Here are the most important news, trends and analysis that investors need to start their trading day:
1. Stock futures point to more weakness
Traders on the floor of the New York Stock Exchange.
Source: NYSE
Futures contracts linked to major US equity indices fell, pointing to the third straight day of losses on Wall Street.
Futures contracts linked to the Dow Jones Industrial Average showed a loss of around 50 points at the opening. S&P 500 futures fell 0.2% and Nasdaq 100 futures lost 0.2%. Big Tech, which was hit hard in the previous session amid rising bond yields, continued to trade in the red in the pre-market. Apple, Microsoft, Facebook, Alphabet and Netflix fell slightly in early trading.
The shares recorded heavy losses during Wednesday’s regular trading, with rising bond yields scaring investors. The S&P 500 fell 1.3%, while the DJIA closed down 119 points, or 0.38% below. The Nasdaq Composite was the relative worst performer, falling 2.7% as technology names declined.
Events that moved the market on Thursday include a speech by Federal Reserve Chairman Jerome Powell at The Wall Street Journal Jobs Summit.
2. Unemployment claims on deck
The couple Renne Alva, 37, and Travis Wasicek, 43, are sitting among their belongings along Seawall Boulevard as they embrace to keep warm after the record winter temperatures in Galveston, Texas, on February 18, 2021. The couple said who have been homeless in the past year after losing their jobs due to the economic downturn in the global coronavirus pandemic (COVID-19).
Adrees Latif | Reuters
Investors will also receive an update on the pace of the labor market recovery when data on the first unemployment insurance claims for the week ending February 27 are released. Economists consulted by Dow Jones are forecasting 750,000 filers for the first time.
In the previous week, claims for unemployment benefits reached 730,000, well below the Dow Jones estimate of 845,000. Continued claims have reached a new low in the pandemic era, just over 4.42 million.
3. Biden agrees to restrict $ 1,400 stimulus checks
US 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
President Joe Biden supported a plan to cut income limits so that Americans receive stimulus checks as part of the $ 1.9 trillion coronavirus relief package that will be approved in the coming days, a Democratic source said Wednesday. market.
The structure would reduce the direct payment revenue limits approved by the Chamber. Under the lower house design, individuals who earn up to $ 100,000 (and joint filers who earn up to $ 200,000) would have received some amount. Under the new plan, elimination levels for $ 1,400 stimulus checks would be $ 75,000 in income for single registrars, $ 112,500 for heads of household and $ 150,000 for joint registrars.
The House is expected to approve a version of the Senate bill next week.
4. Melvin Capital gained more than 20% in February
This illustration photo shows a person checking GameStop stock on a smartphone on February 17, 2021 in Los Angeles while the Reddit logos, Citadel, Robinhood and Melvin Capital are seen in the background before the virtual hearing involving GameStop actions.
Chris Delmas | AFP | Getty Images
5. The SpaceX Starship rocket prototype explodes after a successful landing
The prototype of the SN10 rocket is on the launch pad at the company’s facilities in Boca Chica, Texas.
SpaceX
The prototype of the SpaceX starship exploded shortly after landing for the first time after a high altitude flight test.
The cause of Wednesday’s explosion, or whether it was intentional, was not immediately clarified. Elon Musk alternatively refers to the explosions as “RUDs” or unscheduled rapid disassembly.
The company’s test flew with the Starship serial number 10 rocket, or SN10. SpaceX aimed to launch the prototype up to 10 kilometers, or about 32,800 feet in altitude. There were no passengers on board the rocket, which is a development vehicle and flies autonomously.
– Follow all developments on Wall Street in real time with the CNBC Pro live markets blog. Get the latest pandemic news with our coronavirus blog.