Here are the key news investors need to start the trading day:
1. Speed limit
The upward trend on the stock market paused last week. All three major U.S. averages fell from their high highs. The Dow Jones Industrial Average fell 0.9% in its worst week since October, while the S&P 500 slipped 0.3% and the Nasdaq Composite lost 1.2%. Investors will be watching for signals on the Federal Reserve’s policy plans in the coming days as the central bank waits for the economy to slow before it begins cutting interest rates. Data released Friday showed U.S. job creation was better than expected in February. Inflation data from consumer and producer price indices for February are expected on Tuesday and Thursday, respectively. Follow live market updates here.
2. Bitcoin is jumping
Bitcoin’s rise continues. The cryptocurrency rose to a record high of over $71,000 on Monday. The move came after the UK opened the door to trading in cryptocurrency-related exchange-traded products. The launch of Bitcoin ETFs in the US helped the price of the cryptocurrency skyrocket this year.
3. Biden’s budget
President Joe Biden is pushing taxes on corporations and the wealthy as he tries to make an economic case for re-election in the fall. The White House will release its 2025 budget on Monday, and while its key pillars are unlikely to become law, it signals Biden’s priorities as he likely enters a rematch with former President Donald Trump. The proposal’s measures include a 25% tax on the unrealized income of the richest households.
4. Reddit’s reach
Social media platform Reddit is looking to raise up to $748 million in its IPO, expected in the coming months, according to a new report. The company is seeking a valuation of about $6.5 billion as part of the offering, the first in years for a social media player. Reddit plans to sell about 22 million shares valued at $31 to $34 per share. Reddit goes public as investor interest in initial public offerings is muted this year.
5. Big evening for “Oppenheimer”
“Oppenheimer” was the big winner at the 96th Academy Awards on Sunday. The Universal The film about the father of the atomic bomb won seven awards, including best picture, best director for Christopher Nolan and best actor for Cillian Murphy. There are more big winners Disney and Searchlight’s “Poor Things,” which took home four Oscars, led by Emma Stone for best actress. “Barbie” was the overwhelming box office success of the year, but only won an Oscar for best original song. (Disclosure: Comcast is the parent company of NBCUniversal and CNBC).
—CNBC’s Sarah Min, Ryan Browne, Rebecca Piciotto, Jonathan Vanian and Sarah Whitten contributed to this report.
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2024-03-11 11:51:32
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