Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to add to Wednesday’s record high close
Traders work on the floor of the New York Stock Exchange.
Dow futures rose about 100 points Thursday, one day after the 30-stock average surged 1.5% to close at a record high as falling bond yields and the newly passed Covid stimulus package spurred equity buying. The Nasdaq took a breather after Tuesday’s nearly 3.7% rally. However, tech stocks, including Apple and Tesla, were popping in Thursday’s premarket, sending Nasdaq futures up more than 200 points or 1.6%.
2. Bond yields down ahead of jobless claims data
The 10-year Treasury yield fell again Thursday, trading around 1.5%, ahead of the government’s weekly report on jobless claims, out at 8:30 a.m. ET. Economists expect 725,000 new filings for unemployment benefits last week. That would be down 20,000 from the prior week, when the Labor Department reported about 10 million people were still out of work through February. The agency also indicated that more than 18 million continued to receive some form of unemployment compensation through Feb. 13.
3. Biden to address nation on coronavirus response
U.S. President Joe Biden speaks during an event with the CEOs of Johnson & Johnson and Merck at the South Court Auditorium of the Eisenhower Executive Office Building March 10, 2021 in Washington, DC.
Alex Wong | Getty Images
President Joe Biden is scheduled to deliver a primetime address Thursday night, to talk about the next phase of the U.S. response to Covid, one year since the World Health Organization declared the spread of the coronavirus a pandemic.
On Friday, Biden plans to sign the $1.9 trillion relief package, which passed the Democratic-held House on Wednesday and Senate on Saturday with no Republican votes. The plan includes a federal unemployment benefits boost, direct payments of up to $1,400 to most Americans, tax credit expansions, and funds for vaccine distribution and state and local governments.
The past year of the pandemic saw over 118 million global Covid infections and 2.6 million deaths, according to data from Johns Hopkins University.
- The U.S. accounted for 24% of the world’s cases and at least 529,267, or about 20%, of the fatalities.
- There were 58,611 new infections in America on Wednesday, slightly above the seven-day average but down 80% from single-day peak on Jan. 2.
- The U.S. has approved three vaccines for emergency use: Two-shot regimens from Pfizer and Moderna and a one-shot course from Johnson & Johnson.
- The CDC’s numbers show that nearly 33 million people, or almost 10% of the U.S. population, have been fully vaccinated.
5. It’s Day 2 on NYSE for Roblox and debut for Coupang
The New York Stock Exchange welcomes executives and guests of Roblox (NYSE: RBLX), today, Wednesday, March 10, 2021, in celebration of its Direct Listing.
Shares of Roblox, a kids gaming app that surged in popularity during the pandemic, jumped another 10% in the premarket after one of Cathie Wood’s popular Ark funds bought the stock on its first day. The direct listing soared over 54% in Wednesday’s from its reference price of $45 per share, giving it a market value of more than $38 billion.
Coupang is set to make its Wall Street debut on the New York Stock Exchange on Thursday after the South Korean e-commerce company priced its 130 million share IPO at $35 per share. That’s above the expected range of $32 to $34. Coupang raised $4.6 billion in the largest U.S. initial public offering so far this year.