Here are the top news, trends, and analysis investors need to get their trading day started:
1. Nasdaq will take a breather on Tuesday after rising nearly 3.7%
The New York Stock Exchange (NYSE) is located in New York City in Lower Manhattan on March 9, 2021.
Spencer Platt | Getty Images
Stocks were targeted for a mixed open Wednesday, the day after the battered tech stocks roared back, pushing the Nasdaq up nearly 3.7% on its best day since November. Falling bond yields supported Tuesday’s rally that spanned the Dow Jones Industrial Average and the S&P 500. However, the 10-year government bond yield rose higher on Wednesday, keeping gains on Dow and S&P 500 futures under pressure and putting pressure on Nasdaq futures. Traders will be investigating the government’s release of the consumer price index in February at 8:30 a.m. (CET) to identify signs of problematic inflation and how it may affect bond yields.
2. In the tech rally, Tesla rose nearly 20%. Apple, Facebook rose
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
Tech stocks took a breather in the pre-market after Apple and Facebook rose more than 4% each. Tesla on Wednesday contributed to its 19.6% surge in its previous session, breaking a five-day losing streak and wiping out almost all losses along the stretch. Elon Musk’s electric car maker, which is up more than 450% in the past 12 months, still fell 25% from its all-time high of $ 900 per share in late January.
3. GE sells its jet lease unit to AerCap for $ 30 billion
On March 29, 2017, technicians build LEAP engines for jetliners at a General Electric (GE) facility in Lafayette, Indiana.
Alwyn Scott | Reuters
General Electric announced on Wednesday that it will sell its $ 30 billion jet leasing business to AerCap. This would create a massive lessor as the aviation industry grapples with the Covid-19 pandemic and GE tries to reduce its debt burden. GE shares rose slightly in premarket trading after the deal was announced, while AerCap shares rose more than 4%. Citing “significant changes in recent years,” GE also said its board will recommend that shareholders approve an 8-way reverse stock split.
4. Eli Lilly’s combined Covid therapy reduces serious illness and death in large study
An Eli Lilly and Company pharmaceutical manufacturing facility is pictured at 50 ImClone Drive in Branchburg, New Jersey on March 5, 2021.
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Eli Lilly said Wednesday that his Covid antibody therapy reduced the risk of hospitalizations and death by 87% in a study of more than 750 high-risk coronavirus patients. It is the second large, late-stage study to show that combination treatment is effective in treating mild to moderate cases of illness. US regulators approved Lilly therapy in February for emergencies in Covid patients 12 years and older at high risk of serious complications.
5th House wants to approve Covid stimulus and give Biden a win
U.S. President Joe Biden will address International Women’s Day at the White House in Washington on March 8, 2021.
Tom Brenner | Reuters
The democratically controlled house is expected to approve the $ 1.9 trillion Covid Relief Act passed by the Senate on Wednesday, following the partisan model. President Joe Biden is expected to sign it to seal an early victory in promoting democratic priorities and demonstrating party unity. The bill includes up to $ 1,400 in direct payments to most Americans, a federal unemployment benefit increase, and hundreds of billions of dollars in Covid vaccines and treatments, schools, state and local governments, and troubled industries, from airlines to concert halls .
– Reuters and The Associated Press contributed to this report. Find out about the latest pandemics on our coronavirus blog.
