Here are the top news, trends, and analysis investors need to get their trading day started:
1. Stock futures indicate more weakness
Traders on the floor of the New York Stock Exchange.
Futures linked to major US stock indices were lower, pointing to Wall Street for the third day in a row.
Futures contracts linked to the Dow Jones Industrial Average indicated a loss of around 50 points on opening. S&P 500 futures fell 0.2% and Nasdaq 100 futures lost 0.2%. Big Tech, badly hit in the previous session due to rising bond yields, continued to trade in the red on the pre-market. Apple, Microsoft, Facebook, Alphabet and Netflix all fell slightly in early trading.
Stocks posted heavy losses during Wednesday’s regular trading as rising bond yields frightened investors. The S&P 500 fell 1.3% while the DJIA was down 119 points, or 0.38%. The Nasdaq Composite was the relative underperformer, falling 2.7% as tech names fell.
Among the market-moving events on Thursday was the speech by Federal Reserve Chairman Jerome Powell at the Wall Street Journal’s Jobs Summit.
2. Unemployment claims on deck
Married couple Renne Alva, 37, and Travis Wasicek, 43, sit among their belongings on Seawall Boulevard and hug to keep warm after record breaking winter temperatures in Galveston, Texas on February 18, 2021. The couple said they were last left homeless a year after losing their jobs due to the economic fallout from the global coronavirus (COVID-19) pandemic.
Adrees Latif | Reuters
Investors will also be informed of the pace of the labor market recovery when unemployment claims data is first released for the week ending February 27. Economists polled by Dow Jones forecast 750,000 first-time applicants.
The week before, unemployment claims hit 730,000, well below the Dow Jones estimate of 845,000. Meanwhile, ongoing claims hit a new pandemic-era low of just over 4.42 million.
3. Biden agrees to curb $ 1,400 of stimulus checks
United States President Joe Biden speaks during a virtual meeting with the House Democratic Caucus at the Eisenhower Executive Office Building in Washington, DC on Wednesday, March 3, 2021.
Yuri Gripas | Abaca | Bloomberg | Getty Images
4. Melvin Capital gained more than 20% in February
This illustrative photo shows a person checking GameStop inventory on a smartphone in Los Angeles on February 17, 2021 while the Reddit, Citadel, Robinhood and Melvin Capital logos appear before the virtual hearing with GameStop inventories in the background.
Chris Delmas | AFP | Getty Images
5. The SpaceX Starship prototype rocket explodes after a successful landing
Starship’s SN10 prototype rocket is on the launchpad at the company’s Boca Chica, Texas facility.
SpaceX’s spaceship prototype exploded for the first time shortly after landing after a high-altitude flight test on Wednesday.
The cause of the explosion, or whether it was intentional, was not immediately clear. Elon Musk alternatively refers to explosions as “RUDs” or “Rapid Unscheduled Disassembly”.
The company test flew with the Starship rocket Serial Number 10 or SN10. SpaceX wanted to launch the prototype to an altitude of 10 kilometers or an altitude of 32,800 feet. There were no passengers on board the rocket as it is a development vehicle and flies autonomously.
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