Here are the top news, trends and analysis that investors need to start their trading day:
1. Stock futures are falling after Fed chief Powell’s comments
Traders on the trading floor of the New York Stock Exchange.
Source: NYSE
US stock futures fell Thursday after Federal Reserve Chairman Jerome Powell told the NPR’s ‘Morning Edition’ that Covid’s economic stimulus and vaccinations allowed the US economy to recover faster than expected and that central bankers at some point were releasing emergency aid. could withdraw. .
Late day sales reversed gains and dragged the S&P 500 down 0.6% Wednesday. The Dow Jones Industrial Average fell lower in the closing seconds of Wednesday’s session. The Nasdaq was down 2% after a slightly higher opening gave way to a sales day. Tech stocks were lower despite 10-year government bond yields below the recent 14-month high, while the market rotation of high-flying names continued. The Nasdaq last closed with a record in February. The Dow and S&P 500 last closed at record highs last week.
The Labor Department will report its weekly look at unemployment claims at 8:30 a.m. ET, an hour before the stock market opens. Economists expect 735,000 new claims for unemployment benefits last week. That would be 35,000 lower than the week before, when there was an unexpected jump, even as many states relaxed Covid’s restrictions on businesses.
2. AstraZeneca revises the data from the Covid vaccine with a lower efficacy rate
A health professional prepares to inject an AstraZeneca vaccine against coronavirus disease (COVID-19).
Eloisa Lopez
AstraZeneca has published updated Covid vaccine figures from its late-phase investigation in the US and Latin America, after US health officials earlier this week questioned the accuracy of preliminary data. The UK-based drug giant now says its vaccine is 76% effective at protecting against symptomatic cases of viruses. A release released on Monday reported an efficacy rate of 79%. AstraZeneca reiterated that its two-stage regimen was “well-tolerated” by the participants and no safety concerns were identified.
3. Biden to hold the first press conference of his presidency
US President Joe Biden will replace his face mask after an Equal Pay Day event at the South Court Auditorium in the Eisenhower Executive Office Building on March 24, 2021 in Washington, DC.
Chip Somodevilla | Getty Images
The White House announced on Thursday that it is allocating an additional $ 10 billion to try to boost vaccination coverage in low-income, minority, and rural communities. More than 25% of the entire US population has received at least one dose of vaccine, including 14% fully vaccinated. The Pfizer and Moderna vaccines require two injections, while the Johnson & Johnson vaccine is just one injection.
Against the backdrop of increasing Covid cases in many states and more than 30 million US infections, President Joe Biden will hold his first presidential press conference. He is expected to point to an increase in vaccinations, encouraging signs in the economy and the benefits Americans will receive from the latest sweeping stimulus package. He’s also likely to be faced with a wide variety of questions, from US-Mexico border security to gun control in the wake of mass shootings in Colorado and Georgia.
4. Oil prices are falling as concerns about Covid outweigh the disruptions of the Suez Canal
Cropped satellite images taken on March 23, 2021 show the freight container ship Ever Given blocking Egypt’s Suez Canal.
Planet Labs
Oil prices fell on Thursday as concerns about fuel demand re-emerged, in addition to concerns about steps back in the global battle against Covid. Prices of the US benchmark West Texas Intermediate crude oil and the international Brent benchmark each fell about 2% a day after rising nearly 6% due to the disruptions to shipping caused by the grounding of a giant container ship in the Suez Canal, an important oil trade route. According to the CEO of a Dutch company helping with the salvage efforts, it could take weeks to clear up.
5. Lawmakers to pressure tech CEOs for speech, misinformation
Facebook CEO Mark Zuckerberg testifies before the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law at a hearing on Online Platforms and Market Power held in the Rayburn House office building on Capitol Hill, Washington, DC, July 29, 2020.
Mandel Ngan | Swimming pool through Reuters
Big Tech leaders on Thursday are scheduled to testify at a virtual House panel hearing on attempts to prevent their platforms from spreading falsehoods and inciting violence. Facebook CEO Mark Zuckerberg, Twitter CEO Jack Dorsey and Alphabet CEO Sundar Pichai, whose company owns Google and YouTube, will face mounting pressure following the January 6 uprising in the Capitol and the proliferation of misinformation about Covid Vaccines. There is growing support in Congress for imposing new restrictions on legal protections regarding speech posted online.
– The Associated Press and Reuters contributed to this report. Get the latest news about the pandemic with CNBC’s coronavirus blog