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Dow, S&P 500, Nasdaq set so as to add to file highs


BY THE NUMBERS

U.S. stock futures rose Tuesday, including to Friday’s record closes for the Dow Jones Industrial Average, S&P 500 and Nasdaq. The U.S. inventory market was closed Monday for Presidents Day. All three inventory benchmarks completed greater final week, in a continuation of February’s power. For the 12 months, as of Friday’s shut, the Dow, S&P 500 and Nasdaq have been up practically 2.8%, 4.8% and 9.4%, respectively. (CNBC)

The 30-year Treasury yield held above 2% early Tuesday as buyers watched for progress on President Joe Biden‘s proposed $1.9 trillion Covid stimulus bundle on Capitol Hill and the push for wider distribution of coronavirus vaccines throughout the U.S. The 10-year Treasury yield rose to greater than 1.26%. (CNBC)

Bitcoin reached a brand new file excessive Tuesday, going over $50,000 per unit for the primary time ever, earlier than paring a few of these good points. Main corporations introduced assist for digital currencies final week. Bitcoin greater than quadrupled in 2020 and it is up over 60% this 12 months. (CNBC)

* MicroStrategy shares rise after firm reveals plans to sell convertible debt to buy more bitcoin (CNBC)

IN THE NEWS TODAY

Greater than 3.8 million households in Texas have been at the hours of darkness Tuesday morning, as file low temperatures boosted demand for power for heat that pushed the state’s electrical grid to its limits. Rolling blackouts, typical on sizzling summer time days, have been imposed in Texas. The frigid climate was a part of an enormous winter blast that introduced snow, sleet and freezing rain to the southern Plains, throughout elements of the Ohio Valley and the Northeast. (AP)

The shortage of energy was so nice that spot costs of wholesale electrical energy on the Texas energy grid spiked more than 10,000% on Monday. Pure fuel futures jumped greater than 6% on Tuesday morning. Nonetheless, RBC analysts said, “Sure regional pure fuel spot costs have shot up 10- to 100-fold in a matter of days.” U.S. oil costs additionally climbed to a pandemic-high above $60 per barrel as drilling and refineries closed down as a result of chilly. (CNBC & Reuters)

Home Speaker Nancy Pelosi stated Monday that Congress will establish an unbiased, 9/11-style fee to look into final month’s lethal revolt on the U.S. Capitol. Investigations into the riot have been already deliberate, with Senate hearings scheduled for later this month within the Guidelines Committee. (CNBC)

* Senate GOP leader McConnell op-ed: Acquittal vindicated the constitution, not Trump (WSJ)
* Social media platform Parler is back online on ‘independent technology’ (Reuters)
* New York prosecutors investigating Trump’s Manhattan properties (WSJ)

Attempting to maneuver past Trump’s acquittal in final week’s impeachment trial, Biden is about to make his first official domestic trips of his presidency, beginning with a CNN city corridor in Wisconsin on Tuesday and a tour of a Pfizer (PFE) Covid vaccine facility in Michigan on Thursday. (AP)

* Israeli study finds 94% drop in symptomatic Covid-19 cases with Pfizer vaccine (Reuters)
* Covid-linked syndrome in children is growing and cases are more severe (NY Instances)

Marriott International (MAR( introduced Tuesday the demise of its CEO Arne Sorenson, who had been present process remedy for pancreatic most cancers. Two weeks in the past, Marriott stated Sorenson would quickly scale back his schedule to facilitate more demanding treatment. Sorenson turned the third CEO in Marriott’s historical past in 2012, and the primary with out the Marriott surname. (CNBC & Press Launch)

STOCKS TO WATCH

CVS Health (CVS): The pharmacy firm reported quarterly earnings of $1.30 per share, 6 cents above estimates. Revenue also topped Wall Street forecasts, helped partially by Covid-19 testing and vaccinations at its places.

Palantir Technologies (PLTR): The enterprise analytics firm’s inventory sank 6.2% within the premarket after reporting a quarterly loss, though income did prime Avenue estimates on a bounce in new contracts.

AutoNation (AN): The auto retailer beat estimates by 42 cents a share, with quarterly revenue of $2.43 per share. Income additionally got here in above estimates as demand stays excessive amid tight inventories. AutoNation introduced the addition of $1 billion to its share repurchase program.

Constellation Brands (STZ): Beer brewer AB InBev (BUD) is suing Constellation over its use of the Corona model identify for its laborious seltzer. AB InBev contends {that a} 2013 deal between the 2 involving the model identify didn’t permit Constellation to make use of it for merchandise apart from beer.

CoreLogic (CLGX): CoStar Group (CSGP) submitted a brand new bid to amass rival actual property knowledge supplier CoreLogic price $95.76 per share in inventory, following CoreLogic’s Feb. 4 settlement to be acquired by private-equity corporations Stone Capital and Perception Companions for $80 per share in money.

Southwest (LUV): The airline stated it continues to expertise a major year-over-year affect on passenger demand on account of Covid-19, though it stated it does anticipate an enchancment from February to March.

Progressive (PGR): The insurer struck a deal to amass Protective Insurance (PTVCB) for $23.30 per share in money, in comparison with Protecting’s Friday shut of $15.01 per share. Protecting shares spiked by about 47% in premarket buying and selling.

Apple (AAPL): Automaker Nissan stated it’s not in talks with Apple a couple of doable autonomous car three way partnership. A report within the Monetary Instances had stated the 2 firms briefly mentioned the matter, however these talks faltered.

Toyota Motor (TM): The automaker will droop manufacturing at 9 factories in Japan following an earthquake that struck Japan’s northeast area final week. Toyota didn’t specify the affect on manufacturing.

Facebook (FB): Fb is designing a smartwatch that may have messaging options in addition to present well being and health data, in response to expertise web site The Data, quoting individuals conversant in the matter. Gross sales of the gadget would begin subsequent 12 months, in response to the report.

Nvidia (NVDA): The FTC has opened an investigation into the graphics chipmaker’s deal to purchase U.Ok.-based chip designer Arm Holdings for as a lot as $40 billion. The deal had reportedly been the topic of protests to regulators by Alphabet (GOOGL), Qualcomm (QCOM) and Microsoft (MSFT).

Bristol-Myers Squibb (BMY): Bristol and French associate Sanofi (SNY) pays greater than $834 million to Hawaii in a case involving the blood-thinning drug Plavix. The state had accused the drugmakers of failing to warn non-white sufferers of the dangers related to the drug. Bristol and Sanofi stated the ruling was not in step with the proof and vowed to enchantment.

Cintas (CTAS): The supplier of uniforms and constructing providers gave a better-than-expected current-quarter earnings outlook, saying it now has a clearer image of the affect of Covid-19 on its enterprise and that its stability sheet stays strong.



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