5 things to know before the stock market opens on Monday, April 5


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

1. Dow prepares to rally after strong employment report on Friday

Operators of the New York Stock Exchange.

Source: NYSE

2. Yellen to push for a global minimum tax on corporations

Treasury Secretary Janet Yellen attends an economic briefing with United States President Joe Biden in the Roosevelt Room of the White House in Washington on March 5, 2021.

Tom Brenner | Reuters

Treasury Secretary Janet Yellen will ask corporations around the world for a minimum tax on Monday in an effort to prevent companies from relocating to find lower rates. “We are working with the G-20 nations to agree on a global minimum corporate tax rate that can stop the race to the bottom,” Yellen will say at a conference held by the Chicago Council on Global Affairs, according to an Axios report confirmed by CNBC. President Joe Biden is looking to raise the US corporate tax rate as a way to pay for a $ 2 trillion infrastructure improvement plan.

3. Republican Party Opposition to Biden’s Infrastructure Plan Aligns

Senator Roy Blunt (R-MO) asks questions during a joint Senate hearing on Homeland Security and Government Affairs and Senate Rules and Administration to discuss the January 6 attack on the US Capitol March 3, 2021 in Washington, DC.

Greg Nash | fake images

Republican Senator Roy Blunt of Missouri is urging the president to cut his infrastructure plan to approximately $ 615 billion and focus on rebuilding physical infrastructure like roads and bridges. The fourth-ranked Republican senator said on “Fox News Sunday” that only 30% of Biden’s proposal focuses on traditional infrastructure. Blunt said lowering the price would allow the White House to pass the bill through both houses of Congress. Senate Minority Leader Mitch McConnell, R-Ky., Said last week that the $ 2 trillion package would not receive Republican support.

4. GameStop tanks in stock sale plan; Tesla jumps in record deliveries

A man talks on his phone in front of GameStop on 6th Avenue on February 25, 2021 in New York.

John Smith | Corbis News | fake images

GameStop fell 13% in pre-trading on Monday after announcing plans to sell up to 3.5 million shares, as the video game retailer looks to take advantage of its share surge following a Reddit-fueled trading frenzy earlier this year. GameStop said it would use the proceeds to accelerate the shift from its business model to e-commerce. GameStop closed Thursday at $ 191 a share. It traded as high as $ 483 in late January. Before Reddit trading took hold, stocks started the year below $ 20.

A Tesla logo on a Model S is photographed inside a Tesla dealership in New York.

Lucas Jackson | Reuters

Shares of Tesla rose more than 7% in the previous market after the electric carmaker said on Friday it delivered nearly 185,000 vehicles during the first quarter. That’s a record for the company and above the estimates of 168,000 deliveries. All vehicles produced during the quarter were Model 3 sedans and Model Y crossover SUVs. Tesla did not produce any of its more expensive Model S sedans and Model X SUVs. However, it delivered 2,020 Model S and Model X vehicles from inventory.

5. The United States puts J&J in charge of the plant that failed the Covid vaccine

The exterior view of the Emergent BioSolutions plant on April 1, 2021 in Baltimore, Maryland. In this Baltimore lab, 15 million doses of Johnson & Johnson vaccine were ruined, delaying shipments of the vaccine in the United States.

Tasos Katopodis | fake images

The United States put Johnson & Johnson in charge of the Emergent BioSolutions plant that ruined 15 million doses of the drugmaker’s one-shot Covid vaccine, a senior health official said. The government also banned AstraZeneca from using the facility. Emerging BioSolutions workers at the plant in question mixed ingredients for the J&J and AstraZeneca vaccines, according to The New York Times. AstraZeneca, whose vaccine has not been approved in the US, said it will work with the Biden administration to find an alternative production site.

– Associated Press and Reuters contributed to this report. Get the latest on the pandemic with CNBC Coronavirus Blog.

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