Here are the key news, trends and analyzes that investors need to start their trading day:
1. S&P 500 will fall on stock market anniversary
The New York Stock Exchange (NYSE) will open on March 9, 2021 in New York City, Lower Manhattan. The Dow Jones industrial average rose more than 300 points on Tuesday as technology stocks rose, raising optimism about the newly passed Covid relief bill. (Photo by Spencer Platt / Getty Images)
Spencer Platt | Getty Images News | Getty Images
US futures fell on Tuesday after the Dow Jones Industrial Average and S&P 500 lost two sessions. The Nasdaq recorded a second live session with gains and recovered about half of the 3% drop on Thursday. Technical stocks have benefited over the past two sessions from the 10-year Treasury yield that fell back from last week’s 14-month high. Tuesday marks one year since Covid’s low in the stock market, which ended the fastest bear market ever and ushered in another bull market. The S&P 500 has risen by 76% since 23 March 2020, close to 2,237. In recent years, two presidents, Congress and the Federal Reserve, have pursued extraordinary fiscal and monetary policies to support the economy during the pandemic.
2. Yellen, Powell to testify on Capitol Hill on economic recovery
Federal Reserve Chairman Janet Yellen (L) congratulates Fed Governor Jerome Powell on his swearing-in ceremony for a new term on the Fed’s board in Washington with this photo taken on June 16, 2014.
US Federal Reserve | Reuters
Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen testified before the House Financial Services Committee on Tuesday afternoon on the economy ET. Yellen, who was Powell’s predecessor, said she sees growth and possibly full employment next year and recognizes President Joe Biden’s Covid relief package. Powell’s Prepared Remarks argued a cautiously optimistic tone, saying the economy had “improved a lot” but the recovery was “far from complete.” Last week, after its March meeting, the Fed predicted higher growth and inflation, saying interest rates are likely to remain near zero until 2023.
3. AstraZeneca addresses US concerns over vaccine trial data
A vial labeled with the vaccine against AstraZeneca coronavirus (COVID-19) is shown in this illustration on March 19, 2021.
Dado Ruvic | Reuters
AstraZeneca said on Tuesday it would work with an independent group of US health advisers who had expressed concern about possible outdated information in the results of British medicine maker Covid. AstraZeneca said it will “deliver the results of the primary analysis within 48 hours.” White House medical adviser Anthony Fauci told ABC News on Tuesday that the AstraZeneca vaccine “is probably a very good vaccine”. However, he added that US health advisers had become concerned that the information in AstraZeneca’s public statement was “somewhat outdated and may be a bit misleading.” The questions came a day after the company said a late trial in the US and Latin America showed 79% efficiency for its two-stroke regime. The AstraZeneca vaccine has also recently had problems in Europe, and a number of countries have temporarily suspended the use of the vaccine following reports of blood clots.
4. Covid cases are on the rise in parts of the US as some states relax restrictions
People enjoy themselves as they walk along Ocean Drive in Miami Beach, Florida on March 18, 2021. College students arrived in the South Florida area for the annual spring break ritual. City officials are concerned about the large crowd during the spring break as the coronavirus pandemic continues.
Joe Raedle | Getty Images
Covidgevalle is increasing again in more than half of the U.S. as health officials warn about reopening too quickly and the race to vaccinate more people before highly contagious races occur in the country. According to Sunday, the seven-day average of new cases rose by 5% or more in 27 states, according to a OilGasJobz analysis of data compiled by Johns Hopkins University. Across the U.S., the country recorded an average of 54,308 new cases per day over the past week, an increase of 1% compared to the previous week after months of rapidly declining case numbers.
President Joe Biden speaks to members of the South Lawn Press after returning to the White House after a trip to Camp David, Washington, March 21, 2021.
Erin Scott | Reuters
Pray meeting the next big priority in the White House, a $ 3 billion infrastructure package. This is in addition to its recently signed $ 1.9 billion coronavirus stimulation. The president met privately with the Senate Democrats late Monday, as Congress has already begun laying the groundwork for legislation to develop roads, hospitals and green energy systems as part of Biden’s ‘Build Back Better’ campaign promise. While the goal is a dual package, Democrats have shown in Congress that they want to go alone if they are blocked by Republicans.
– Associated Press and Reuters contributed to this report. Get the latest pandemic information with OilGasJobz’s coronavirus blog.