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5 things to know before the stock market opens February 16, 2021

5 things to know before the stock market opens February 16, 2021

by The Editor
February 16, 2021
in Credit News
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Listed below are an important information, developments and evaluation that traders want to start out their buying and selling day:

1. Dow, S&P 500, Nasdaq set so as to add to document highs

Merchants work on the ground of the New York Inventory Trade.

NYSE

U.S. inventory futures rose Tuesday, including to Friday’s document closes for the Dow Jones Industrial Common, S&P 500 and Nasdaq. The U.S. inventory market was closed Monday for Presidents Day. All three inventory benchmarks completed increased final week, in a continuation of February’s energy. For the yr, as of Friday’s shut, the Dow, S&P 500 and Nasdaq had been up almost 2.8%, 4.8% and 9.4%, respectively.

The 30-year Treasury yield held above 2% early Tuesday as traders watched for progress on President Joe Biden’s proposed $1.9 trillion Covid stimulus bundle on Capitol Hill and the push for wider distribution of coronavirus vaccines throughout the U.S. The ten-year Treasury yield rose to greater than 1.26%.

CVS Well being reported quarterly earnings of $1.30 per share, 6 cents above estimates. Income additionally topped Wall Road forecasts, helped partially by Covid-19 testing and vaccinations at its pharmacies.

2. Bitcoin hits a brand new excessive over $50,000

On this photograph illustration, a visible illustration of the digital Cryptocurrency, Bitcoin is on show in entrance of the Bitcoin course’s graph on February 09, 2021 in Paris, France.

Chesnot | Getty Photos

Bitcoin reached a brand new document excessive Tuesday, going over $50,000 per unit for the primary time ever, earlier than paring a few of these beneficial properties. Main corporations introduced help for digital currencies final week, beginning with Tesla revealing it purchased $1.5 billion value of bitcoin. Mastercard stated Thursday it could help sure cryptocurrencies later this yr, whereas BNY Mellon introduced the next day it can open up its custody companies to digital belongings. Bitcoin greater than quadrupled in 2020 and it is up over 60% this yr.

3. Deep freeze in Texas causes large power crunch

Cattle shelters from the chilly wind on the aspect of a pump jack array Saturday, Feb. 13, 2021 in Midland, Texas.

Eli Hartman. | Odessa American | AP

Greater than 3.8 million households in Texas had been at the hours of darkness Tuesday morning, as document low temperatures boosted demand for energy for warmth that pushed the state’s electrical grid to its limits. Rolling blackouts, sometimes seen on 100-degree summer season days, had been imposed in Texas.

  • The shortage of energy was so nice that spot costs of wholesale electrical energy on the Texas energy grid spiked greater than 10,000% on Monday.
  • Pure gasoline futures jumped greater than 6% on Tuesday morning. Nonetheless, RBC analysts stated, “Sure regional pure gasoline spot costs have shot up 10- to 100-fold in a matter of days.”
  • U.S. oil costs additionally climbed to a pandemic-high above $60 per barrel as drilling and refineries closed down as a result of chilly.

The frigid climate was a part of an enormous winter blast that introduced snow, sleet and freezing rain to the southern Plains, throughout elements of the Ohio Valley and the Northeast.

4. Congress to ascertain a Capitol riot fee

Speaker of the Home Nancy Pelosi (D-CA) speaks throughout a information convention with Home impeachment managers on the fifth day of the impeachment trial of former U.S. President Donald Trump, on expenses of inciting the lethal assault on the U.S. Capitol, in Washington, U.S., February 13, 2021.

Al Drago | Reuters

Home Speaker Nancy Pelosi stated Monday that Congress will set up an impartial, 9/11-style fee to look into final month’s lethal revolt on the U.S. Capitol. Investigations into the riot had been already deliberate, with Senate hearings scheduled for later this month within the Guidelines Committee.

Home impeachment managers who argued for Donald Trump’s conviction of inciting the assault stated Sunday they proved their case. Democrats additionally railed in opposition to Senate GOP chief Mitch McConnell and different Republicans, saying they had been “attempting to have it each methods” find the previous president not responsible whereas acknowledging he incited the riot.

5. Biden to make first official home journeys

President Joe Biden speaks throughout a gathering with a bipartisan group of governors and mayors on his Covid-19 aid plan, within the Oval Workplace of the White Home in Washington, DC on February 12, 2021.

Mandel Ngan | AFP | Getty Photos

Attempting to maneuver past Trump’s acquittal in final week’s impeachment trial, Biden plans to maintain up a busy schedule targeted on the coronavirus within the coming week. Biden is about to make his first official home journeys of his presidency, beginning with a CNN city corridor in Wisconsin on Tuesday to speak to Individuals impacted by the pandemic. Biden on Thursday visits a Pfizer Covid vaccine facility in Michigan because the drugmaker’s two-shot regime and Moderna’s begin making extra inroads into pharmacies across the nation.

— Comply with all of the developments on Wall Road in actual time with CNBC Professional’s dwell markets weblog. Get the newest on the pandemic with our coronavirus weblog.

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