Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow is expected to rise following Friday’s strong employment report
Trader on the New York Stock Exchange.
2. Yellen is pushing for a global minimum tax on companies
Treasury Secretary Janet Yellen attends a business briefing with President Joe Biden in the Roosevelt Room of the White House in Washington on March 5, 2021.
Tom Brenner | Reuters
Treasury Secretary Janet Yellen on Monday will call for a minimum tax for businesses around the world to keep businesses from moving to find lower tax rates. “We are working with the G20 countries to agree on a global minimum tax rate for companies that can stop the race to the bottom,” Yellen will report on Monday morning at a conference of the Chicago Council on Global Affairs. This comes from a confirmed report by Axios from CNBC. The remarks come as President Joe Biden tries to raise the corporate tax rate to fund a $ 2 trillion infrastructure improvement plan.
3. The GOP’s opposition to Biden’s infrastructure plan is pending
Senator Roy Blunt (R-MO) asks questions during a joint Senate hearing on homeland security and government affairs, and Senate rules and administration, related to the January 6 attack on the U.S. Capitol on March 3, 2021 in Washington, DC, to discuss.
Greg Nash | Getty Images
Missouri Republican Senator Roy Blunt on Sunday called on the president to cut his infrastructure plan to around $ 615 billion and focus on rebuilding physical infrastructure like roads and bridges. The fourth-placed GOP Senator argued on Fox News Sunday that only 30% of Biden’s proposal focused on traditional infrastructure. Blunt said a price cut would allow the White House to run the bill through both houses of Congress. Senate Minority Chairman Mitch McConnell, R-Ky., Said last week the $ 2 trillion package will not receive Republican support.
4. GameStop tanks in the stock sale plan; Tesla jumps on record deliveries
A man is on the phone in front of GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
GameStop fell 14% on the Monday leading up to its IPO after it announced it would sell up to 3.5 million shares as the video game retailer plans to capitalize on its share surge earlier this year after a trading spree sparked by Reddit earlier this year. GameStop announced that it would use the proceeds from the share offering to accelerate the transition of its business model to e-commerce. This plan is led by a top shareholder and board member, Ryan Cohen, co-founder of online pet dealer Chewy. GameStop closed at $ 191 per share on Thursday. It traded up to $ 483 in late January. Before Reddit trading hit, the stock started the year under $ 20.
A Tesla logo on a Model S is photographed at a Tesla dealer in New York.
Lucas Jackson | Reuters
Tesla shares rose more than 7% in the pre-market after the electric automaker announced on Friday that it had shipped nearly 185,000 vehicles in the first quarter. This is a record for the Elon Musk-run company and above estimates for 168,000 deliveries. All vehicles produced in the quarter were Model 3 sedans and Model Y crossover SUVs. Tesla did not produce any of its more expensive Model S sedans and Model X SUVs. However, 2,020 Model S and X vehicles were delivered from inventory. Tesla’s most recent shipments were up more than 100% over the same period last year.
5. The US hires J&J with the facility that botched the Covid vaccine
The exterior view of the Emergent BioSolutions facility on April 1, 2021 in Baltimore, Maryland. In this Baltimore lab, 15 million doses of Johnson & Johnson vaccine were ruined, which will delay the delivery of the vaccine in the United States.
Tasos Katopodis | Getty Images
The US hired Johnson & Johnson to build the Emergent BioSolutions facility, which ruined 15 million doses of the drug maker’s unique Covid vaccine, a senior health official said Saturday. The government also banned AstraZeneca from using the facility. According to the New York Times, Emergent BioSolutions employees at the facility in question mixed mixed ingredients for the J&J and AstraZeneca vaccines. AstraZeneca, whose vaccine has not been approved in the US, said it will work with the Biden administration to find an alternative manufacturing location.
– Associated Press and Reuters contributed to this report. Get the latest information on the pandemic on CNBC’s coronavirus blog.