5 things to know before the stock market opens on Wednesday, March 24

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

1. Shares will rebound after Tuesday’s wide sell-off

People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, March 19, 2021.

Brendan McDermid | Reuters

2. Yellen, Powell on his way to Day 2 of Economic Testimony

Federal Reserve Chairman Janet Yellen (L) congratulates Fed Gov. Jerome Powell on his swearing-in ceremony for a new term on the Fed administration, taken in Washington in this award photo and released on June 16, 2014.

US Federal Reserve | Reuters

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will give a second day of economic testimony to lawmakers, as required quarterly by the Covid Relationships Act of March 2020. They will appear remotely before the Banking Commission of the Senate at 10 a.m. ET. On Tuesday, they told the House Financial Services Committee that elevated asset valuations in certain markets are not yet a cause for concern. Yellen and Powell also said they are confident in the stability of the financial sector as the US economy continues to recover from the pandemic.

3. GameStop sinks after confirmation of possible stock sale

A man talks to his phone in front of GameStop on 6th Avenue on Feb. 25, 2021 in New York.

John Smith | Corbis News | Getty Images

GameStop shares fell 12% in Wednesday’s premarket after the company acknowledged in a filing that it is considering selling additional shares. The stock rose more than 2,400% in the Reddit-fueled January trading frenzy before it crashed. In late February and earlier this month, it made a comeback in hopes of a digital transformation. However, stocks have fallen in recent days. After Tuesday’s closing bell, GameStop missed the top and bottom line of quarterly results. But it saw ecommerce sales soar 175% this quarter. The company has also appointed Jenna Owens, former president of Amazon and Google, as its new Chief Operating Officer.

4. Intel to build new chip factories; Amazon appoints new cloud chief

Intel CEO Pat Gelsinger speaks on March 9, 2017 in Santa Monica, California, in a photo taken while he was CEO of VMware.

Patrick T. Fallon | Bloomberg | Getty Images

Intel’s Dow stock rose about 4% in premarket trading after the company said late Tuesday it will spend $ 20 billion to build two new semiconductor plants in Arizona. The announcement, which coincided with new CEO Pat Gelsinger’s first public comments since taking over the job, indicates that Intel will continue to focus on manufacturing during industry shifts that have driven competitors to increase chip design and chip manufacturing. go divorce.

Andy Jassy, ​​Amazon Web Services CEO, speaks at the WSJD Live conference in Laguna Beach, California, Oct. 25, 2016.

Mike Blake | Reuters

Upcoming Amazon CEO Andy Jassy, ​​head of the company’s cloud business for the past 15 years, revealed his successor to Amazon Web Services in a memo to employees. Adam Selipsky, a former Amazon executive and currently CEO of Tableau, data visualization software maker owned by Salesforce, was chosen to lead the AWS division.

5. Elon Musk says people can now buy a Tesla with bitcoin

Tesla, led by Elon Musk, confirmed that it bought about $ 1.5 billion worth of bitcoin in January and expects to accept it as payment in the future.

Artur Widak | NurPhoto | Getty Images

Elon Musk announced late Tuesday that it is now possible to buy Tesla vehicles in the US with bitcoin. “You can now buy a Tesla with Bitcoin,” tweeted CEO Musk, who also officially received the “Technoking of Tesla” this month. People outside the US can buy a Tesla with bitcoin “later this year,” Musk said, without specifying which countries. The electric carmaker revealed in February that it had bought $ 1.5 billion worth of bitcoin. Tesla said at the time that it would soon start accepting the world’s largest and most popular cryptocurrency as a payment method.

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