Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Dow wants to expand its winning streak to four sessions
Traders work on the trading floor of the New York Stock Exchange.
US stock futures rose Tuesday, creating the Dow to bolster its profit streak over three sessions as the 10-year Treasury yield fell below 1.6%. The average of 30 stocks started the new week up 186 points, or 0.6%. On Monday, the S&P 500 rose 1% and the Nasdaq rose 1.4%. Those gains, sparked by a rally in technology stocks, pushed the S&P 500 into positive territory for the month and curbed the Nasdaq’s monthly decline. The Dow filled its already solid advance in May with just four trading days a month. The US stock exchange will be closed for Memorial Day this coming Monday.
2. Bitcoin stall after Elon Musk said he talked to miners
Elon Musk, the CEO of Tesla.
Christophe Gateau / Image Alliance via Getty Images
Bitcoin was pretty stable above $ 37,000 on Tuesday after the world’s largest cryptocurrency tumbled last week. On Monday, Bitcoin approached $ 40,000 after Tesla CEO Elon Musk tweeted that he spoke to Bitcoin miners about the environmental impact of their energy-intensive operations.
Michael Saylor, CEO of Microstrategy, followed Musk’s tweet and said he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability. Both Tesla and Microstrategy have put some of their corporate money into Bitcoin, which hit an all-time high of nearly $ 65,000 last month.
3. Amazon is on the verge of buying MGM Studios for nearly $ 9 billion
Daniel Craig plays James Bond in “No Time To Die”.
Amazon could announce a deal as early as Tuesday to acquire MGM Studios, the co-owner of the James Bond franchise and other film and television series, for $ 8.5 billion to $ 9 billion, according to people familiar with the matter. Amazon is keen to get more TV and movie content for its Prime Video service as it competes with Netflix, Disney +, and other streaming video services. A deal for MGM would follow last week’s announcement that AT&T agreed to abandon its WarnerMedia entity and merge it with Discovery.
4. Business groups form a coalition to reject proposals to raise taxes in Biden
President Joe Biden makes a remark after visiting the Ford Rouge Electric Vehicle Center in Dearborn, Michigan, United States on May 18, 2021.
Leah Millis | Reuters
More than two dozen groups representing U.S. corporations and employers unveiled a new coalition on Tuesday to combat virtually all Democratic plans to levy taxes on self-described job creators. The alliance of 28 industry groups argues that increasing taxes on companies would hinder the US economy’s recovery from the coronavirus pandemic. The organizers told CNBC that the new coalition has already started investigating its efforts to combat news at the national level.
5. Police reform stalled 1 year after George Floyd’s death
People raise their fists and hold a portrait of George Floyd during a rally after the guilty verdict following the trial of Derek Chauvin on April 20, 2021 in Atlanta, Georgia.
Elijah Nouvelage | AFP | Getty Images
On Tuesday, it was a year since George Floyd died after former Minneapolis police officer Derek Chauvin pressed a knee to the 46-year-old’s neck for more than nine minutes. While global calls for justice and law enforcement reforms last year sparked reforms or budget cuts in some cities and states, Congress has yet to exercise its power to change the American police force. Non-partisan negotiators have worked for weeks tweaking the House-passed George Floyd Justice in Policing Act to gain enough Republican support to get it through the Senate.
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