Here are the top news, trends and analysis that investors need to start their trading day:
1. Stock futures start higher in the new month after the sell-off in late February
The Wall Street sign is on display in front of the New York Stock Exchange (NYSE) in New York, February 16, 2021.
Brendan McDermid | Reuters
US stock futures began to sharply higher the new month on Monday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq each reporting up more than 1% in an effort to put a dent in the late February decline. While rapidly rising bond yields weighed on equities last week, yields on 10-year Treasury bonds fell from a year high on Monday and traded around 1.43%. The Dow was down 1.8% and the S&P 500 was down nearly 2.5% this week. The Nasdaq took the brunt of the tech sell-off, with a weekly loss of 4.9%. However, the strong start to February was enough to push the Dow, S&P 500 and Nasdaq up nearly 3.2%, 2.6% and nearly 1% respectively this month.
Activist investor Jeff Ubben will join Exxon Mobil’s board of directors, sources told CNBC’s David Faber. Mike Angelakis, chairman and CEO of Atairos and former CFO of Comcast, is also joining the board, sources said. The moves come as Exxon has come under pressure from shareholders to reshuffle its board over the company’s languishing stock price. Exxon jumped 4% in premarket trading.
2. US get third vaccine to fight against Covid
A health worker fills a syringe from a vial with a dose of Johnson & Johnson vaccine against COVID-19 coronavirus as South Africa continues its vaccination campaign at Klerksdorp Hospital on Feb. 18, 2021.
Phill Magakoe | AFP | Getty Images
The CDC has signed up to Johnson & Johnson’s one-time Covid-19 vaccine for people 18 and older, as the federal government prepares to ship millions of doses this week. The FDA gave J & J’s vaccine, which showed 72% efficacy in the US, for emergency use on Saturday. While the two other vaccines approved in the US – two-shot regimens from Pfizer and Moderna – were more than 90% effective each, White House Chief Medical Advisor Dr. Anthony Fauci, Sunday that all three are “really really good”. He told NBC’s “Meet the Press” that Americans should take any vaccine they can get.
3. $ 1.9 trillion pandemic emergency relief bill goes to Senate
Service industry workers support the introduction of the Raise the Wage Act, which includes a minimum wage of $ 15 for tipped workers, on January 26, 2021 in Washington.
Jemal Countess | Getty Images Entertainment | Getty Images
The House passed a $ 1.9 trillion economic stimulus bill early Saturday, defended by President Joe Biden. It included $ 1,400 direct payments to individuals, a federal unemployment rate hike of $ 400 a week through the end of August, and billions of dollars to distribute coronavirus vaccines and help schools and local governments. The measure goes to the Senate, where a provision to increase the federal minimum wage is likely to be dropped. But as NBC News points out, the rest of the package appeared to be in good shape as the Democrats want to use a process that doesn’t require Republican backing.
4. “Never bet against America,” Buffett says in an annual letter
Warren Buffett during an interview with CNBC’s Becky Quick on Feb. 24, 2020. It turned out to be another year in which the billionaire investor shied away from groundbreaking acquisitions in a pricey market, even after a sudden market cash and his company having a huge cash balance.
Gerald Miller | CNBC
Warren Buffett, the 90-year-old “Oracle of Omaha”, remains a strong supporter of the US, saying in Saturday’s publication of his closely reviewed annual Berkshire Hathaway shareholder letter to “never bet against America.” In the markets, Buffett said ultra-low interest rates around the world have diminished the attractiveness of bonds. Buffett also said the Berkshire annual meeting will be held in Los Angeles on May 1, the first time outside of Omaha, Nebraska. Vice Chairman Charlie Munger, who lives in Los Angeles, missed the 2020 meeting due to pandemic travel restrictions. Munger, 97, is expected to join Buffett this year.
5. Buffett bets on Berkshire, Apple remains the best
As Covid fallout spurred markets in 2020, Buffett said in his letter that Berkshire bought back about $ 9 billion worth of stock in the fourth quarter, bringing last year’s total buyback to a record $ 24.7. billion came. Apple still ranks as the conglomerate’s largest common stock investment, which was instrumental in offsetting the pandemic damage to Berkshire’s rail and insurance operations in 2020. The letter did not include any follow-up update or details of what Buffett could do with Berkshire’s more than $ 138 billion in cash on hand by the end of 2020.
– 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.