5 things to know before the exchange opens on February 16, 2021

Here are the most important news, trends, and analysis investors need to start their trading day:

1. Dow, S&P 500, Nasdaq prepare to add to all-time highs

Traders work on the floor of the New York Stock Exchange.


US equity futures rose Tuesday, adding to Friday’s record close for the Dow Jones industrial average, the S&P 500 and the Nasdaq. The United States stock market was closed on Monday for Presidents’ Day. All three equity benchmarks finished higher last week, in a continuation of February’s strength. For the year, as of Friday’s close, the Dow, the S&P 500 and the Nasdaq were up nearly 2.8%, 4.8% and 9.4%, respectively.

The 30-year Treasury yield remained above 2% early Tuesday morning as investors watched the progress of the $ 1.9 trillion Covid stimulus package proposed by President Joe Biden on Capitol Hill and the momentum for a wider distribution of coronavirus vaccines in the US The 10-year Treasury yield increased to more than 1.26%.

CVS Health (CVS) reported quarterly earnings of $ 1.30 per share, 6 cents above estimates. Revenues also beat Wall Street forecasts, helped in part by testing for Covid-19 and vaccines at their pharmacies.

2. Bitcoin hit a new high of over $ 50,000

In this photo illustration, a visual representation of the digital cryptocurrency, Bitcoin is shown in front of the Bitcoin course chart on February 9, 2021 in Paris, France.

Chesnot | fake images

Bitcoin hit a new high on Tuesday, topping $ 50,000 per unit for the first time, before slashing some of those gains. Major companies announced support for digital currencies last week, starting with Tesla revealing that it bought $ 1.5 billion worth of bitcoin. Mastercard said on Thursday that it would back certain cryptocurrencies later this year, while BNY Mellon announced the next day that it would open its custody services to digital assets. Bitcoin more than quadrupled in 2020 and is up more than 60% since the beginning of this year.

3. Deep freeze in Texas causes massive energy crisis

Cattle take shelter from the cold wind on the side of a bomb cat array on Saturday, February 13, 2021, in Midland, Texas.

Eli Hartman. | Odessa American | AP

More than 3.8 million homes in Texas are in the dark Tuesday morning as record low temperatures boosted demand for heating power that pushed the state’s power grid to the limit. In Texas, continuous blackouts were imposed, which are generally seen on 100-degree summer days. The power shortage was so great that spot prices for wholesale electricity on the Texas power grid soared more than 10,000% on Monday. US oil prices also rose to a pandemic high above $ 60 a barrel. The freezing weather was part of a massive winter blast that brought snow, sleet and freezing rain to the southern plains, through parts of the Ohio Valley and the Northeast.

4. Congress will establish a riot commission on Capitol Hill.

Speaker of the House of Representatives Nancy Pelosi (D-CA) speaks during a press conference with impeachment managers of the House on the fifth day of the impeachment of former President of the United States, Donald Trump, accused of inciting the deadly attack on the United States Capitol in Washington. United States, February 13, 2021.

Al Drago | Reuters

House Speaker Nancy Pelosi said Monday that Congress will establish an independent 9/11-style commission to investigate last month’s deadly insurrection on the US Capitol. Investigations into the riots were already planned, with Senate hearings scheduled for later this month in the Rules Committee.

House impeachment prosecutors who advocated Donald Trump’s conviction for inciting the attack said Sunday they proved their case. Democrats also slammed Republican Senate Leader Mitch McConnell and other Republicans, saying they were “trying to do both” to find the former president not guilty while criticizing him.

5. Biden will make the first official national trips

President Joe Biden speaks during a meeting with a bipartisan group of governors and mayors about his Covid-19 relief plan, in the Oval Office of the White House in Washington, DC on February 12, 2021.

Mandel Ngan | AFP | fake images

Trying to get past Trump’s acquittal in last week’s impeachment, Biden plans to maintain a busy coronavirus-focused agenda in the coming week. Biden is set to make his first official national tours of his presidency, beginning with a CNN town hall in Wisconsin on Tuesday to speak with Americans affected by the pandemic. On Thursday, Biden visits a Pfizer Covid vaccine facility in Michigan as the drugmaker’s two-shot regimen and Moderna’s begin to make more inroads in pharmacies across the country.

– Follow all developments on Wall Street in real time with CNBC Pro’s Live Market Blog. Get the latest on the pandemic with our coronavirus blog.


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