Tesla, Palantir, Bitcoin: What to Watch When the Stock Market Opens Today
Here's what we're watching as markets kick into gear on Tuesday.
-- U.S. stock futures edged lower as investors awaited Federal Reserve Chairman Jerome Powell's testimony in Congress on the health of the economy.
Futures tied to the S&P 500 ticked down 0.5%. The benchmark stocks gauge on Monday fell for a fifth consecutive day, its longest losing streak since last February. Contracts for the Nasdaq-100 retreated 1.6%, suggesting technology stocks will continue to lead the market lower. Read our full market wrap here.
What's Coming Up
-- Earnings are due from
-- Fed Chairman Jerome Powell will testify before Congress at 10 a.m. ET, providing an overview of the economy and monetary policy. It's the beginning of a two-day testimony on Capitol Hill. Watch the livestream here.
-- A gauge of consumer confidence in the U.S. for the month of February is also slated to be released at 10 a.m. by the Conference Board.
Market Movers to Watch
-- Palantir tumbled 6%. Filings showed that one of its co-founders Stephen Cohen and two company officers jointly sold over 2.7 million shares overnight.
-- Shares of online entertainment companies fell. Sports-betting company DraftKings is down 5.8% and online pinboard
-- Etsy is also down 4.5%. The online marketplace is set to post earnings in two days.
-- Bitcoin tumbled over 13%. It traded at around $47,250, down from close to $57,000 at its peak on Monday, according to data from Coindesk. The cryptocurrency has largely been on a downturn since Sunday.
-- Shares of companies that provide services for cryptocurrencies and blockchain also fell. Both
-- Resort companies' shares are rising.
Front-month ICE Brent crude oil futures for delivery in April have risen over 19% in the month of February.
Chart of the Day
The spread between the 2-year Treasury yield and a key interest rate set by the Federal Reserve is trading at all-time lows, a sign that many bond investors say points to excess cash coursing through the financial system.
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(END) Dow Jones Newswires
February 23, 2021 06:55 ET (11:55 GMT)
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