Tag: Feb

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

1. Stocks try to bounce off the tech-driven router on Thursday

Traders work on the trading floor of the New York Stock Exchange.

NYSE

US stock futures were troubled as tech stocks rebounded from Thursday’s price, which dragged the Nasdaq down 3.5% for its worst one-day performance since October. Tesla fell slightly again in the pre-market on Friday, a day after falling 8% in a brutal week. The Dow Jones Industrial Average fell 559 points, or 1.8%, on Thursday from a record high in the previous session. The Dow had its worst day in nearly a month and the S&P 500 was down nearly 2.5%. The sell-off was due to the rapid rise in bond yields.

All three stock benchmarks tracked weekly losses. Before the last day of trading in February, the Nasdaq held onto a profit for the month, which started off strong. The Nasdaq fell nearly 7% from its record high February 12. The Dow and S&P 500 remained solidly in the green all month. However, the S&P 500 was nearly 2.7% below its last record high, also on February 12.

2. The yield on 10-year government bonds has fallen slightly from the high for the year

The 10-year government bond yield fell on Friday morning but remained above 1.4% after rising to 1.6% in the previous session, its highest level since February 2020 and more than 0.5% since late January was. The rise in 10-year return, which serves as the benchmark for mortgage rates and auto loans, was driven by expectations of an improvement in economic conditions with coronavirus vaccine adoption, as well as fears of higher inflation.

A new round of government business reviews approved in December brought personal income to its largest monthly gain since April 2020, despite inflation remaining low. The Commerce Department reported Friday morning that January personal income rose 10%, slightly exceeding expectations. Personal consumption expenditure inflation was in line with estimates of 1.5%.

3rd house to hand over Covid bill; Senate official says no minimum wage

Service workers will vote in Washington on January 26, 2021, for the introduction of the wage increase law, which includes a minimum wage of $ 15 for workers with tips.

Ever Countess | Getty Images Entertainment | Getty Images

Inflation concerns are being fueled by the thought that the $ 1.9 trillion Covid economy, which will be passed on Friday, could overheat the economy in addition to accelerating growth. Democrats on Capitol Hill are trying to enforce their relief efforts, including raising the federal minimum wage to $ 15 an hour, without support from the GOP. However, a key impartial official, the Senate MP, ruled that Democrats cannot include the minimum wage increase in the bill. The decision means the Senate will likely pass a different version of the legislation than the House, and officials will have to approve the plan a second time.

4. FDA panel votes on J & J’s single-shot Covid vaccine

A health care worker fills a syringe from a vial with a dose of the Johnson & Johnson vaccine against the COVID-19 coronavirus as South Africa continues its vaccination campaign at Klerksdorp Hospital on February 18, 2021.

Phill Magakoe | AFP | Getty Images

A key advisory body to the Food and Drug Administration will vote on Friday on whether to recommend approval of Johnson & Johnson’s single-shot Covid vaccine for use in an emergency. This would pave the way for a third preventive treatment in the US while the full FDA doesn’t – I don’t have to follow the recommendation of the vaccines committee, it often does. On similar requests from Pfizer and Moderna for vaccines, the FDA approved these companies’ two-shot regulations a day after the panel of external medical advisors endorsed the emergency approval.

5. DoorDash stock falls after the company dropped its first results since going public

A DoorDash Inc. delivery bag lies on the floor of Chef Geoff’s restaurant in Washington, DC

Andrew Harrer | Bloomberg | Getty Images

As more Americans get vaccinated and the economy continues to open fully, companies like DoorDash that have benefited from home trading could be hurt. In its first public company report, the grocery delivery company announced to shareholders that it expects some of the tailwinds it has experienced on home orders in the US to reverse once the country gets the virus under control. Shares were down 10% on the Friday before going public. Even with that drop, DoorDash would have been up nearly 50% from its offering price of $ 102 per share in December. While DoorDash posted fourth quarter revenue of $ 970 million late Thursday, beating estimates, it also recorded an adjusted loss per share of $ 2.67.

– Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.

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

1. Dow to fall as Walmart slips on disappointing earnings

Traders on the floor of the New York Stock Exchange

Source: The New York Stock Exchange

US stock futures fell Thursday after Dow stock Walmart fell more than 4.5% in the pre-market on disappointing gains. Wednesday’s Dow Jones Industrial Average offset a loss of 180 points and ended up 90 points higher, which is another record close. The S&P 500 and the Nasdaq closed slightly lower for the second year in a row. The S&P 500 reduced losses after minutes from the Fed’s last meeting, signaling longer monetary policy as the economy was nowhere near pre-coronavirus levels.

The Department of Labor reported 861,000 new jobless claims for the past week Thursday morning, nearly 90,000 more than expected. The previous week’s initial unemployment claims display has been increased by 55,000 to 848,000. The four-week moving average was 833,250.

2. Walmart Misses Revenue, Beats Revenue; CEO to increase wages

A worker wearing a protective mask arranges shopping carts outside a Walmart store in Duarte, California, the United States, on Thursday, November 12, 2020.

David Swanson | Bloomberg | Getty Images

Walmart reported adjusted earnings of $ 1.39 per share for the fourth quarter, which was below estimates. Revenue rose 7.3% to a better than expected $ 152.1 billion. The big box retailer’s US e-commerce sales increased 69% and sales in the same store in the US increased 8.6%. Doug McMillon, CEO of Walmart, said the company will raise US workers’ wages and raise the average hourly employee to over $ 15 an hour.

3. What to Expect from the GameStop Hearing with Robinhood, Citadel and Reddit CEOs

Jakub Porzycki / NurPhoto via Getty Images

The heads of Robinhood, Reddit, Citadel and Melvin Capital will be in Washington for the highly anticipated GameStop hearing on Thursday, scheduled to begin on the House Financial Services Committee at 12 p.m. ET. In prepared remarks, Reddit CEO Steve Huffman said that no significant activity at WallStreetBets was carried out by bots or foreign agents in the past month. Keith Gill, the Reddit and YouTube trading star known as “Roaring Kitty,” plans to defend his social media posts that helped spark a mania in GameStop stocks.

4. How the Texas power grid went down and what could stop it from happening again

Pike Electric Service Trucks line up in Fort Worth, Texas, after a snow storm on February 16, 2021. Winter Storm Uri has historically brought cold weather and power outages to Texas as storms with a mixture of freezing temperatures and precipitation swept across 26 states.

Ron Jenkins | Getty Images

More than 500,000 households in Texas are still without power on Thursday morning after the historic Sunday night cold and snow that caused the state’s worst blackouts in decades, according to poweroutage.us. Millions of people have been in the dark at the height of the crisis caused by a confluence of factors. Officials are already calling for an investigation. Experts said Texas can take a number of steps to combat future problems, including weathering equipment and increasing the oversupply needed to meet peak electricity needs.

5. US life expectancy falls by a year in a pandemic, worst since World War II

Cemetery worker Keith Yatcko was preparing a grave for a burial at State Veterans Cemetery when the coronavirus disease (COVID-19) outbreak broke out in Middletown, Connecticut, United States on May 13, 2020.

Brian Snyder | Reuters

Life expectancy in the US dropped an amazing year in the first half of 2020 as the pandemic caused the first wave of coronavirus deaths. The minorities had the greatest influence, with black Americans losing nearly three years and Hispanics nearly two years on Thursday, according to preliminary CDC estimates. “You have to go back to World War II, the 1940s, to find such a drop,” said Robert Anderson, who oversees the numbers for the CDC. It is already known that 2020 was the deadliest year in US history. For the first time, more than 3 million people were killed.

– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.

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

1. Stocks open flat after Dow closed on another record

The Wall Street sign can be seen in front of the New York Stock Exchange (NYSE) in New York on February 16, 2021.

Brendan McDermid | Reuters

US stock futures remained stable on Wednesday as Wall Street remained on track for its best monthly performance since November. In a mixed session on Tuesday, the Dow Jones Industrial Average closed with another record. The S&P 500 and Nasdaq broke their two-day winning streak with small losses and fell from the record closings of the previous session.

On Wednesday’s economic calendar, the Department of Commerce’s January retail sales report showed a 5.3% increase, defeating estimates of a 1.2% increase. A month after Congress approved an additional $ 900 billion Covid stimulus package on top of the $ 2.2 trillion it approved in early 2020, buyers were armed with $ 600 checks to give them a Variety of goods bought.

Regardless of this, the labor ministry’s producer price index rose by 1.3% in January, again well above the estimates that had called for an increase of 0.4%.

The 10-year government bond yield rose over 1.3% on Wednesday after strong retail sales and January PPI heightened fears of possible inflation during the post-Covid economic recovery.

2. Bitcoin hits a new high, topping $ 51,000 for the first time

Omar Marques | LightRocket | Getty Images

Bitcoin cracked $ 51,000 to hit a new all-time high on Wednesday. Big financial companies seem to be getting excited about Bitcoin after Tesla and other companies showed support for the cryptocurrency. Bitcoin’s recent rally recalls its massive surge to nearly $ 20,000 in 2017, which was followed by an 80% plunge the following year. However, the world’s largest cryptocurrency has since seen a violent comeback, more than quadrupling in 2020 and gaining over 70% this year.

3. Here are Warren Buffett-led Berkshire stock moves for the past quarter

Warren Buffett

Gerry Miller | CNBC

Warren Buffett’s Berkshire Hathaway bought $ 4.1 billion in Chevron and $ 8.6 billion in Verizon shares in the fourth quarter, according to the conglomerate’s most recent 13-F filing with the SEC . Berkshire also sold its stakes in drug companies Pfizer and JPMorgan Chase, while reducing its position in Wells Fargo. Apple is still the largest holding, but Berkshire has further scaled back its lucrative position in the company, slashing it by about 6%.

4. Elon Musk’s SpaceX valuation jumps to around $ 74 billion

SpaceX CEO Elon Musk stands at the base of a prototype Starship rocket at the company’s facility in Boca Chica, Texas.

Steve Jurvetson on flickr

SpaceX closed another large round of equity financing last week for $ 850 million, the financing people told CNBC. The company’s valuation rose 60% from the previous round in August to around $ 74 billion. Elon Musk, who also co-founded Tesla, saw insiders and existing investors in his commercial space company selling an additional $ 750 million in a secondary transaction, one respondent said. SpaceX did not immediately respond to CNBC’s request for comment.

5. Millions in Texas are still without power as new storms strike

Pike Electric Service Trucks line up after a snow storm in Fort Worth, Texas on February 16, 2021. Winter Storm Uri has historically brought cold weather and power outages to Texas as storms with a mixture of freezing temperatures and precipitation swept across 26 states.

Ron Jenkins | Getty Images

Millions of Texas residents were still in the dark Wednesday with no indication of when their service might return when another winter storm hit the southern portion of the nation. A total of 2 to 3 million customers in the US energy capital were without electricity two days after the historic snowfall, and the single-digit temperatures led to an increase in the demand for electricity for heating.

The wholesale prices for electricity and natural gas have risen in the last few days. However, natural gas futures fell early Wednesday. U.S. oil prices continued their spike on Wednesday, gaining more than 1%, rising to over $ 61 a barrel, a level not seen since the beginning of the coronavirus pandemic.

– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.