitcoin and other cryptocurrencies from Monday.

According to a Reuters report.

PayPal began offering cryptocurrency buying and selling in the United States in March, allowing customers to use digital currencies to shop at merchants in its network.

“We are committed to continuing to work closely with regulators in the UK and around the world to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of global finance”, Jose Fernandez da Ponte, PayPal’s vice president for blockchain, crypto and digital currencies, said in a statement.

PayPal is a stake in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells PayPal? Find out more now.

5. – GM collapses on expanded Bolt EV recall

General Motors (GM) – Get Report fell nearly 2% in pre-market trading on Monday after the automaker recalled its Chevrolet Bolt electric vehicles for the third time in nine months over a risk that batteries from car could catch fire.

GM’s recall announced Friday adds approximately 73,000 bolts from the 2019-2022 model years. The recall expands on previous recalls of the company’s 2017-2019 bolts announced in November 2020 and July this year, the National Highway Transit Safety Administration said in a statement.

“At this time, GM is asking all Chevrolet Bolt vehicle owners to park their vehicles outside and away from structures, and not to charge vehicles overnight,” the statement said. Owners are told to limit the charge to 90% and recharge after each use and not to wait until the battery is nearly depleted.

In a statement, GM said: “In rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and a bent separator – present in the same battery cell, which increases the risk of fire. ” The company said it would “replace the faulty battery modules of the Chevrolet Bolt EV and EUVs with new ones, with an expected additional cost of around $ 1 billion.”

General Motors is trying to charge battery maker LG Energy Solution for battery repair. But South Korea-based LG said the expenses would be shared based on the results of a joint root cause investigation, Bloomberg reported.

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