5 issues to know earlier than the inventory market opens on Wednesday Might 26th
Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow will bounce back after a three-day winning streak
Traders on the floor of the New York Stock Exchange.
US stock futures rose on Wednesday after the Dow broke a three-day winning streak. Tuesday’s average of 30 stocks closed 81 points, or 0.2%, as the market wrestled for direction ahead of the long Memorial Day weekend. At the session highs it was more than 100 points. The S&P 500 and Nasdaq, both higher for the day, also ended slightly lower. The Dow and S&P 500 were more than 1% off their record high on May 7th on Tuesday. The Nasdaq was 3.4% below its April 26 high. The 10-year Treasury bond yield rose higher on Wednesday but stayed below 1.6% as Federal Reserve officials try to calm inflation fears.
2. Bitcoin is advancing, but the recent collapse is raising the price of gold
A bitcoin logo that appears on a smartphone with stock market percentages in the background in this illustration dated April 26, 2021.
Omar Marques | SOPA Pictures | LightRocket | Getty Images
Bitcoin rose to around $ 40,000 on Wednesday – a week after the world’s largest cryptocurrency crashed by 30% to around $ 30,000. Last week’s sell-off came after authorities in China and the United States tightened regulations and tax compliance on cryptocurrencies. Bitcoin hit an all-time high near $ 65,000 in April.
Twenty kilograms of gold and silver bricks are in the ABC refinery smelter in Sydney, New South Wales, Australia on Thursday July 2, 2020.
David Gray | Bloomberg via Getty Images
Crypto bulls see Bitcoin as a store of value like gold. With its declines, many investors are turning back to the precious metal as an inflation hedge, a historically traditional strategy. Gold approached a 4½ month high on Wednesday, steadily approaching $ 2,000 an ounce. In August 2020, it hit an all-time high of $ 2,063.
3. The CEOs of the major banks are facing hearings in Capitol Hill two days ago
Jamie Dimon, Chairman and CEO of JPMorgan Chase, testifies about JPMorgan Chase’s trading loss during a US House Financial Services Committee hearing on Capitol Hill in Washington, DC on June 19, 2012.
Saul Loeb | AFP | Getty Images
4. Republicans send Biden a counteroffer for infrastructure worth nearly $ 1 trillion
Senator Shelley Moore Capito, a Republican from West Virginia, left, speaks while Senator Roger Wicker, a Republican from Mississippi, center, and Senator John Barrasso, a Republican from Wyoming, during a press conference on Capitol Hill in Washington, DC, USA , listen on Thursday April 22nd, 2021.
Stefani Reynolds | Bloomberg | Getty Images
A group of GOP senators are planning to send President Joe Biden a counter-offer on infrastructure as early as Thursday morning as both sides consider bridging their ideological divide to draft bipartisan law. The proposal could cost nearly $ 1 trillion. Republicans want to offset spending without raising taxes. After the White House cut infrastructure by more than 25% to $ 1.7 trillion, Senator Shelley Moore Capito, RW.Va.
5. Tesla digs radar for autopilot on some models
A Tesla Model 3 was connected and charged at a Supercharger quick battery charging station for electric vehicles in Bersteland on March 2, 2021.
Thomas Koehler | Photo library | Getty Images
Tesla said it is phasing out radar in favor of a camera-based system to enable autopilot capabilities in its Model 3 and Y vehicles in North America. In a tweet on March 12, CEO Elon Musk said Tesla would move to what is known as a pure vision approach. Other automakers, including GM’s Cruise and Alphabet’s Waymo, use radar and lidar sensors alongside cameras in their automated driving systems. All new Tesla vehicles have a standard set of autopilot driver assistance functions. Tesla is also selling a premium software package worth $ 10,000 that is being marketed as fully self-driving.
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