Here are five things you must know for Monday, September 20:
1. -- Stock Futures Slump With Fed Tapering In Focus
Wall Street futures slumped lower amid the steepest pre-market declines of the year Monday as the twin concerns of slowing growth and accelerating coronavirus infections gripped global markets ahead of a crucial Federal Reserve policy meeting later this week.
China's recent crackdown on corporate profiteering has also rattled investors both in the Asia region and elsewhere, raising serious concerns over the fate of China Evergrande, which faces a $150 million in bond payments later this week as its shares plunge to the lowest levels in more than a decade and officials in Beijing refuse to commit any rescue cash to the indebted property developer.
The risk of contagion from an Evergrande collapse pulled stocks in Hong Kong more than 5% lower on the Monday session, and pulled global stocks to the lowest levels in more than a month.
On Wall Street, futures contracts tied to the Dow Jones Industrial Average are indicating a 490 point opening bell slump while those linked to the S&P 500 are priced for a 50 point retreat. Nasdaq Composite futures are set for a 140 point fall as benchmark 10-year note yields hold at 1.336% in overnight trading.
The risk-averse mood in Asia trading boosted the U.S. dollar, which rose 0.2% to 93.384 against a basket of its global peers. That help take some steam out of energy prices, as well, with WTI crude falling from a two-month high $70.74 per barrel.
2. -- Evergrande Plunges As Bond Payments Loom
China Evergrande Group shares extended their recent slump in Hong Kong markets Monday as the indebted property group held urgent talks with it myriad creditors in the hopes of delaying payment on two separate bond obligations due later this week.
Evergrande, the country's second-largest property developer with more than $310 billion in debts, has been caught in a liquidity squeeze that could see it both fail to meet bond obligations and teeter into a damaging bankruptcy, triggering the forced sale of hundreds of commercial properties and potentially seismic risks to the financial sector in the world's second-largest economy.
China Evergrande shares hit a fresh eleven-year low in Hong Kong trading Monday to close at HK$2.28 each, extending their six-month slump to around 85%.
3. -- FDA To See More COIVD Booster Data 'Within Weeks'
Moderna (MRNA) - Get Moderna, Inc. Report and Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report are just a few weeks away from having enough data available for the Food & Drug Administration to decide on the suitability of booster shots for their coronavirus vaccines, Dr. Anthony Fauci said Sunday.
The FDA recommended Friday that Americans over the aged of 65 can receive a third dose of the Pfizer (PFE) - Get Pfizer Inc. Report vaccine, although it will likely follow the advice of the Vaccines and Related Biological Products Advisory Committee in not making the same recommendation for the broader population.
"The actual data that we'll get (for) that third shot for the Moderna and second shot for the J&J is literally a couple to a few weeks away," Fauci told NBC's "Meet the Press" "We're working on that right now to get the data to the FDA so they can examine it and make a determination about the boosters for those people."
Pfizer shares were marked 2.1% lower in pre-market trading at $42.97 each while Moderna slumped 2.7% to $418.31 each. Johnson & Johnson was down 1% at $163.10 each.
4. -- Canada Elections Put Trudeau Premiership at Risk
Prime Minister Justin Trudeau faces the political challenge of his career Monday as Canadians head to the polls in a national election that could ultimately deliver another minority government.
Trudeau had, in fact, called this election two years earlier than needed, betting that both his lead in polls as the time, as well as his handling of the coronavirus pandemic would combine to boost his Liberal Party's minority government into a majority and return him for a third time as Prime Minister.
However, a series of missteps from the 49-year old, as well as a surprisingly adept campaign from his Conservative rival, Erin O'Toole, has left Trudeau facing either fewer seats in the 338-seat House of Commons or outright defeat to the former Air Command pilot in the Canadian Armed Forces.
5. -- 'Ted Lasso','The Crown' Sweep Top Awards At Streaming-Dominated Emmys
Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Apple (AAPL) - Get Apple Inc. (AAPL) Report split the top prizes at last night's Emmy Awards as streaming companies dominated the list of winners in a star-studded outdoor evening event in Los Angeles.
Apple TV's Ted Lasso, starting Jason Sudeikis as an American football coach lured into managing a Premiership football team in London, was named 'Best Comedy Series' -- with Sudeikis named best comedy actor -- in one of the tech giant's biggest studio victories.
Netflix won top awards for the dramatic portrayal of the British Royal Family in "The Crown", which nabbed 11 total Emmys, as well as the chess-based drama "The Queen's Gambit", which won best limited series.
Netflix shares were marked 0.85% lower in pre-market trading at $584.36 each while Apple fell 1.4% to $144.02 each.