Important things to know before the stock market opens Wednesday
Here’s a list of the most important news, trends and analysis that investors need to start their trading day:
1. Dow could rebound after breaking three-day winning streak
Stock futures for the United States increased on Wednesday after the Dow broke a three-day winning streak.
The 30-stock average closed down 81 points on Tuesday as the market struggled for direction ahead of Memorial Day weekend. It was up more than 100 points at session highs.
2. Bitcoin makes some progress, but the recent collapse has strengthened gold prices
Prices for the popular cryptocurrency “Bitcoin” rose on Wednesday, hovering around $40,000 per coin, after it crashed 30% to around $30,000.
The sell-off came after authorities in China and the US moved to tighten regulations and tax compliance on cryptos.
Bitcoin hit an all time high in April — reaching a valuation of nearly $65,000.
3. Major bank CEOs begin two-day Capitol Hill hearings
JPMorgan Chase’s Jamie Dimon, Goldman Sachs’ David Solomon, Citigroup’s Jane Fraser, Morgan Stanley’s James Gorman, Bank of America’s Brian Moynihan and Wells Fargo’s Charles Scharf face questions from lawmakers about how their institutions navigated the pandemic, providing a window into the economic recovery.
They’re also expected to be grilled over racial wealth inequalities.
4. Republicans to deliver $1 trillion infrastructure counteroffer to Biden
A group on GOP senators are working on a plan to send a $1 trillion infrastructure plan to President Joe Biden.
Republicans want to offset the spending without increasing taxes. After the White House cut its infrastructure offer more than 25% to $1.7 trillion, Sen. Shelley Moore Capito, R-W.Va., said the Democrats’ price tag was still “well above the range of what can pass Congress with bipartisan support.”
5. Tesla ditching radar for Autopilot in some vehicles
Tesla said it’s ditching radar in favor of a camera-based system to enable Autopilot features in its Model 3 and Model Y vehicles in North America.
All new Tesla vehicles include a standard set of Autopilot driver assistance features. Tesla also sells a $10,000 premium software package marketed as full self-driving.
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