Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Stocks are expected to rise after last week’s bitcoin-driven swings
Traders on the floor of the New York Stock Exchange.
Source: NYSE
US stock futures rose as tech names shook off another tough period for Bitcoin in premarket trading on Monday over the weekend. The Dow Jones Industrial Average and the S&P 500 fell around 0.5% every week. For the S&P 500, that was the first weekly loss since February. The Nasdaq battled the downtrend last week, breaking a four-week losing streak up 0.3%. In the last week of trading in May, before Memorial Day next Monday, the Dow rose about 1% for the month and the S&P 500 rose 0.6% for the month. The Nasdaq fell 3.5% as the biggest loser in May.
2. Bitcoin is trying to get the week off to a wild tumble off to a positive start
A bitcoin logo displayed on a smartphone with stock market percentages in the background in this illustration dated April 26, 2021.
Omar Marques | SOPA Pictures | LightRocket | Getty Images
Bitcoin rebounded 14% to around $ 38,000 on Monday after last week’s wild ride lengthened into the weekend. Bitcoin price fell to less than $ 32,000 on Sunday. Last Wednesday, the world’s largest cryptocurrency slumped by more than 30% to just over USD 30,000 per coin for one day. Bitcoin hit an all-time high of nearly $ 65,000 in April. The recent sale was a major reversal in the cryptocurrency that appears to have gained prominence among major Wall Street banks and public companies. However, this month Bitcoin was hit by a number of negative headlines from major influencers and regulators.
3. New US Covid cases drop dramatically before Memorial Day
People without a mask are walking in Times Square in New York City on May 19, 2021.
John Smith | VIEW press | Corbis News | Getty Images
Daily new Covid cases in the US have fallen to their lowest level in eleven months as the nation prepares for the long Memorial Day weekend, the unofficial start of the summer travel season. The seven-day average of initial infections was 25,270 on Sunday, according to Johns Hopkins University. New infections have decreased dramatically as more people across the country are being vaccinated. According to the latest data from the CDC, more than 49% of the US population have received at least one shot and over 39% are fully vaccinated.
4. Judge in the case of Epic Games-Apple, who is supposed to grill lawyers from both sides
Apple CEO Tim Cook is interrogated by Gary Bornstein as he testifies in this courtroom sketch on May 21, 2021 during a weeklong antitrust trial in federal court in Oakland, California, United States, on May 21, 2021.
Vicki Behringer | Reuters
The judge who will rule on the Epic Games-Apple case is expected to grill lawyers from both sides on Monday as they reach their final negotiating points. US District Judge Yvonne Gonzalez said she hoped to publish her decision before August 13th. On Friday, Apple CEO Tim Cook described the company’s control of the App Store as the best way to serve and protect device users. Epic Games, the maker of the popular video game Fortnite, claims the App Store has grown into a budget vehicle that earns 15% to 30% commissions from in-app transactions and prevents apps from offering other payment alternatives.
5. Virgin Galactic’s recent spaceflight was “flawless,” says the CEO
Virgin Galactic’s shares rose 17% on the Monday ahead of the market, two days after the company’s first space flight in more than two years got a step closer to completing the development of its space tourism system. The stock rose 30% last week.
Virgin Galactic’s starship, VSS Unity, was lifted by a carrier aircraft to an altitude of approximately 44,000 feet. It was then released, fired its rocket engine, performed a slow setback at the edge of space, and landed back on the New Mexico runway from which it took off. Michael Colglazier, CEO of Virgin Galactic, told CNBC the flight was “flawless”.
– The Associated Press contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.
