Here are the most important news, trends and analysis that investors need to start their trading day:
Table of Contents
1. Dow futures turn negative, giving up earlier gains of 200 points
Traders on the floor of the New York Stock Exchange
Source: NYSE
2. Senate to begin debate soon on $1.9 trillion Covid relief bill
U.S. Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters in The Senate Reception Room during the second day of Trump’s second impeachment trial in Washington, February 10, 2021.
Brandon Bell | Pool | Reuters
The Senate is expected to start debate as soon as Wednesday on its version of the House-passed, $1.9 trillion Covid relief bill. However, it excludes a federal minimum wage boost to $15 per hour. President Joe Biden on Tuesday urged Democrats to stand united and approve the measure, even as some party moderates sought to dial back parts of the package. Democrats, with the slimmest of margins in the Senate, are using special rules that would allow them to pass the bill without GOP support.
3. U.S. will have enough Covid vaccines for ‘every adult’ by end of May
A member of the U.S. Armed Forces administers a COVID-19 vaccine to a police officer at a FEMA community vaccination center on March 2, 2021 in Philadelphia, Pennsylvania.
Mark Makela | Getty Images
The U.S. will have a large enough supply of coronavirus vaccines to inoculate every adult in America by the end of May, two months earlier than expected, Biden said Tuesday. The announcement came as the administration works to increase production of Johnson & Johnson’s newly cleared single-shot vaccine, and rival Merck agrees to pitch in.
The Republican governors of Texas and Mississippi announced Tuesday that they’re lifting mask mandates in their states and allowing businesses to reopen at full capacity even as the decline in new daily Covid cases slows. CDC Director Dr. Rochelle Walensky on Monday warned states against lifting public health restrictions too quickly.
4. America’s biggest firms push for path to citizenship for ‘Dreamers’
Demonstrators rally outside the U.S. Supreme Court as justices were scheduled to hear oral arguments in the consolidation of three cases before the court regarding the Trump administration’s bid to end the Deferred Action for Childhood Arrivals (DACA) program in Washington, U.S., November 12, 2019.
Jonathan Ernst | Reuters
5. Stocks to watch: Rocket Companies, Las Vegas Sands, Oscar Health
Rocket Companies fell 6% in Wednesday’s premarket after more than doubling over the past three sessions. On Tuesday, the Quicken Loans and Rocket Mortgage parent surged over 71% on no apparent news. The heavily shorted stock appears to have garnered bullish interest from day traders on Reddit’s WallStreetBets forum.
Casino operator Las Vegas Sands said Wednesday it will sell its Vegas real estate and operations to private equity giant Apollo Global Management for about $6.25 billion. The properties include the Venetian Resort Las Vegas and the Sands Expo and Convention Center. Shares of Las Vegas Sands were up almost 3% in the premarket. Apollo fell nearly 1%. Oscar Health is set to debut Wednesday on the New York Stock Exchange. The health insurance start-up backed by Google-parent Alphabet priced its initial public offering Tuesday evening at $39 per share,
— Follow all the developments on Wall Street in real time with CNBC Pro’s live markets blog. Get the latest on the pandemic with our coronavirus blog.
