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Here are the top news, trends and analysis that investors need to start their trading day:
1. The S&P 500 appears to add to Thursday’s record close
A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus (COVID-19) pandemic in Manhattan, New York, April 16, 2021.
Carlo Allegri | Reuters
US stock futures rose on Friday, a day after the Standard & Poor’s 500 Index hit a record 27 close in 2021 but its first since May 7. Less than 1% of last month’s record close. Thursday’s Nasdaq gains put the tech-heavy index within 1% of its last record close in late April.
Ahead of Friday’s opening on Wall Street, the Nasdaq rose 1.5% for the week, on track for a fourth straight weekly gain for the first time since January. The S&P 500 was looking to seal a three-week winning streak. The Dow is down 0.8% for the week, on track to break two positive weeks in a row.
The 10-year Treasury yield fell on Friday, trading above 1.4%, near its lows in early March before rising above 1.7% to a 14-month high later that month.
2. Mimi’s stocks get some rest after hitting a wall
Silencesgrove, Pennsylvania, US – 01/27/2021: A woman walks past a GameStop store inside the Susquehanna Valley Mall. An online group has sent share prices for GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) trying to put pressure on short sellers.
Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images
Mimi’s shares were getting some relief early Friday after hitting a wall on Thursday. GameStop shares, which tumbled 27% Thursday, are up 6% in the primary market. GameStop investors appeared to be seeking an exit Thursday, a day after the video game retailer announced the appointment of two former Amazon executives as CEO and CFO, and said it could sell up to 5 million additional shares to raise funds. GameStop — after discounting 50% from an all-time high of $483 per share in January — has remained up nearly 1,100% in 2021. Last week’s biggest winner, AMC Entertainment, was up 4% in the #1 market Friday after closing down 13% on Thursday. The stock – down more than 40% from last week’s high of $72.62 – is still up 1900% this year.
3. Biden, G7 leaders support a global minimum corporate tax
US President Joe Biden poses for a photo during a meeting with British Prime Minister Boris Johnson (not pictured) before the G7 summit, in Carbis Bay, Cornwall, Britain on June 10, 2021.
Toby Melville | Reuters
President Joe Biden and G7 leaders will publicly endorse a global minimum corporate tax of at least 15% on Friday, part of a broader agreement to update international tax laws for a globalized digital economy. World leaders, meeting at a resort in the United Kingdom, will announce a plan to replace the digital services tax, which has targeted the largest US tech companies, with a new tax plan tied to where multinationals do business rather than where they are located. based. The White House also said the G7 leaders would agree to “continue to provide political support to the global economy for as long as is necessary to achieve a strong, balanced and comprehensive economic recovery.”
4. Two Royal Caribbean riders tested positive for Covid
This file photo shows the cruise ship Celebrity Millennium at the Kai Tak cruise terminal in Kowloon Bay.
Felix Wong | Southern China Morning Post | Getty Images
Royal Caribbean said late Thursday that two guests on board the Celebrity Millennium cruise ship had tested positive for COVID-19. The tour operator said the passengers were asymptomatic and in isolation. The Celebrity Millennium was one of the first cruises in North America to resume sailing last week. In lifting the pandemic moratorium for more than one year, the CDC required fully vaccinated staff and everyone over 16 to provide proof of vaccination. In the early days of Covid last year, cruise ships became epicenters of the coronavirus.
5. Tesla begins delivery of its new Model S Plaid
Tesla Model S Blade
Source: Tesla
Tesla has begun deliveries of its new Model S Plaid, with a live event Thursday night at the electric car maker’s test track near its plant in Fremont, California. CEO Elon Musk stepped in by driving the Model S Plaid around the track and on stage. Musk, in the weeks leading up to the event, touted the car that had been delayed for months as “the fastest production car ever.” The Model S Plaid, a high-performance version of Tesla’s flagship sedan, starts at $129,990 compared to $79,990 for the 2021 Model S long-range. You need, because Plaid is just so good.”
– Reuters contributed to this report. Follow all the market moves like a pro on CNBC Pro. Get the latest news on the pandemic with CNBC’s coverage of the coronavirus.
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