Here are the top news, trends and analysis that investors need to start their trading day:
1. Wall Street is poised to rally after the Standard & Poor’s 500 hit its lowest level in more than a year
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, March 22, 2022.
Brendan McDermid | Reuters
US stock futures It rebounded on Tuesday, as investors hope that Wall Street can break its three-session losing streak. The Standard & Poor’s 500 On Monday I fell for him Lowest level in more than a year. The broad market index fell 3.2% to close under 4000. Nasdaq It fell nearly 4.3% and Dow Jones Industrial Average It decreased by nearly 2%. The Nasdaq’s bear market is close to a 30% drop from its record high in November. The S&P 500 and Dow indices moved deeper into correction territory, defined by a drop of 10% or more from their most recent record highs, which were in early January.
The recent brutal sell-off in the stock market has been largely caused by a rally in 10-year treasury bond yieldBond traders are betting that the Federal Reserve will not be able to control inflation in time. Ahead of the release of two major inflation reports on Wednesday and Thursday, Mr. President Joe Biden Tuesday is set to present Notes on inflation.
- The 10-year yield’s dip from multi-year highs didn’t seem to help stocks on Monday. However, the reference yield Back off again Tuesday, it fell below 3%, and shares rose in the pre-market.
- One day after falling nearly 6.1%, US oil prices rose Projection About 1.5% more on Tuesday but it stayed Over $100 a barrel. Soaring crude oil prices were reflected in US gas pumps — and on Tuesday, the national average hit an unadjusted record for inflation of $4.37 per gallon, According to AAA.
- Bitcoin the flower Over $31,000 Tuesday, After a day of falling below this level It is down more than 50% from its November high. The recent price drops come amid a widespread, multi-day selloff that has trapped a lot of the cryptocurrency and stock markets.
peloton On Tuesday I reported a Quarterly loss wider than expected And a sharp drop in sales, as inventory piled up in warehouses and ate the company’s money. Shares of the connected fitness equipment maker fell more than 20% in premarket trading. Peloton presented a weak sales forecast for the current quarter, citing weak demand. The company anticipates that the planned hike in subscription prices may lead some users to cancel their monthly membership.
Pfizer On Tuesday, it said it would buy a migraine drug maker Biohaven Pharmaceuticals for approximately $11.6 billion in cash. Pfizer will acquire all outstanding shares in Biohaven that it does not already own for $148.50 each in cash. This is 78.6% higher. From Biohaven’s closing price on Monday, the premium largely reflects the first market on Tuesday. In November, Pfizer acquired the overseas marketing rights of two Biohaven migraine drugs for $1.24 billion, with Pfizer holding a 2.6% stake.
Novavax Shares fell more than 20% in pre-market trading after the vaccine maker Missed both the bottom line and the high score in the last quarter. The bug comes as Novavax shipped just 31 million doses of Covid during the quarter, putting it far short of the 2 billion shots projected for 2022. And while it reiterated its previous revenue forecast for 2022, the company said it expects to accelerate vaccine sales during the current quarter. a fourth.
Tesla It halted most of its production at its factory in Shanghai due to problems with securing parts, According to Reuters, citing an internal memo. It is the latest in a string of difficulties faced by the electric car maker’s factory in China’s largest city, which has seen various levels of lockdown for more than a month under the country’s no-coronavirus policy.
Meet Thierry Breton, Head of Industry in the European Union Elon Musk in Texas on Monday, and the two noted an agreement on regulating digital media in Europe ahead of Tesla CEO’s purchase of Twitter. In a video with Britton, Musk said the spirit of the Digital Services Act “Perfectly Aligned” with his thinking. The two did not go into detail about the law, which imposes heavy fines on platforms if they do not control illegal content.