Here are the top news, trends and analysis that investors need to start their trading day:
1. Dow, S&P 500, Nasdaq set to add to record highs
Traders work on the floor of the New York Stock Exchange.
NYSE
US stock futures rallied Tuesday, adding to Friday’s record for the Dow Jones Industrial Average, S&P 500 and Nasdaq. The US stock market was closed on Monday for Presidents Day. All three stock benchmarks ended higher last week, in line with the strength of February. For the year, as of Friday’s close, the Dow, S&P 500 and Nasdaq were up nearly 2.8%, 4.8% and 9.4% respectively.
30-year Treasury yields remained above 2% on Tuesday as investors watched the progress of President Joe Biden’s proposed $ 1.9 trillion Covid stimulus package on Capitol Hill and the push for wider spread of coronavirus vaccines in the U.S. . more than 1.26%.
CVS Health (CVS) reported quarterly earnings of $ 1.30 per share, 6 cents above estimates. Sales also exceeded Wall Street predictions, aided in part by Covid-19 testing and pharmacy vaccinations.
2. Bitcoin hit a new high of over $ 50,000
In this photo illustration, a visual representation of the digital cryptocurrency, Bitcoin can be seen in front of the Bitcoin price chart on February 9, 2021 in Paris, France.
Chesnot | Getty Images
Bitcoin hit a new all-time high on Tuesday, going above $ 50,000 per unit for the first time ever, before slashing some of those gains. Major companies announced support for digital currencies last week, starting with Tesla revealing that it had bought $ 1.5 billion worth of bitcoin. Mastercard said on Thursday that it would support certain cryptocurrencies later this year, while BNY Mellon announced the next day that it would open its custody services to digital assets. Bitcoin has more than quadrupled in 2020 and is up more than 60% since the beginning of this year.
3. Freezer in Texas is causing a massive energy crisis
Cattle shelters from the cold winds on the side of a pump jack on Saturday, February 13, 2021 in Midland, Texas.
Eli Hartman. Odessa American | AP
More than 3.8 million Texas households will grope in the dark on Tuesday morning as record-low temperatures increased the demand for power for heat, pushing the state’s power grid to its limits. Rolling blackouts, usually seen on 100-degree summer days, were imposed in Texas. The power shortage was so great that spot prices of wholesale electricity on the Texas power grid went up by more than 10,000% on Monday. US oil prices also climbed to pandemic highs above $ 60 a barrel. The frigid weather was part of a massive winter storm that brought snow, sleet and freezing rain to the southern plains, across parts of the Ohio Valley and the Northeast.
4. Congress to establish a riot commission in the Capitol
Speaker of the House Nancy Pelosi (D-CA) speaks at a press conference with House impeachment executives on the fifth day of the impeachment trial against former US President Donald Trump, accused of instigating the deadly attack on the US Capitol, in Washington, USA, February 13, 2021.
Al Drago | Reuters
House Speaker Nancy Pelosi said on Monday that Congress will set up an independent 9/11-style committee to investigate last month’s deadly uprising in the Capitol. Investigation into the riot was already planned, with Senate hearings in the Rules Committee later this month.
Prosecutors at the house of impeachment who advocated the conviction of Donald Trump for instigating the attack said on Sunday that they had proven their case. Democrats also railed against Senate GOP leader Mitch McConnell and other Republicans, saying they were “trying to get it from both sides” by finding the former president not guilty while criticizing him.
5. Biden to make the first official domestic travel
President Joe Biden speaks with a bipartisan group of governors and mayors about his Covid-19 relief plan, at the Oval Office of the White House in Washington, DC on Feb. 12, 2021.
Mandel Ngan | AFP | Getty Images
In an effort to move beyond Trump’s acquittal in last week’s impeachment process, Biden plans to maintain a busy schedule targeting the coronavirus for the next week. Biden plans to make his first official domestic tours of his presidency, starting with a CNN town hall in Wisconsin on Tuesday to talk to Americans affected by the pandemic. Biden then visits a Pfizer Covid vaccine facility in Michigan on Thursday, while the drug maker’s and Moderna’s bipartisan regime will gain more access to pharmacies across the country.
– Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Read the latest news about the pandemic with our coronavirus blog.