5 issues it is best to know earlier than the inventory market opens on Wednesday April seventh
Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow set to steady open after falling from previous record
Traders on the floor of the New York Stock Exchange.
2. Jamie Dimon’s Annual Letter offers an upbeat look at markets and the economy
Jamie Dimon, CEO of JP Morgan Chase, will appear on CNBC’s Squawk Box on January 22nd, 2020 at the 2020 World Economic Forum in Davos, Switzerland.
Adam Galica | CNBC
Jamie Dimon, CEO of JPMorgan Chase, sees strong growth in the US economy in the near future, thanks to the government’s response to the coronavirus pandemic that has left many consumers with savings. This emerges from his annual letter to shareholders published on Wednesday. While labeling stock market valuations “pretty high,” he said a multi-year boom could justify current levels as markets price in economic growth and excessive savings that find their way into stocks. While optimistic about the immediate future of the economy, Dimon said the US is facing major challenges due to political and societal dysfunction.
3. Morgan Stanley sold $ 5 billion in Archegos stock before the massive fire sale
The signage is displayed outside the Morgan Stanley & Co. headquarters in Times Square, New York.
Michael Nagle | Bloomberg | Getty Images
The night before Archegos Capital’s story became public late last month, the fund’s largest prime broker silently discharged some of its risky positions, CNBC aficionados told CNBC. Morgan Stanley sold approximately $ 5 billion worth of shares in Archegos’ doomed bets on US media and Chinese tech names to a small group of hedge funds who had asked for anonymity to openly ended March 25th talk about the transaction. Some of the clients felt betrayed by Morgan Stanley for not receiving this crucial context, according to one of the people familiar with the craft.
4. Jeff Bezos supports corporate tax increases to finance infrastructure
Jeff Bezos, CEO of Amazon
Alex Wong | Getty Images
Jeff Bezos advocated raising the US corporate tax rate to help finance infrastructure spending. But Amazon’s founder stopped saying he supported President Joe Biden’s plan for the increase on Tuesday. Bezos’ support for a corporate tax hike is noteworthy given that Amazon has undergone a review of its own tax records, including by Biden. Last May, when Biden was still a Democratic presidential candidate, he told CNBC that Amazon “should start paying their taxes”.
5. Biden Postpones Deadline For States To Open Covid Admission To All Adults In The United States
United States President Joe Biden speaks about the state of vaccinations against coronavirus disease (COVID-19) in the State Dining Room of the White House in Washington, DC on April 6, 2021.
Kevin Lamarque | Reuters
Biden urges states to allow Covid vaccine appointments to all adults in the United States by April 19, extending his original deadline by nearly two weeks. Biden urged Americans to continue to practice pandemic security measures, saying the US was not “there” yet. The president also said the US had taken 150 million shots in his first 75 days in office. He is pushing to have 200 million weapons within his first 100 days in office.
– Get the latest on the pandemic using CNBC’s coronavirus blog.
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