Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow futures turn negative, giving up previous gains of 200 points
Traders on the floor of the New York Stock Exchange
Source: NYSE
The Dow is expected to fall on Wednesday, with futures undoing previous gains of 200 points as bond yields rise. Late-session selling also reversed a strong rally on Tuesday. The average of the 30 stocks fell 0.5% and the Nasdaq 1.7% on Tuesday as technology stocks pulled back. The S&P 500 was down 0.8% one day after its largest one-day gain since June.
US companies created a disappointing 117,000 new jobs in February, according to the latest ADP private sector employment report. Economists had expected an increase of 225,000 positions. The January additions have been revised up to 195,000. The ADP hasn’t been the best predictor of the government’s monthly job report lately, which comes out on Friday.
2. The Senate will soon begin debating the $ 1.9 trillion Covid Relief Act
Senate Majority Leader Chuck Schumer (D-NY) speaks on the second day of Trump’s second impeachment trial in Washington on February 10, 2021 with reporters in the Senate reception room.
Brandon Bell | Pool | Reuters
The Senate is expected to begin debating its version of the US $ 1.9 trillion Covid Relief Bill passed by the House of Representatives as early as Wednesday. However, it rules out raising the federal minimum wage to $ 15 an hour. President Joe Biden on Tuesday called on Democrats to come to an agreement and approve the measure, even as some party moderators attempted to recall parts of the package. Lowest margin Democrats in the Senate apply special rules that would allow them to pass the bill without the support of the GOP.
3. The US will have enough Covid vaccines for “every adult” by the end of May
A member of the U.S. Armed Forces administers a COVID-19 vaccine to a police officer at a FEMA vaccination center on March 2, 2021 in Philadelphia, Pennsylvania.
Mark Makela | Getty Images
The US will have sufficient supplies of coronavirus vaccines to vaccinate every adult in America by the end of May, two months earlier than expected, Biden said Tuesday. The announcement came as the government is working to ramp up production of Johnson & Johnson’s newly approved single vaccine, and rival Merck agrees to participate.
Republican governors of Texas and Mississippi announced Tuesday that they were lifting mask mandates in their states and allowing companies to reopen at full capacity even as the decline in new daily Covid cases slows. CDC director Dr. Rochelle Walensky warned states Monday not to lift public health restrictions too quickly.
4. America’s Biggest Firms Pushing the Road to Citizenship for “Dreamers”
Protesters gather in front of the U.S. Supreme Court as the judges make oral arguments to consolidate three cases in court over the Trump administration’s offer to end the DACA (Deferred Action for Childhood Arrivals) program in Washington, United States, on Dec. November 2019.
Jonathan Ernst | Reuters
5. Stocks to watch: Rocket Companies, Las Vegas Sands, Oscar Health
Rocket Companies fell 6% in the pre-market on Wednesday after more than doubling in the past three sessions. On Tuesday, Quicken Loans and Rocket Mortgage parent company rose over 71% with no discernible news. The sharply cut stock appears to have piqued bullish interest from day traders on Reddit’s WallStreetBets forum.
Casino operator Las Vegas Sands announced Wednesday that it will sell its Vegas real estate and operations to private equity giant Apollo Global Management for approximately $ 6.25 billion. Accommodations include the Venetian Resort Las Vegas and the Sands Expo and Convention Center. Las Vegas Sands shares rose nearly 3% in the pre-market. Apollo fell nearly 1%.
Oscar Health will debut on the New York Stock Exchange on Wednesday. The health insurance start-up, backed by Google parents Alphabet, valued its IPO at $ 39 per share on Tuesday evening, above the already raised expected range of $ 36 to $ 38. The initial public offering gives Oscar Health a market value of $ 7.7 billion prior to trading.
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