Here are the most important news, trends and analysis that investors need to start their trading day:
- Nasdaq set to take a breather after Tuesday's nearly 3.7% surge
- In tech rally, Tesla rocketed almost 20% higher; Apple, Facebook rose
- GE to sell its jet-leasing unit to rival AerCap in $30 billion deal
- Eli Lilly's combo Covid therapy cuts serious illness, death in large study
- House set to approve Covid stimulus, giving Biden a victory
1. Nasdaq set to take a breather after Tuesday's nearly 3.7% surge
Stocks were headed for a mixed open Wednesday, one day after beaten-up tech stocks roared back, pushing the Nasdaq up nearly 3.7% in its best day since November. Declining bond yields supported Tuesday's rally, which extended to the Dow Jones Industrial Average and S&P 500. However, the 10-year Treasury yield moved higher Wednesday, keeping a lid on gains in Dow and S&P 500 futures and pressuring Nasdaq futures. Traders will be looking at the government's 8:30 a.m. ET release of the February consumer price index for signs of any troubling inflation and how that may impact bond yields.
2. In tech rally, Tesla rocketed almost 20% higher; Apple, Facebook rose
Tech stocks were taking a breather in the premarket after the likes of Apple and Facebook on Tuesday each jumped more than 4%. Tesla on Wednesday added to its over 19.6% surge in the prior session, which broke a five-day losing streak and nearly wiped out all the losses over that stretch. Elon Musk's electric auto maker, which has gained more than 450% over the past 12 months, was still down 25% from its all-time high of $900 per share in late January.
3. GE to sell its jet-leasing unit to rival AerCap in $30 billion deal
General Electric on Wednesday said it will sell its jet-leasing business to rival AerCap in a deal valued at $30 billion, a move that would create a massive lessor as the aviation industry struggles through the Covid-19 pandemic and GE moves to reduce its debt load. GE shares fell 2% in premarket trading after the deal was announced, while AerCap shares rose 1.5%. Citing "significant transformation over the past several years," GE also said its board will recommend that shareholders approve a reverse 1-for-8 stock split.
4. Eli Lilly's combo Covid therapy cuts serious illness, death in large study
Eli Lilly said Wednesday its Covid antibody therapy reduced the risk of hospitalization and death by 87% in a study of more than 750 high-risk coronavirus patients. It's the second large, late-stage study to show that the combination treatment is effective at treating mild to moderate cases of the disease. U.S. regulators authorized the Lilly therapy in February for emergency use in Covid patients 12 years old and over with a high risk of developing serious complications.
5. House set to approve Covid stimulus, giving Biden a victory
The Democratic-controlled House on Wednesday is expected to approve, along party lines, the Senate-passed, $1.9 trillion Covid relief bill. President Joe Biden is expected to sign it, sealing an early victory in advancing Democratic priorities and showcasing party unity. The bill includes up to $1,400 direct payments to most Americans, a federal unemployment benefits boost, and hundreds of billions of dollars for Covid vaccines and treatments, schools, state and local governments and ailing industries from airlines to concert halls.
— Reuters and The Associated Press contributed to this report. Get the latest on the pandemic with our coronavirus blog.
"Market" - Google News
March 10, 2021 at 08:12PM
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5 things to know before the stock market opens Wednesday - CNBC
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