Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Nasdaq futures rise as 10-year government bond yields pull back
A man walks in front of the Nasdaq building in Times Square on March 10, 2021 in New York.
John Smith | Corbis News | Getty Images
Monday’s Nasdaq should build on Friday’s nearly 0.8% rise as 10-year government bond yields fell from last week’s 14-month high at the start of the new week. The rapid surge in government bond yields this year has put pressure on growth stocks, including many technical names, as higher interest rates undermine the value of future earnings and depress market valuations. The Dow Jones Industrial Average and S&P 500, which lost ground on Friday, joined the Nasdaq in negative territory last week. The Dow and S&P 500 last closed at record highs on Wednesday, while the Nasdaq last closed at record levels in February.
2. The AstraZeneca vaccine was found to be 79% effective in the US study
A vial labeled with the AstraZeneca coronavirus disease (COVID-19) vaccine can be seen in this picture taken on March 19, 2021.
Given Ruvic | Reuters
AstraZeneca’s Covid vaccine was 79% effective in preventing symptomatic diseases. That emerges from data released Monday from a Phase 3 study involving more than 32,000 people in the United States and Latin America. The two-shot vaccine also showed 100% effectiveness in preventing serious illness and hospitalization. AstraZeneca plans to file an emergency clearance with the FDA in April. The latest trial data comes from a number of European countries that have temporarily stopped using AstraZeneca’s vaccine after reports of blood clots. AstraZeneca said Monday that an independent board of directors had not identified any safety concerns related to the company’s vaccination.
3. Covid cases increase in 21 states as governors relax restrictions
Walgreens employees prepare vaccines for Kettering City Schools faculty to receive the Covid-19 vaccine as part of Phase 1B vaccine distribution in Ohio on February 10, 2021 in Dayton, Ohio.
Megan Jelinger | AFP | Getty Images
Even if the pace of vaccination accelerates in the US, cases of Covid are increasing in 21 states and highly infectious variants spread as governors relax restrictions on businesses. Public health officials warn that while approximately 2.5 million people across the country are being shot every day, infection rates have risen this month. Nationwide, an average of around 54,000 new infections have occurred in the last seven days. That’s a dramatic drop from the January peak. While the number of deaths is also much lower, an average of 1,000 people died from Covid every day for the past seven days.
4. Canadian Pacific Railway to buy Kansas City Southern
A Kansas City Southern (KSC) Railway locomotive travels through Knoche Yard in Kansas City, Missouri on Tuesday, January 7, 2020.
Whitney Curtis | Bloomberg | Getty Images
The Canadian Pacific Railway has agreed to buy Kansas City Southern for $ 25 billion in a cash-and-stock deal. The combination would create the first rail network connecting the US, Mexico and Canada. Following Sunday’s announcement, Kansas City Southern stocks rose about 17% in the pre-market while Canadian Pacific Railway stocks fell about 2.5%. The deal comes as hopes grow that US-Mexico trade will pick up again after Joe Biden replaced Donald Trump as president.
5. With Cathie Woods Ark Invest, Tesla will hit $ 3,000 per share by 2025
In this photo illustration, a Tesla logo is displayed on a smartphone with the stock market graphic in the background.
Omar Marques | LightRocket | Getty Images
Tesla’s shares rose 4% on Monday after Cathie Woods Ark Invest made a long-awaited, bold call that predicted shares in the Elon Musk-led electric car maker would more than quadruple by 2025. Last year, Ark Invest estimated that Tesla would hit $ 1,400 after adjusting for the 5-for-1 stock split by 2024. The company now expects the stock to hit $ 3,000 per share in the base case and $ 4,000 per share in the bull case by 2025 Share reached. Wood’s Bear Fall will still hit $ 1,500 by 2025. Tesla, which closed at $ 654 per share on Friday, is up 665% over the past 12 months. However, last month and year’s stock has hit a tough spot.
– Reuters contributed to this report. Get the latest information on the pandemic on CNBC’s coronavirus blog.
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