Here are the top news, trends, and analysis investors need to get their trading day started:
1. Wall Street will open lower due to mounting bond yield concerns
Traders on the floor of the New York Stock Exchange
Source: The New York Stock Exchange
2. Bitcoin slips out of the records as Musk tweets appear high
Tesla, led by Elon Musk, confirmed it bought around $ 1.5 billion worth of bitcoin in January and expects it to be accepted as payment in the future.
Artur Widak | NurPhoto | Getty Images
Bitcoin fell about 7% on Monday and one day topped $ 58,000 for another all-time high. Bitcoin, the world’s largest cryptocurrency, exceeded $ 1 trillion in market on Friday. Elon Musk, whose Tesla made an estimated $ 1 billion in profit on its Bitcoin investment, tweeted early Saturday morning that Bitcoin appears to be high. Tesla’s shares – up 325% over the past 12 months – fell nearly 3% on the Monday before going public.
3. PPP loans have been optimized to reach even smaller businesses
US President Joe Biden speaks at the Pfizer Kalamazoo Covid-19 vaccine production site in Portage, Michigan, on February 19, 2021.
Brendan Smialowski | AFP | Getty Images
President Joe Biden launches changes to the paycheck protection program on Monday to try to reach out to smaller minority businesses and sole proprietorships left behind in previous rounds of relief. Starting Wednesday, the Small Business Administration will only accept unsuccessful PPP loan applications from companies with fewer than 20 employees for two weeks. The program restarted last month with $ 284 billion in new funding from a Covid relief bill passed in late December. According to a Biden administration official, there is still around $ 150 billion in PPP funds available.
4. Total US Covid deaths close to 500,000; Biden plans reminder
(LR) Douglas Emhoff, US Vice President-elect Kamala Harris, Dr. Jill Biden and US President-elect Joe Biden look down the National Mall as lamps are lit to honor the nearly 400,000 American victims of the coronavirus pandemic at the Lincoln Memorial Reflecting Pool January 19, 2021 in Washington, DC.
Chip Somodevilla | Getty Images
While daily deaths in the US have declined in recent weeks, the total deaths from the disease in America, the highest of any country in the world, could top 500,000 as early as Monday, based on data from Johns Hopkins University. When it happens, Biden plans to mark the sad milestone with a moment of silence and a candle-lighting ceremony in the White House. The latest daily numbers show an average of 1,872 people have died in the past seven days, compared to a daily record of 4,407 on Jan. 12. The daily new cases averaged 69,986 over the past seven days. The highest day for new cases was just under 300,000 on January 2.
5. United takes two dozen Boeing 777s out of service after engine failure
A United Airlines Boeing 777-200ER aircraft is towed when an American Airlines Boeing 737 aircraft departs from O’Hare International Airport in Chicago, Illinois.
Kamil Krzaczynski | Reuters
United Airlines will temporarily decommission 24 of its Boeing 777s after one of the planes bound for Honolulu suffered an engine failure shortly after taking off from Denver International Airport on Saturday. The plane returned safely to Denver. Pictures of the flight on social media showed an engine burning and reports on the ground near the airport said the engine parts were raining down.
The FAA ordered the inspection of several Boeing 777 jetliners powered by the same Pratt & Whitney engine, the PW4000. Boeing shares fell 3% in premarket trading. Raytheon, which owns Pratt & Whitney, fell 2%. United shares were down less than 1%.
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