5 things to know before the stock market opens on Wednesday, March 24

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

1. Stocks rally after broad sell-off on Tuesday

People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City on March 19, 2021.

Brendan McDermid | Reuters

2. Yellen, Powell prepares for the second day of financial testimony

Federal Reserve Chair Janet Yellen (left) congratulates Federal Reserve Governor Jerome Powell at his swearing-in ceremony for a new term at the Fed’s board in Washington, in this brochure photo taken and published on June 16, 2014.

United States Federal Reserve | Reuters

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will deliver a second day of economic testimony to lawmakers, as required quarterly by the March 2020 Covid Relief Act. They will appear remotely before the Senate Banking Committee at 10 am ET. On Tuesday, they told the House Financial Services Committee that soaring asset valuations in market pockets are not yet cause for alarm. Yellen and Powell also said they are confident in the stability of the financial sector as the US economy continues to recover from the pandemic.

3. GameStop sinks after the recognition of a possible sale of shares

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 shares fell 12% in Wednesday’s pre-trade after the company acknowledged in a filing that it is considering selling additional equity shares. The stock soared more than 2,400% in the Reddit-fueled trading frenzy in January before crashing. He returned in late February and early this month hoping for a digital transformation. However, stocks in recent days moved lower. After Tuesday’s closing bell, GameStop missed the top and bottom lines with quarterly results. But he did see e-commerce sales rise 175% during the quarter. The company also named former Amazon and Google executive Jenna Owens as its new chief operating officer.

4. Intel to build new chip plants; Amazon appoints new cloud chief

Intel CEO Pat Gelsinger speaks in Santa Monica, California on March 9, 2017, in a photo taken when he was CEO of VMware.

Patrick T. Fallon | Bloomberg | fake images

Shares of Dow Intel rose about 4% in premarket trading after the company said Tuesday night that it will spend $ 20 billion to build two new semiconductor factories in Arizona. The announcement, which coincides with new CEO Pat Gelsinger’s first public comments since taking office, indicates that Intel will continue to focus on manufacturing during industry changes that have led competitors to increasingly separate chip design. and chip manufacturing.

Andy Jassy, ​​CEO of Amazon Web Services, speaks at the WSJD Live conference in Laguna Beach, California on October 25, 2016.

Mike Blake | Reuters

Incoming Amazon CEO Andy Jassy, ​​head of the company’s cloud business for the past 15 years, revealed his successor to Amazon Web Services in a memo to employees. Adam Selipsky, a former Amazon executive and current CEO of Salesforce-owned data visualization software maker Tableau, was chosen to lead the AWS division.

5. Elon Musk says people can now buy a Tesla with bitcoin

Tesla, led by Elon Musk, confirmed that it bought about $ 1.5 billion worth of bitcoin in January and hopes to start accepting it as payment in the future.

Artur Widak | NurPhoto | fake images

Elon Musk announced Tuesday night that it is now possible to buy Tesla vehicles in the US with bitcoin. “Now you can buy a Tesla with Bitcoin,” tweeted CEO Musk, who was also officially named the “Tesla Technoking” this month. People outside the US will be able to buy a Tesla with bitcoin “later this year,” Musk said, without specifying which countries. The electric car maker in February revealed that it bought $ 1.5 billion in bitcoin. At the time, Tesla said that it would soon start accepting the world’s largest and most popular cryptocurrency as a form of payment.

– Get the latest on the pandemic with CNBC Coronavirus Blog.


Source link