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5 things to know before the stock market opens on February 23, 2021


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

1. The Nasdaq is expected to sink again as the Big Tech slide continues

U.S. Equity Futures were mostly lower on Tuesday, indicating a 1.4% drop in the Nasdaq, a day after the index fell nearly 2.5% in its worst daylong decline in nearly a month. Tech stocks continued to slide in Tuesday’s pre-market, with Apple down 2% after closing down almost 3% on Monday.

Dow Stock Home Depot fell 2% in pre-market trade over concerns that sales gains from the Covid pandemic may last. A drop in inventories of this magnitude would result in a significant drop in modest gains since the start of the year.

The S&P 500 Monday fell nearly 0.8%, in a fifth consecutive decline, his worst losing streak in nearly a year. The Dow Jones Industrial Average held up to Monday’s descending draw, closing slightly higher. He does it again Tuesday morning. All three stock indexes remained stronger during the month.

2. Bond yields rose ahead of Powell’s testimony this week

As part of a mandated biannual economic testimony, the Chairman of the Federal Reserve Jerome Powell go to Capitol Hill twice this week, appearing Tuesday before the Senate Finance Committee and Wednesday before the House Financial Services Committee. Rising bond yields and accompanying inflation fears add a higher level of interest around Powell’s remarks. The 10-year Treasury yield, which moves inversely with price, was slightly lower on Tuesday morning. But it’s been increasing lately and trading around 1.36%. It was as high as 1.39% on Monday, the highest in about a year.

3. Bitcoin sinks below $ 50,000; Tesla shares fall again

Bitcoin plunged 12% Tuesday morning, falling below $ 50,000. The world’s largest digital currency, still up 60% this year, hit a record high of more than $ 58,000 on Sunday. Price fluctuations of more than 10% are not uncommon in the crypto markets. Bitcoin has already climbed to nearly $ 20,000 in 2017 before losing 80% the following year. Secretary of the Treasury Janet Yellen Monday warned about those wild swings.

Tesla CEO Elon Musk speaks during a delivery ceremony for the China-made Model 3 in Shanghai, east China, Jan.7, 2020.

Ding Ting | Xinhua News Agency | Getty Images

Actions of You’re here, which revealed an investment in bitcoin earlier this month, fell another 6% in the Tuesday pre-release. The title fell more than 8.5% Monday, in its largest drop since late September 2020. Certainly, other technology stocks also suffered heavy losses Monday. Before trading on Tuesday, shares of Elon muskThe electric automaker has only grown 1.25% this year. However, in the past 12 months, Tesla has grown by almost 300%.

4. Home Depot, Macy’s Better Than Expected Quarterly Earnings Report

Home Depot Earnings and Revenue in the Fourth Quarter exceeded expectations Tuesday, as consumers continued to invest in their homes due to the pandemic and the strength of the real estate market. However, shares fell on comments from The Home Depot’s chief financial officer, wondering how long the pandemic would last and how it might influence consumer spending.

People wear masks as they walk through Herald Square on January 8, 2021 in New York City.

Angela Weiss | AFP | Getty Images

Actions of Macy’s rose more than 3.5% on pre-market after the retailer on Tuesday morning announced its first quarterly profit in a year. Fourth-quarter revenue also exceeded estimates, as the company’s efforts to reduce inventory during the holiday quarter and rely less on large discounts. Paid. Ahead of Tuesday’s trading, shares of Macy’s have risen 35% this year, although they have struggled for the past 12 months.

5. Electric car maker led by ex-Tesla engineer goes public

Electric vehicle manufacturer Lucid engines plans to go public at a combined stock valuation of $ 11.75 billion through a reverse merger with a blank check company. The agreement between California-based Lucid and Churchill Capital Corp IV is the largest in a series of mergers involving EV companies and special purpose acquisition companies, better known as PSPC. Actions of CCIV fell more than 30% in pre-marketing. But speculation on the deal pushed the PSPC stock to 470% this year alone. Lucid is led by former Tesla Engineering Director and automotive veteran Peter Rawlinson.

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



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