5 things to know before the stock market opens Monday, Oct. 25

Here are the top news, trends and analysis that investors need to start their trading day:

1. The Dow is set to rise slightly after Friday’s record close

Traders work on the floor of the New York Stock Exchange (NYSE) on October 15, 2021 in New York City.

Spencer Platt | Getty Images

2. Bitcoin resumes March highs after last week’s high

Bitcoin was higher on Monday, rising again towards $63,000, with Wednesday’s all-time high just under $67,000 met with some subsequent selling. Bitcoin’s move to a record high came last week with the debut of the first fund to trade on the US Bitcoin futures exchange at 5%, an important development that sparked excitement in cryptocurrencies. The ProShares Bitcoin Strategy ETF, which saw a selloff on Thursday and Friday, as did bitcoin itself, rose about 3% in Monday’s trading. Bitcoin’s previous all-time high in April coincided with another milestone for digital assets: crypto exchange Coinbase debuted on Nasdaq.

3. Facebook reportedly got upset internally about the right-leaning content

The Facebook logo and stock chart are shown through broken glass in this illustration taken on October 4, 2021.

given by ruvich | Reuters

Facebook shares, after Friday’s 5% drop, are down less than 1% in pre-market trading. The social network has continued to be engulfed in controversy, with a Wall Street Journal report on Monday morning detailing internal arguments about handling the right-leaning content. Also Monday, former Facebook data scientist turned whistleblower Frances Hogan plans to answer questions from UK lawmakers working on legislation to curb the power of social media companies. This will be Hogan’s second appearance before lawmakers after she testified in the US Senate earlier this month.

4. Big Tech, more Dow Jones shares top earnings this week

Facebook is set to report earnings after the bell on Monday, kicking off a slate of quarterly results from Big Tech, including Apple, Microsoft, Alphabet and Amazon. About 30% of the S&P 500 companies release earnings this week. A third of Dow reports, including Caterpillar, Coca-Cola, Merck, Boeing and McDonald’s. Of the companies that have already reported, nearly 84% beat estimates. Profits are so far expected to rise 34.8% year-over-year, based on actual reports and estimates, according to I/B/E/S data from Refinitiv.

5. Manchin reportedly approves wealth tax for Biden’s plan

Senator Joe Manchin (D-WV) speaks to reporters outside the US Capitol on September 30, 2021 in Washington, DC.

Kevin Deitch | Getty Images

Holdout Senator Joe Manchin, of DW.Va, appears to agree with White House proposals to impose new taxes on billionaires and some corporations to help pay for President Joe Biden’s slashed social services and climate change package, according to the Associated Press. Biden met with Manchin and Senate Majority Leader Chuck Schumer, a Democrat from New York, at the president’s home in Delaware on Sunday to work out the partisan differences between centrists and progressives that have stalled the wide-ranging bill.

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