5 things to know before the market opens on Monday, November 8
Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow Futures Higher After More Wall Street Records Friday
Traders on the NYSE Floor
The Dow is set to start the week where it left off on Friday. The 30-stock average closed at another record, as did the S&P 500 and the Nasdaq, following a better-than-expected employment report in October. All three benchmarks posted solid gains in the first week of November. Actions in pre-market trading were boosted by the House on Friday night when it passed a more than $ 1,000 billion infrastructure bill, sending the legislation to President Joe Biden for his signature. House Democrats entered Friday with the intention of passing both infrastructure and social safety net legislation and the party’s $ 1.75 trillion climate package. A request by a handful of centrists to see a Congressional Budget Office estimate of the budgetary effects of the larger bill delayed its approval.
2. Ether hits record high as bitcoin nears all-time high
In 2021, bitcoin and ether saw huge rallies. In April 2021, the cryptocurrency market exceeded $ 2 trillion for the first time.
Jaap Arriens | NurPhoto | Getty Images
Ether, the world’s second largest digital coin, jumped more than 4% in 24 hours on Monday to a new all-time high above $ 4,700. Bitcoin, the largest crypto, climbed 5% to $ 66,250, reverting to its high above $ 66,900 set in late October. The reason for the move was not clear. Cryptocurrencies are known for their volatile price swings, with moves up to 20% up or down relatively common. Ethereum, the blockchain that Ether runs on, is undergoing a major upgrade, which investors say will make the network faster and more environmentally friendly.
3. Tesla slips 5% after Musk offers to sell 10% of his shares
Tesla CEO Elon Musk stands in the foundry of the Tesla Gigafactory during a press event.
Patrick Pleul | image alliance | Getty Images
Actions of Tesla – over 70% more since the start of the year and nearly 180% in the past 12 months – fell 5% in Monday’s pre-market. Tesla’s market value would still be worth well over $ 1 trillion if the stock opened where it is before marketing. In a Twitter poll on Saturday, Tesla CEO Elon Musk offered to sell 10% of his shares in the electric automaker.
Over 3.5 million people responded and nearly 58% of them voted “Yes”. Musk said he “would comply with the results of this poll no matter what.” However, faced with a $ 15 billion tax bill in the coming months on stock options, a sale of Tesla shares by Musk this year was likely likely, regardless of the Twitter vote.
4. Regeneron’s Covid Antibody Therapy Shows Long-Term Protection
Regeneron Pharmaceuticals said Monday a single dose of his cocktail of antibodies in an advanced-stage trial reduced the risk of contracting Covid by 81.6%, within two to eight months of administration. During the eight-month evaluation period, there were no Covid hospitalizations in the drug group and six in the placebo group. Regeneron shares rose about 2% in pre-market trading.
General surgeon Vivek Murthy told ABC “This Week” On Sunday, the Biden administration is ready to defend its “appropriate and necessary” Covid vaccine and testing requirement for private companies. A federal appeals court temporarily blocked the upcoming mandate on Saturday. The White House has until Monday evening to respond.
United States lifting of restrictions Monday travels from a long list of countries including Mexico, Canada and most of Europe. Travelers must present proof of vaccination and a negative Covid test. The rules allow tourists to take delayed trips and family members to reconnect with loved ones after more than a year and a half apart due to the pandemic.
– The Associated Press and Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.