Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Stock futures mixed as Tesla launches tech profits
Traders on the floor of the New York Stock Exchange.
US stock futures were mixed ahead of a rush of tech profits this week, starting with Tesla after closing on Monday. A third of the S&P 500 companies, including Apple, Microsoft, Amazon, Facebook, and Google Parent Alphabet, will publish quarterly results in the last week of April. Last week, the Dow Jones Industrial Average, S&P 500 and Nasdaq broke multi-week winning streaks with modest losses despite Friday’s rally.
- Tesla shares, which had fallen 19% from its all-time high of $ 900.40 in January, were unchanged ahead of Monday afternoon’s earnings in the pre-market. The stock is still up nearly 3.4% year-to-date and an incredible 415% in the past 12 months.
- Bitcoin rose more than 8% to nearly $ 54,000 early Monday. Last week, after its all-time high of $ 65,000 on April 14, the world’s largest cryptocurrency fell below $ 50,000 as institutional investors and companies like Tesla gained acceptance.
- Apple on Monday announced plans to open a new campus in the Raleigh, North Carolina area. The tech giant will spend over $ 1 billion on the complex and employ 3,000 people.
Mar 2 Durable goods orders are weak as the Fed prepares for fulfillment
An operator stacks a heavy steel strut used for an industrial workbench leg at Tennsco’s facility in Dickson, Tennessee, United States, on February 17, 2021.
Tennsco | via Reuters
In Monday’s economic calendar, the government reported that durable goods orders rose only 0.5% for March. Economists had expected an increase of 2.2% after the revised upward decline of 0.9% in February. The Federal Reserve will hold its April meeting on Tuesday and Wednesday. Central bankers are not expected to take action, but they will likely defend their willingness to let inflation run hot. On Thursday the government will take its first look at the gross domestic product for the first quarter.
3. Biden, to detail his American family plan, tax increases
United States President Joe Biden speaks about his $ 2 trillion infrastructure plan during an event at Carpenters Pittsburgh Training Center in Pittsburgh, Pennsylvania on March 31, 2021.
Jonathan Ernst | Reuters
President Joe Biden is expected to detail his American family plan and the tax increases to be paid for it this week, including a much higher capital gains tax for the rich. The plan is the second part of its Better Back Down agenda and will include new spending proposals designed to help families. According to a new poll by NBC News, 59% think Biden’s infrastructure plan is a good idea. Overall, the President had an approval rating of 53% in his address on Wednesday evening to a joint congress session.
4. The US is lifting the hiatus on the J&J Covid vaccine and releasing the conditions to be used
Johnson & Johnson’s Janssen COVID-19 vaccine will be stored in Chicago, Illinois for use with United Airlines employees at the United Clinic at O’Hare International Airport on March 9, 2021.
Scott Olson | Getty Images
States began administering Johnson & Johnson’s one-off Covid vaccine over the weekend after federal regulators lifted a hiatus in the US on Friday night that was “out of caution” in reports from six women ages 18 and up on April 13 Recommended for 18 years 48, developed a rare bleeding disorder.
Sanofi will fill and package millions of Moderna Covid vaccines to meet demand for two-dose vaccination. Sanofi said it will help deliver up to 200 million doses of the vaccine at its Ridgefield facility in New Jersey. Financial details of the agreement were not disclosed. In January, Sanofi promised to help deliver Pfizer’s two-shot vaccine.
5. India reports that Covid cases have been recorded for a fifth day in a row
A health worker wearing personal protective equipment (PPE) carries a patient suffering from coronavirus disease (COVID-19) in front of the emergency room of Guru Teg Bahadur hospital in New Delhi, India, on April 24, 2021.
Adnan Abidi | Reuters
India reported 352,991 new Covid cases on Monday, a fifth 24-hour record in a row. At least 2,812 people died in a single day, bringing the death toll to over 195,000. Media reports suggest the official national death toll is likely undercounted.
The Biden government said it would immediately provide the raw materials needed to manufacture coronavirus vaccines in India and help India with it when US hospitals came under pressure at the start of the pandemic. The US will also ship therapeutics, rapid test kits, ventilators and protective equipment.
– Reuters contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.