Here are the most important news, trends and analysis that investors need to start their trading day:
1. Stocks expected to rise after Bitcoin’s swings last week
Traders on the floor of the New York Stock Exchange.
U.S. equity futures rose as technology names in Monday’s pre-market exchanges rocked another rough patch for bitcoin over the weekend. The Dow Jones Industrial Average and S&P 500 fell about 0.5% last week. For the S&P 500, this was its first consecutive weekly loss since February. The Nasdaq resisted the descending draw last week, breaking a four-week losing streak with a 0.3% lead. In the last week of trading in May, before next Monday’s Memorial Day holiday, the Dow Jones was up about 1% for the month and the S&P 500 was down 0.6% for the month. . The Nasdaq down 3.5% as the biggest loser in May.
2. Bitcoin attempts a positive start to the week after wild dives
A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken on April 26, 2021.
Omar Marques | SOPA Pictures | LightRocket | Getty Images
Bitcoin rebounded by around 14% on Monday to around $ 38,000 after last week’s mad rush extended into the weekend. The price of bitcoin fell to less than $ 32,000 on Sunday. Last Wednesday, the world’s largest cryptocurrency experienced a one-day collapse of over 30% to just over $ 30,000 per coin. Bitcoin hit an all-time high of nearly $ 65,000 in April. The recent sell-off was a major reversal for the cryptocurrency, which appeared to be gaining traction among the big Wall Street banks and publicly traded companies. This month, however, bitcoin has been hit by a series of negative headlines from major influencers and regulators.
3. New cases of Covid in US drop dramatically ahead of Memorial Day
People without masks walk in Times Square on May 19, 2021 in New York City.
John Smith | VIEW press | Corbis News | Getty Images
New daily Covid cases in the United States have fallen to their the lowest level in 11 months as the nation gears up for Memorial Day long weekend, the unofficial start of the summer travel season. The seven-day average of initial infections was 25,270 on Sunday, according to data compiled by Johns Hopkins University. New infections have dropped dramatically as more people across the country get vaccinated. According to the latest CDC data, over 49% of the US population have received at least one vaccine, and over 39% are fully vaccinated.
4. The judge in the Epic Games-Apple case is about to grill the lawyers on both sides
Apple CEO Tim Cook is cross-examined by Gary Bornstein as he testifies at the stand in a multi-week antitrust trial in federal court in Oakland, California, United States, May 21 2021 in this courtroom sketch.
Vicki Behringer | Reuters
The judge who will decide the Epic Games-An Apple case is expected grill the avocados on both sides Monday while they are doing their last test points. U.S. District Judge Yvonne Gonzalez has said she hopes to deliver her ruling by Aug. 13. Apple CEO Tim Cook on Friday described controlling the company over its App Store as the best way to serve and protect device users. Epic Games, creator of the hugely popular Fortnite video game, claims the App Store has turned into a vehicle that drives prices up, generating 15% to 30% commissions on in-app transactions and preventing apps from offering other payment alternatives.
5. Virgin Galactic’s last space flight was ‘perfect’, says CEO
Virgin Galactic shares jumped 17% in pre-market Monday, two days after the company’s first space flight in more than two years brought it closer to completing the development of its space tourism system. The stock climbed 30% last week.
Virgin Galactic’s spacecraft, VSS Unity, was transported to an altitude of about 44,000 feet by a carrier aircraft. He was then released, set his rocket motor on fire, did a slow backflip to the edge of space, and landed on the runway in New Mexico from where he had lifted off. Virgin Galactic CEO Michael Colglazier told CNBC the flight was “flawless.”
– The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC Coronavirus Coverage.