5 things to know before the stock market opens Tuesday
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street looks steady after comeback rally; GameStop pops
A view of the New York Stock Exchange Building on Wall Street in Downtown Manhattan in New York City.
Roy Rochlin | Getty Images Entertainment | Getty Images
SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store inside the Susquehanna Valley Mall. An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers.
Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images
GameStop shares jumped 9% in the premarket after the video game retailer and original meme stock said it completed a previously announced sale of 5 million common shares, raising more than $1.1 billion. GameStop said it will use the proceeds for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.
2. Fed chief Powell set to testify before House panel
Federal Reserve Chairman Jerome Powell speaks at a virtual news conference in Tiskilwa, Illinois, on Dec. 16, 2020.
Daniel Acker | Bloomberg | Getty Images
In prepared testimony, Powell said the economy is growing but faces continued threats from the Covid pandemic. He also noted that inflation has risen notably but repeated price pressures will be transitory. The Fed has kept short-term lending rates anchored near zero, while buying at least $120 billion of bonds each month.
3. Bitcoin falls again, breaking below key $30,000 level
A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.
Dado Ruvic | Reuters
4. EU opens antitrust probe into Google’s advertising unit
A logo outside the Google Store Chelsea in New York, May 28, 2021.
Victor J. Blue | Bloomberg | Getty Images
5. NYC Democrats to vote in Tuesday’s mayoral primary
Mayoral candidates Eric Adams (L) and Andrew Yang
Getty Images
Democratic voters in New York City go to the polls Tuesday to pick their party’s mayoral nominee. Eight candidates — including former presidential candidate Andrew Yang and perceived front-runner Eric Adams — are hoping to replace Democratic Mayor Bill de Blasio, who can’t run again because of term limits. Tuesday’s Democratic primary, whose winner will be heavily favored in the November general election against the GOP’s nominee, will be the city’s first time using ranked-choice voting. Voters will list their preferences in order for up to five candidates. Official results may not be announced for weeks.
— NBC News 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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