Here are the most important news investors need to start their trading day:
1. Worry about the Fed
Stocks limp on Monday. The three major US averages have all posted at least two consecutive weeks of losses. Last week, stronger-than-expected inflation data fueled investor concerns that the Federal Reserve may wait longer than expected before starting to cut interest rates. All eyes are on the Fed as it kicks off its two-day policy meeting on Tuesday. The central bank is expected to leave rates unchanged and could provide clues to its future policy decisions. Only a handful of large companies, led by Nike AND FedEx, will report earnings this week. Follow real-time market updates here.
2. Arrest is approaching
Congress, once again, attempts a partial government shutdown. Lawmakers have until Friday to pass appropriations bills or let funding lapse for six departments, including Defense, Treasury and State. Congress earlier this month passed bills to fund a handful of other agencies shortly before they were shuttered. It’s a busy stretch of Capitol Hill. The rush to avoid a shutdown comes as the Senate considers whether to pass a House-passed bill that aims to force Chinese company ByteDance to sell TikTok.
3. Putin wins another term
Russian President Vladimir Putin secured another six-year term on Sunday, winning about 88% of the vote in an election that offered no serious alternatives. A handful of Western leaders described the result, which consolidated Putin’s grip on power, as “illegitimate” or “farce.” The election comes as Putin, 71, presses ahead with his invasion of Ukraine more than two years after the offensive began.
4. Limited coverage
Novo Nordisk’s popular weight-loss drug Wegovy has been approved in the United States for its heart health benefits. But insurers may not yet expand coverage of the treatment, despite this additional use. As some health plans consider whether to cover the drug, they may balk at its monthly price of more than $1,000. But some state Medicaid programs may be more likely to cover treatment for cardiovascular use.
5. Technological turbulence
Laid-off tech workers describe a sense of desperation as they try to find work after a brutal time for industry employees. More than 200 tech companies have laid off more than 50,000 workers this year. It follows a 2023 that saw the largest number of tech job cuts since the dot-com bust in 2001. Workers who lost their jobs now face a competitive market for roles that could pay less than those they previously held.
– CNBC’s Brian Evans, Rebecca Picciotto, Natasha Turak, Annika Kim Constantino and Alex Koller contributed to this report.
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