Business

5 issues you need to know earlier than the inventory market opens on February fifth, 2021

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

1. Wall Street shows the best week since November

Traders work on the trading floor of the New York Stock Exchange.

NYSE

US stock futures rose on Friday as government employment growth in January was in line with expectations. The S&P 500 and Nasdaq both rose more than 1% on Thursday to close record highs as a better-than-expected weekly jobless claims report boosted sentiment. Thursday’s Dow Jones Industrial Average was also up 1%, or 332 points, but remained about 0.4% off its January 20th high. Before trading on Wall Street on Friday, the Dow was up nearly 3.6%. the S&P 500 gained more than 4.2%; and the Nasdaq was up over 5.4%. All three stock benchmarks had their best weeks since November.

2. Employment growth recovered in January

A worker welds a structural steel beam during production at SME Steel Contractors’ facility in West Jordan, Utah on February 1, 2021.

George Frey | Bloomberg | Getty Images

The Labor Department on Friday reported an addition of 49,000 non-farm payrolls for January, which is largely in line with estimates. The country’s unemployment rate fell to 6.3%. The economy saw monthly job losses for the first time since April in December as rising Covid-19 cases and increased virus-fighting efforts took their toll. The deficit in December was further reduced to 227,000 jobs.

3. Democrats are pushing the Covid incentive without Republicans

President Joe Biden speaks to State Department officials on his first visit to Washington, DC on February 4, 2021.

Saul Loeb | AFP | Getty Images

The Senate passed a budget resolution early Friday as the Democrats pushed ahead with the process of passing a $ 1.9 trillion coronavirus aid package based on President Joe Biden’s blueprint on partisan model. Biden has said he hopes to strike a deal with the Republicans on Covid Incentives, but the Democrats are taking steps to get the bill passed by budget vote, which means they wouldn’t need GOP votes.

4. J&J seeks FDA emergency for Covid vaccine

Artur Widak | NurPhoto | Getty Images

Johnson & Johnson filed for emergency approval with the FDA for its one-time coronavirus vaccine after data was released last week showing it was about 66% effective. If the application is approved by J&J, this will be the third Covid vaccine approved for emergency use in the US after the two-shot vaccines developed by Pfizer-BioNTech and Moderna. The FDA’s Vaccine Advisory Board will review J & J’s candidate on Feb.26.

5. GameStop hops after another jump

Jakub Porzycki / NurPhoto via Getty Images

GameStop shares rose slightly in the premarket on Friday, a day after closing another 42% when online brokerage Robinhood lifted trading restrictions on the video game maker’s shares and other Reddit short squeeze names. GameStop’s closing price of $ 53.50 per share on Thursday meant a more than 83% drop from last week’s closing price of $ 325. During the week’s 400% gain, stocks hit an all-time high of $ 483 each on Jan. 28.

The GameStop mania may not have been the retailer rebellion seen after multiple data points that institutional investors are citing as big drivers of the wildly moving up prices. It is possible that the noise on social media has most overlooked Wall Street, which is co-opting this trade to make quick money as well, data also shows.

– Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.

Leave your vote

0 points
Upvote Downvote

Related Articles

Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.