5 issues to know earlier than the inventory market opens Thursday, June 24
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to jump after economic data, ahead of infrastructure meeting
The New York Stock Exchange welcomes Sprinklr (NYSE: CXM), on June 23, 2021, in celebration of its Initial Public Offering.
Dow futures rose more than 150 points after of a slew of economic data before the bell and renewed hopes for an infrastructure deal at a White House meeting later Thursday. The market’s comeback rally took a pause Wednesday, though the Nasdaq managed to eke out another record close, and it was set to rise Thursday. With a broad group of stocks jumping in premarket trading, the S&P 500 was also set to open at new highs. The Dow was still climbing out of last week’s hole. Ahead of Thursday’s session, it remained 2.6% away from its latest record close in early May.
Andreessen Horowitz announced a new $2.2 billion cryptocurrency-focused fund Thursday. The Silicon Valley venture capital firm, founded by Marc Andreessen and Ben Horowitz, launched its first crypto fund three years ago, during what’s now known as “crypto winter.” That year, the value of bitcoin cratered roughly 80% from the highs in 2017. The latest fund also comes at another bearish moment for bitcoin.
2. Three key government economic reports out before the bell
3. Bipartisan senators push $953 billion infrastructure plan
Senator Joe Manchin (D-WV) speaks to news reporters before attending a meeting on infrastructure on Capitol Hill in Washington, June 23, 2021.
Tom Brenner | Reuters
A bipartisan group of senators is seeking Biden’s support for a $953 billion infrastructure plan at Thursday’s meeting. Administration officials and Democratic leaders cast the proposal as a positive development. The president’s latest offer was a $1.7 trillion package. With Republicans opposed to Biden’s proposed corporate tax rate increase, the bipartisan group is looking at other ways to raise revenue. Biden rejected their idea to allow gas taxes paid at the pump to rise with inflation.
4. Eli Lilly to seek accelerated FDA approval for Alzheimer’s drug in 2021
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021.
Mike Segar | Reuters
Shares of Eli Lilly rose 8% in Thursday’s premarket after the U.S. drugmaker said it will file a marketing application later this year for its experimental Alzheimer’s treatment, under the FDA’s accelerated approval pathway. Lilly said, “The safety, tolerability and efficacy of donanemab are also being evaluated” in an ongoing late-stage study. Earlier this month, three members of a key FDA advisory panel resigned over the agency’s controversial decision to approve Biogen’s new Alzheimer’s drug.
5. Teamsters to vote on sweeping push to unionize Amazon workers
The Teamsters will vote Thursday on a resolution to scale up efforts to organize Amazon workers. The e-commerce giant has long been the target of major labor unions seeking to organize warehouse and delivery workers. Amazon in April defeated a high-stakes union campaign at a huge warehouse in Bessemer, Alabama. However, Amazon founder and CEO Jeff Bezos recently acknowledged that the company needs to do better by its employees. The pandemic, the explosion of Black Lives Matter protests last summer, and rising concerns around workplace safety fueled further interest in organizing Amazon warehouses.
— Reuters and The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.