Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow aims to contribute to Wednesday’s record high
Traders work on the trading floor of the New York Stock Exchange.
NYSE
Dow futures rose about 100 points on Thursday, a day after the 30-stock average rose 1.5% and closed at a record high as falling bond yields and the newly passed Covid stimulus package boosted stock buying. The Nasdaq took a breather after rallying nearly 3.7% on Tuesday. Tech stocks, including Apple and Tesla, however, burst on the pre-market Thursday, sending Nasdaq futures up more than 200 points, or 1.6%.
2. Bond yields are falling ahead of the unemployment claims data
The 10-year government bond yield fell again on Thursday, trading 1.5% ahead of the government’s weekly unemployment claims report released at 8:30 a.m. ET. Economists expect 725,000 new claims for unemployment benefit last week. That would be 20,000 fewer than the week before, when the Labor Department reported that around 10 million people were still unemployed as of February. The agency also said more than 18 million continued to receive some form of unemployment benefit through February 13.
3. Biden to address nation on coronavirus response
United States President Joe Biden speaks during an event with the CEOs of Johnson & Johnson and Merck in the South Court Auditorium of the Eisenhower Executive Office Building on March 10, 2021 in Washington, DC.
Alex Wong | Getty Images
President Joe Biden is expected to deliver a prime-time address Thursday evening to discuss the next phase of the U.S. response to Covid, a year after the World Health Organization declared the spread of the coronavirus a pandemic.
On Friday, Biden plans to sign the $ 1.9 trillion aid package, which was passed in the Democratic House on Wednesday and the Senate on Saturday without a Republican vote. The plan includes an increase in federal unemployment benefits, direct payments of up to $ 1,400 to most Americans, tax credit extensions, and funding for vaccine distribution, as well as state and local governments.
4. The WHO declared Covid a pandemic a year ago
In the past year of the pandemic, there were over 118 million Covid infections and 2.6 million deaths worldwide, according to Johns Hopkins University.
- The US was responsible for 24% of the world’s cases and at least 529,267, or about 20% of the deaths.
- There were 58,611 new infections in America on Wednesday, slightly above the seven-day average but 80% below the one-day high on Jan. 2.
- The US has approved three emergency vaccines: two-shot therapies from Pfizer and Moderna and a one-shot course from Johnson & Johnson.
- The CDC figures show that nearly 33 million people, or nearly 10% of the US population, have been fully vaccinated.
5. It’s day 2 on the NYSE for Roblox and debut for Coupang
The New York Stock Exchange welcomes Roblox (NYSE: RBLX) executives and guests to celebrate its direct listing today, Wednesday, March 10, 2021.
NYSE
Shares in Roblox, a kids’ gaming app that grew in popularity during the pandemic, rose another 10% in the pre-market after one of Cathie Wood’s popular Ark funds bought the stock on day one. The direct listing rose over 54% in trading on Wednesday from its reference price of $ 45 per share, for a market value of more than $ 38 billion.
Coupang will make its Wall Street debut on the New York Stock Exchange on Thursday after the South Korean e-commerce company valued its IPO at 130 million shares at a price of $ 35 per share. That’s above the expected range of $ 32 to $ 34. Coupang raised $ 4.6 billion in the largest ever IPO in the United States this year.
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