5 things to know before the stock market opens Monday
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to bounce after its worst weekly loss since October
Traders on the floor of the New York Stock Exchange.
Source: NYSE
Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing on Dec. 2, 2020 in Washington.
Pool | Getty Images News | Getty Images
The Fed last Wednesday increased its inflation forecast and indicated two rate hikes in 2023. Fed Chairman Jerome Powell said central bankers were considering tapering their massive Covid-era bond purchases. Fed speakers will get a lot of attention this week, including Tuesday’s congressional testimony from Powell. The 10-year Treasury yield continued to back away from last week’s Fed-driven spike, trading early Monday just above 1.4%. It briefly dipped to 1.354%, the lowest level since late February.
2. Bitcoin drops as China expands crackdown on crypto mining
A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016.
Paul Ratje | The Washington Post | Getty Images
3. Prime Day begins as retail faces supply-chain disruptions
4. American Airlines cancels 100 more flights Monday
American Airlines planes at LaGuardia Airport
Leslie Josephs | CNBC
5. Tokyo Olympics to allow 10,000 local fans in venues
Visitors try to take photos in front of the Olympic Rings monument outside the Japan Olympic Committee (JOC) headquarters near the National Stadium, the main stadium for the 2020 Tokyo Olympic Games that have been postponed to 2021 due to the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan May 30, 2021.
Issei Kato | Reuters
Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
— CNBC’s Leslie Josephs and The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.
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