Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow Futures Bounce Back From Biggest One-Day Loss in February
The Wall Street sign is seen outside the New York Stock Exchange (NYSE) in New York City on February 16, 2021.
Brendan McDermid | Reuters
U.S. equity futures rose on Friday after the Dow Jones Industrial Average, S&P 500 and Nasdaq suffered their biggest single-day losses in the scorching month of February. The Dow Jones, which shattered a three-day winning streak and fell from a record closing record, stayed on track for a positive week, which would be its third in a row. The S&P 500 and Nasdaq are running three-day losing streaks and are on course for their first weeks of loss in the past three.
Bitcoin, which topped $ 52,000 this week, hit another all-time high early Friday near $ 53,000 per unit. After Tesla and other companies recently showed their support for the world’s largest cryptocurrency, the big financial firms seemed to be heating up there as well. Treasury Secretary Janet Yellen told CNBC on Thursday that she believed bitcoin to be a “highly speculative asset.”
2. Treasury Secretary Yellen pushes for a major Covid relaunch
Treasury Secretary Janet Yellen speaks during a virtual panel discussion with attendees from local black chambers of commerce on February 5, 2021 in Washington, DC.
Drew Angerer | Getty Images
As the House intends to adopt its version of the President Joe Biden’s $ 1.9 trillion coronavirus relief plan by the end of next week, Yellen told CNBC that a broad stimulus package was needed for the economy to regain full strength. “The cost of doing too little is much higher than the cost of doing something big,” she said. “We believe the benefits will far outweigh the costs in the long run.” Democrats hope to get their bill through Congress by March 14, when major federal unemployment benefit programs expire.
3. Biden Pledges Billions in Global Covid Vaccination Aid
President Joe Biden speaks during a meeting with union leaders on coronavirus relief in the Oval Office on Wednesday February 17, 2021.
Pete Marovich | Bloomberg | Getty Images
Biden is expected to announce on Friday that the United States will dedicate $ 4 billion to international Covid vaccination efforts. He will engage in his first virtual meeting as chair with G-7 leaders. Biden will also urge other countries to invest more in the global fight against the pandemic.
Later that day, Biden Michigan trip to visit Pfizer’s vaccine manufacturing plant in Kalamazoo, a trip slated to take place on Thursday but was postponed due to winter conditions. Biden made his first domestic trip as president on Tuesday, traveling to Wisconsin for a CNN town hall on the coronavirus.
4. Uber takes a hard hit as the main drivers of UK court rules are workers
A driver uses the Uber app to drop off a passenger in London.
Chris J. Ratcliffe | Bloomberg via Getty Images
Actions of Uber fell 3% in the pre-market after the UK’s highest court ruled on Friday that the company’s drivers should be classified as workers rather than independent contractors. The ruling ends an almost five-year legal battle between Uber and a group of former drivers in Britain. Uber insists that its drivers are self-employed and that it acts more like an “agency” that connects them with passengers through an app. The company overcame a challenge in its California home market in November, when voters backed a voting proposal that solidified app-based food delivery and drivers’ status as independent contractors, not d ’employees.
5. Citadels Ken Griffin defends controversial Wall Street practice
Ken Griffin, Founder and CEO, Citadel
Mike Blake | Reuters
During thursday At the GameStop hearing on Capitol Hill, Citadel’s Ken Griffin defended a controversial method used by brokers to make money and said his business would adapt if new regulations outlaw the practice. Members of Congress have spent much of their time insisting on “payment for the flow of orders,” a practice in which a brokerage receives payment from a market maker like Citadel for directing the order to. them. This model allows Robinhood and other brokers to offer commission-free transactions. “I believe payment for order flow has been a significant source of innovation in the industry,” Griffin said.
Reuters contributed to this report. Follow all Wall Street developments in real time with CNBC Pro’s Live Markets Blog. Get the latest news on the pandemic with our coronavirus blog.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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