(March 1) U.S. stock futures traded higher in early pre-market trade after the House of Representatives voted early Saturday morning to approve President Joe Biden's $1.9 trillion Coronavirus relief package.
Dow Jones Industrial Average futures were up more than 200 points,or 0.91%, while S&P 500 futures gained nearly 1%, Nasdaq-100 futures gained more than 1%. Meanwhile, the 10-year Treasury note yield dipped to 1.386% early in Sunday trading, then slowly regained ground, last at 1.412%. Bond prices move inversely to yields.
*Source From TIGER BROKER, EST 07:46
The House passed the $1.9 trillion Biden stimulus plan Saturday, including $1,400 stimulus checks for many Americans. It also has a $15 minimum wage that can't be included under Senate rules for a budget reconciliation bill. A couple of moderate Democratic Senators will play a key role in how large the stimulus plan ultimately is.
The Caixin China manufacturing index fell 0.5 point in February to 50.9. Earlier, China's official manufacturing index fell from 51.3 in January to 50.6 in February. The services sector gauge fell 1 point to 51.4. Readings above 50 indicate growth.
Bitcoin Price
The Bitcoin price traded below $47,000 Monday morning, off Sunday's lows. The cryptocurrency had trended lower since topping $58,000 on Sunday, Feb. 21. It's still above the sub-$40,000 level when Tesla disclosed it had bought $1.5 billion worth of Bitcoin.
Bitcoin and some related plays, such as Grayscale Bitcoin Trust(GBTC), has been falling toward their 50-day lines. That could be a key level of support.
Ethereum also has fallen sharply in the past week, as speculative investing sours. Dogecoin, which Elon Musk has personally invested in, also has sold off.
US Market Last week
Last week, the Dow lost 1.8%, the S&P 500 fell 2.5%, and the Nasdaq Composite slid 4.9%. That marked the Nasdaq's biggest slide since the week ended Oct. 30, according to FactSet data. February was still a winning month for equites though, with the Dow up 3.2%, the S&P 500 rising 2.6%, and the Nasdaq inching up 0.9%.
Latest News
1) AstraZeneca plc sold its 7.7% stake in Moderna Inc. for over $1 billion, the Times reported.
2) Johnson & Johnson's single-shot coronavirus vaccine candidate has been cleared as the third vaccine in the U.S. for emergency use, a day after it received the unanimous backing of an independent Food and Drug Administration expert panel.
3) Saudi Arabian Airlines plans to order 70 airliners from Boeing and Airbus, according to Saudi news outlet Maaal; Boeing +2% pre-market.
4) The group of "meme" stocks, led by videogame retailer GameStop Corp.that have been volatile in recent weeks as investors on a Reddit subgroup have egged each other on, were active again in premarket trade Monday.
GameStop shares were up 5% pre-market, while shares of AMC Entertainment Holdings Inc. the world's biggest cinema chain, were up 12%. BlackBerry Ltd was up 3.8%, and Naked Brand Group Ltd. was up 9.5%. Koss Corp. a maker of headphones, was up 2.9%.
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