Public Health

5 things you should know before the stock market opens on Wednesday 4th August

Here are the top news, trends, and analysis investors need to start their trading day:

1. Stock futures, bond yields drop after weak job data

Traders work on the New York Stock Exchange (NYSE) in New York City on August 3, 2021.

Andrew Kelly | Reuters

US stock futures fell on Wednesday after weaker-than-expected job data. The S&P 500 broke a two-session losing streak on Tuesday and closed at a record high as broad market strength outweighed travel stocks held back by Covid fears. The Dow Jones Industrial Average also rose for the first time in three sessions on Tuesday and was just below last week’s record high. The Nasdaq rose on Tuesday, ending about 0.5% off last week’s record high.

People enter Goldman Sachs headquarters in New York, United States on Monday, June 14, 2021.

Michael Nagel | Bloomberg | Getty Images

2. Robinhood jumps well above the IPO price for the second time in a row

Vlad Tenev, CEO and Co-Founder of Robinhood Markets, Inc., appears on a screen during his company’s initial public offering on the Nasdaq Market location in Times Square in New York City, United States, on July 29, 2021.

Brendan McDermid | Reuters

Robinhood’s shares were up about 16% pre-IPO after rising more than 24% on Wednesday and surpassing last week’s share price of $ 38. The hugely popular stock trading app is down 8% on its debut Thursday. It soared on Friday and Monday before shooting to $ 46.80 per share on Tuesday. Robinhood appears to be drawing attention to itself among retail investors after shedding about a quarter of its IPO shares to its own clients. It is a “top-traded stock” on Fidelity that is generally a good indicator of individual investor interest.

3. GM, CVS Health Announces Quarterly Earnings Before the Bell

A General Motors assembly worker loads engine block castings onto the assembly line at the GM Romulus Powertrain plant in Romulus, Michigan, the United States, August 21, 2019.

Rebecca Cook | Reuters

General Motors on Wednesday reported earnings of $ 1.97 per share for the second quarter. CNBC’s Phil LeBeau reported it was unclear whether analysts’ estimates of $ 2.23 per share accounted for $ 1.3 billion in warranty costs. Sales of $ 34.17 billion exceeded estimates. GM has raised its forecast for the year. In June, GM forecast better-than-expected results for the second quarter despite the industry-wide impact of scarcity, which is also leading to record vehicle prices and profits. GM shares barely changed at the pre-listing price on Wednesday.

COVID-19 vaccination signs can be seen outside a CVS pharmacy in Washington, DC on May 7, 2021.

Almond Ngan | AFP | Getty Images

CVS Health on Wednesday reported second quarter earnings and revenue that exceeded expectations. The pharmacy chain raised its forecast for the year as the increase in Covid cases in the US due to the Delta variant revives the country’s vaccination campaigns. CVS earned $ 2.42 per share on an 11% jump in revenue to $ 72.62 billion. The shares were stable in the premarket.

4. The FDA is reportedly accelerating the full approval process for the Pfizer vaccine

Nurse Darryl Hana prepares a dose of the Pfizer COVID-19 vaccine at a three-day vaccination clinic at the Providence Wilmington Wellness and Activity Center on July 29, 2021 in Wilmington, California.

Mario Tama | Getty Images

Protesters gather outside the U.S. Capitol in Washington, DC, United States on Sunday, August 1, 2021 during a protest against the expiration of the eviction moratorium.

Bloomberg | Bloomberg | Getty Images

The CDC issued a new federal eviction moratorium. The ban announced on Tuesday is aimed at areas of the country where high levels of coronavirus infections occur. It lasts 60 days until October 3rd. Protection could cover around 90% of tenants. The CDC’s original eviction ban, in effect since September, expired late last month.

5. Yellen says Biden’s agenda is key to sustaining the US recovery

Treasury Secretary Janet Yellen will warn on Wednesday that the adoption of President Joe Biden’s economic agenda is critical to maintaining America’s status as a world superpower, according to a copy of her statements received by CNBC. Yellen, who preceded Jerome Powell as Fed chairman, will deliver the Atlanta address on a White House flash that shed light on the trillion dollar bipartisan infrastructure bill and the Democrats’ even larger $ 3 spending plan To raise $ 5 trillion.

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