Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Stocks will rise after the S&P 500 closes on another record
Traders on the floor of the New York Stock Exchange.
Source: NYSE
US stock futures rose Wednesday, the day after the S&P 500’s modest gain drove the index to another record high. The Nasdaq rose 1% on Tuesday and was within 1% of February’s record high. The late-day comeback of the Dow Jones Industrial Average stalled and reversed, leading to its second straight decline after closing on Friday. Stores reopening came under pressure Tuesday after the FDA recommended a hiatus in Johnson & Johnson’s one-off Covid vaccine after reports of rare cases of blood clotting.
2. Bank profits exceeded estimates and rose over the past year
People walk past JP Morgan Chase & Co.’s corporate headquarters in Manhattan, New York.
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3. Coinbase receives a reference price of USD 250 per share prior to direct listing
The Coinbase logo is displayed on a smartphone.
Chris Delmas | AFP via Getty Images
Nasdaq gave Coinbase Global a reference price of $ 250 per share ahead of the scheduled direct listing on Wednesday. That would put cryptocurrency exchanges at around $ 65 billion, nearly eight times its $ 8 billion valuation in its most recent private donation round in 2018. Bitcoin rose sharply in the last few sessions leading up to its Coinbase debut. Bitcoin hit new highs near $ 65,000 early Wednesday. The world’s largest cryptocurrency more than doubled this year.
4. CDC convenes advisory board on J&J Covid vaccines
Zenobia Brown, MD, of the Northwell Health House Calls Program, is preparing a dose of the Johnson & Johnson Coronavirus (COVID-19) vaccine in the Astoria neighborhood of Queens on April 7, 2021 in New York City.
Michael M. Santiago | Getty Images
The CDC will convene a meeting of the Advisory Committee on Immunization Practices on Wednesday to further investigate the six cases of rare but serious blood clotting problems that are causing federal regulators to recommend discontinuing J & J’s Covid vaccine. All six cases occurred in women aged 18 to 48 years, with symptoms developing six to 13 days after receiving the shot. One of the women died. Another is in critical condition.
5. Moderna publishes data on its Covid vaccine six months later
Walmart pharmacist Carmine Pascarella delivers a moderna coronavirus disease (COVID-19) vaccine to area-based Jeff Stone at a Walmart department store while Walmart and other major US pharmacies participate in the Federal Retail Pharmacy Program, to increase vaccinations in the U.S. in West Haven, Connecticut, February 17, 2021.
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Moderna cited updated study data and said its two-shot vaccine against Covid-19 was more than 90% effective against Covid and more than 95% effective against serious illness up to six months after the second dose. Earlier this month, Pfizer announced that its vaccine, which uses technology similar to Moderna, was around 91% over the same period. Both Pfizer-BioNTech and Moderna vaccines and J&J are the three emergency vaccines approved in the United States
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