Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow wants to contribute to the record closing on Wednesday
Traders watch the President’s inauguration on the New York Stock Exchange.
US stock futures rose Thursday after the Dow Jones Industrial Average, S&P 500, and Nasdaq all closed at record highs with President Joe Biden taking office. Biden got to work and signed a number of executive orders, including one requiring Covid masks on federal properties. He is expected to sign 10 pandemic commands on Thursday on his first full day as president. Wall Street has bet on yet another coronavirus stimulus package and a smoother introduction of vaccines under Biden this year. So far, the Dow is up nearly 2% in 2021; the S&P 500 is up more than 2.5%; and the Nasdaq is up 4.4%.
Bitcoin slumped for a second day on Thursday, increasing digital currency losses to more than 10% in 48 hours and wiping billions of dollars from the crypto market. Bitcoin has had some wild weeks of volatility, briefly hitting a record high of over $ 41,940 earlier this month before falling sharply.
2. Unemployment claims fall, but remain elevated
As part of a campaign by Goldman Sachs to support small businesses near the U.S. Capitol in Washington, DC on January 5, 2021, signs are being erected calling for more relief, a second paycheck protection program, and assistance to elected officials.
BRENDAN SMIALOWSKI | AFP | Getty Images
The Department of Labor reported fewer than expected 900,000 new claims for unemployment benefit for the week ended January 16 on Thursday morning. The previous week’s total number of unemployment claims was reduced by 39,000 to 926,000. However, these numbers are still among the highest since late August.
3. The quarterly results continue to flow in
Dow Stock Travelers tops the list of companies reporting profits Thursday morning. The insurance giant reported earnings per share of $ 4.91 for the fourth quarter, well above expectations. Net written premiums increased 3% to $ 7.27 billion. Stocks rose 2%. Dow components Intel and IBM released quarterly results after the closing bell. Both stocks were higher in the pre-market.
United Airlines loads vaccines onto the plane
However, United Airlines shares fell 2% on the Thursday before trading, a day after the airline warned that sales would suffer earlier this year as the pandemic continues. United posted a higher than expected loss of $ 7 per share in the fourth quarter. Sales of $ 3.41 billion also fell short of estimates. The company expects it will exceed its pre-pandemic margins by 2023.
4. Biden describes 10 instructions from the executive to fight Covid
President Joe Biden signs Executive Orders in the Oval Office of the White House in Washington upon his inauguration as the 46th President of the United States on January 20, 2021.
Tom Brenner | Reuters
Biden released the details of his comprehensive plan to fight the coronavirus early Thursday. He announced 10 executive orders and directed the authorities to use US powers during the war to manufacture N95 masks, swabs and other equipment to fight the pandemic. The biden approach to Covid takes place one year after the day of the first reported coronavirus case in the United States. Since then, there have been more than 24.4 million infections and at least 406,147 deaths. In fact, Wednesday’s death toll was the second highest in the pandemic at over 4,370.
5. The newly democratically controlled Senate gets to work
Democratic Senate nominees Jon Ossoff (L), Raphael Warnock (C) and U.S. President-elect Joe Biden (R) take to the stage during a rally outside Center Parc Stadium in Atlanta, Georgia on Jan. 4, 2021.
Jim Watson | AFP | Getty Images
The Senate Finance Committee is expected to vote on Friday on the appointment of former Fed chief Janet Yellen as von Biden’s Treasury Secretary. On Wednesday evening, the Senate confirmed Avril Haines as director of the national intelligence service, making her the first official member of Biden’s cabinet.
With the swearing-in of Georgia’s two new Democratic Senators on Wednesday, their party took control of the Senate in a 50:50 split, with Vice President Kamala Harris casting the casting vote. The Senate needs to balance consideration of Biden’s political agenda and the impeachment process of former President Donald Trump. The Senate proceedings cannot begin until Parliament presents the only impeachment notice against Trump for inciting the uprising on January 6 in the US Capitol.
– Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.