Here are the top news, trends and analysis that investors need to start their trading day:
1. Dow will rise after Friday’s strong jobs report
Traders on the New York Stock Exchange.
Source: NYSE
2. Yellen is pushing for a global minimum tax on companies
Treasury Secretary Janet Yellen attends an economic briefing with US President Joe Biden at the Roosevelt Room at the White House in Washington, March 5, 2021.
Tom Brenner | Reuters
Treasury Secretary Janet Yellen will call for a minimum tax on businesses around the world Monday morning in an effort to prevent businesses from relocating to find lower rates. “We are working with G20 countries to agree on a global minimum corporate tax rate that can stop the race to the bottom,” Yellen said at a conference held by the Chicago Council on Global Affairs, according to a report from Axios. confirmed by CNBC. The comments come as President Joe Biden seeks an increase in the US corporate tax rate as a way to pay for a $ 2 trillion infrastructure improvement plan.
3. GOP opposition to Biden’s infrastructure plan agrees
Senator Roy Blunt (R-MO) asks questions during a joint Senate Homeland Security and Governmental Affairs & Senate Rules and Administration hearing to discuss the January 6 attack on the U.S. Capitol on March 3, 2021 in Washington, DC.
Greg Nash | Getty images
Republican Senator Roy Blunt of Missouri urged the president on Sunday to reduce his infrastructure plan to about $ 615 billion and focus on rebuilding physical infrastructure such as roads and bridges. The fourth GOP senator argued on “Fox News Sunday” that only 30% of Biden’s proposal focuses on traditional infrastructure. Blunt said lowering the price would allow the White House to pass the bill through both chambers of Congress. Senate Leader Mitch McConnell, R-Ky., Said last week that the $ 2 trillion package would not receive Republican support.
4. GameStop tanks on stock sales plan; Tesla is jumping on record deliveries
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 fell 13% in Monday’s premarket after announcing plans to sell up to 3.5 million shares as the video game retailer appears to be taking advantage of its stock surge following a Reddit-fueled trading frenzy earlier this year. GameStop said it would use the proceeds to accelerate its business model shift to ecommerce. GameStop closed at $ 191 a share on Thursday. It traded to $ 483 in late January. Before the Reddit trading began, the stock started the year below $ 20.
A Tesla logo on a Model S has been photographed at a Tesla dealer in New York.
Lucas Jackson | Reuters
Tesla shares rose more than 7% in the premarket after the electric carmaker said Friday it delivered nearly 185,000 vehicles in the first quarter. That’s a record for the Elon Musk-led company and above estimates for 168,000 deliveries. All vehicles produced during 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, it did provide 2,020 Model S and Model X vehicles from the inventory.
5. US puts J&J in charge of factory that ruined Covid vaccine
The exterior view of the Emergent BioSolutions plant on April 1, 2021 in Baltimore, Maryland. At this Baltimore lab, 15 million doses of Johnson & Johnson vaccine were ruined, which will delay shipping of the vaccine to the United States.
Tasos Katopodis | Getty images
The US put Johnson & Johnson in charge of the Emergent BioSolutions plant that ruined 15 million doses of the drug company’s one-time Covid vaccine, a senior health official said Saturday. The government also banned AstraZeneca from using the facility. According to The New York Times, emerging BioSolutions employees mixed ingredients for the J&J and AstraZeneca vaccines at the plant in question. AstraZeneca, whose vaccine is not approved in the US, said it will work with the Biden government to find an alternative manufacturing site.
– The Associated Press and Reuters contributed to this report. Get the latest news about the pandemic with CNBC’s coronavirus blog