5 things you should know before the stock market opens on Monday
Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Dow is expected to rise following Friday’s strong employment report
Trader on the New York Stock Exchange.
2. Yellen is pushing for a global minimum tax on companies
Treasury Secretary Janet Yellen attends a business briefing with President Joe Biden in the Roosevelt Room of the White House in Washington on March 5, 2021.
Tom Brenner | Reuters
Treasury Secretary Janet Yellen on Monday will call for a minimum tax for businesses around the world to keep businesses from moving to find lower tax rates. “We are working with the G-20 countries to agree a global minimum tax rate for companies that can stop the race to the bottom,” Yellen will report at a conference of the Chicago Council on Global Affairs, according to a report confirmed by Axios according to CNBC. President Joe Biden plans to raise the U.S. corporate tax rate to fund a $ 2 trillion infrastructure improvement plan.
3. The GOP’s opposition to Biden’s infrastructure plan is pending
Senator Roy Blunt (R-MO) asks questions about the attack on the U.S. Capitol on March 6, 2021 in Washington, DC, January 6, during a joint Senate hearing on Homeland Security and Government Affairs and Senate Rules and Administration to discuss.
Greg Nash | Getty Images
Missouri Republican Senator Roy Blunt is calling on the president to cut his infrastructure plan to around $ 615 billion and focus on rebuilding physical infrastructure like roads and bridges. The fourth-placed GOP Senator said on Fox News Sunday that only 30% of Biden’s proposal focuses on traditional infrastructure. Blunt said a price cut would allow the White House to run the bill through both houses of Congress. Senate Minority Chairman Mitch McConnell, R-Ky., Said last week the $ 2 trillion package will not receive Republican support.
4. GameStop tanks in the stock sale plan; Tesla jumps on record deliveries
A man is on the phone in front of GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
GameStop fell 13% on the Monday leading up to its IPO after it announced it would sell up to 3.5 million shares as the video game retailer plans to capitalize on the stock surge after a trading spree sparked by Reddit earlier this year. GameStop said it would use the proceeds to accelerate the transition of its business model to e-commerce. GameStop closed at $ 191 per share on Thursday. It traded up to $ 483 in late January. Before Reddit traded, the stock started the year under $ 20.
A Tesla logo on a Model S is photographed at a Tesla dealer in New York.
Lucas Jackson | Reuters
Tesla shares rose more than 7% in the pre-market after the electric automaker announced on Friday that it had shipped nearly 185,000 vehicles in the first quarter. This is a record for the company and above estimates for 168,000 deliveries. All vehicles produced in 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, 2,020 S and X vehicles were delivered from stock.
5. The US hires J&J with the facility that botched the Covid vaccine
The exterior view of the Emergent BioSolutions facility on April 1, 2021 in Baltimore, Maryland. In that Baltimore lab, 15 million doses of Johnson & Johnson vaccine were ruined, which will delay delivery of the vaccine to the United States.
Tasos Katopodis | Getty Images
The US hired Johnson & Johnson to build the Emergent BioSolutions facility, which ruined 15 million doses of the drug maker’s unique Covid vaccine, a senior health official said. The government also banned AstraZeneca from using the facility. According to the New York Times, Emergent BioSolutions employees at the facility in question mixed mixed ingredients for the J&J and AstraZeneca vaccines. AstraZeneca, whose vaccine has not been approved in the US, said it will work with the Biden administration to find an alternative manufacturing location.
– Associated Press and Reuters contributed to this report. Get the latest information on the pandemic with CNBC’s coronavirus blog.