5 things to know before the stock market opens on March 8, 2021

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

1. Nasdaq braces for steep decline after Friday’s comeback

Scaffolding in front of the New York Stock Exchange (NYSE) in New York’s financial district, Friday, March 5, 2021.

Michael Nagle | Bloomberg | fake images

US stock futures were mostly down on Monday, with the Nasdaq plummeting and tech names indicated to start the new week after Friday’s big change. Tesla lost another 2% in the pre-market after closing below $ 600 a share on Friday for the first time since early December. The stock has lost a third of its value since its all-time intraday high in late January.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq broke three-session losing streaks on Friday with strong gains. During the week, the Dow and the S&P 500 gained 1.8% and 0.8%, respectively. However, the Nasdaq fell 2% last week. The Dow and S&P 500 are up nearly 3% and 2.3%, respectively, since the beginning of the year. The Nasdaq was just above breakeven before Monday’s open.

2. Treasury yields rise after passage of the Senate Covid relief bill

United States Senate Majority Leader Senator Chuck Schumer (D-NY) speaks during a weekly press conference at the United States Capitol March 2, 2021 in Washington, DC.

Alex Wong | Getty Images News | fake images

The Senate’s passage of the $ 1.9 trillion Covid relief bill on Saturday was not enough to put stocks in the green on Monday, as more economic stimulus in addition to an already rebounding economy continued to stoke stocks. concerns about inflation. That is driving bond yields higher on Monday, with the 10-year Treasury yield trading around 1.6%, down from Friday’s one-year high. The 10-year yield has risen rapidly since the end of January, adding more than 0.5% in just over a month.

3. Biden says direct payments of up to $ 1,400 will go out soon

United States President Joe Biden speaks during a roundtable meeting with Americans who will benefit from the COVID-19 pandemic relief checks that are part of the United States Rescue Plan on March 5, 2021 in Washington, DC.

Samuel Corum | fake images

The Democratic-controlled House aims to pass the Covid stimulus package approved by the Senate on Tuesday and then send it to President Joe Biden for his signature. The bill passed in the Senate on Saturday comes with a minor increase in compromise federal unemployment benefits and no increase in the federal minimum wage. The legislation includes direct payments of up to $ 1,400 to most Americans, which Biden said Saturday could start coming out within two weeks.

4. Actions to follow: Disney, Comcast, GameStop, GE

An entrance area to Disneyland is empty on September 30, 2020 in Anaheim, California.

Mario Tama | fake images

Disney shares rose more than 1% in premarket trading Monday after California officials authorized theme parks to open at reduced capacity on April 1 on Friday. They closed almost a year ago due to the pandemic. The order includes Disneyland in the southern part of the state, Comcast’s Universal Studios Hollywood and others. Disney World in Florida and Universal Studios Orlando opened with capacity limits during the summer. Shares of Comcast, parent company of NBCUniversal and CNBC, fell in the previous market.

A man looks at GameStop on 6th Avenue on February 25, 2021 in New York.

John Smith | Corbis News | fake images

Shares of GameStop rose about 12% in pre-trading Monday after Bloomberg reported that the company chose board member Ryan Cohen to guide the video game retailer’s transition to an e-commerce business. Cohen, a major GameStop investor and founder of online pet retailer Chewy, will lead a board working group on digital changes.

Larry Culp, CEO of General Electric

Scott Mlyn | CNBC

General Electric is closing in on a more than $ 30 billion deal to combine its aircraft leasing business with Ireland’s AerCap Holdings, according to The Wall Street Journal. GE Capital Aviation Services is one of the largest aircraft rental companies in the world, leasing passenger aircraft manufactured by companies such as Boeing and Airbus. GE shares rose about 2.5% in Monday’s pre-trade.

5. Oil prices rise after the attack on the facilities in Saudi Arabia

Brent crude, the international benchmark for oil, rose above $ 70 a barrel on Monday for the first time in more than a year. The increase came after Saudi Arabia said on Sunday that its Saudi Aramco facilities were targeted by missiles and drones. Yemen’s Houthi movement aligned with Iran claimed responsibility for the attack. West Texas Intermediate crude, the US benchmark, was also up, trading above $ 66 in nearly a two-year high.

– 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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