{"id":113959,"date":"2021-02-23T13:04:01","date_gmt":"2021-02-23T13:04:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113959"},"modified":"2021-02-23T13:04:01","modified_gmt":"2021-02-23T13:04:01","slug":"5-things-to-know-before-the-stock-market-opens-tuesday-4","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/5-things-to-know-before-the-stock-market-opens-tuesday-4\/","title":{"rendered":"5 things to know before the stock market opens Tuesday"},"content":{"rendered":"<p><em>Here are the most important news, trends and analysis that investors need to start their trading day:<\/em><\/p>\n<ul>\n<li>Nasdaq set to sink again as Big Tech slide continues<\/li>\n<li>Bond yields have been rising ahead of Powell&#x27;s testimony this week<\/li>\n<li>Bitcoin sinks below $50,000; Tesla shares drop again<\/li>\n<li>Home Depot, Macy&#x27;s report better than expected quarterly results<\/li>\n<li>Electric automaker led by ex-Tesla engineer to go public<\/li>\n<\/ul>\n<h2>1. Nasdaq set to sink again as Big Tech slide continues<\/h2>\n<p>U.S. stock futures were mostly lower Tuesday, pointing to a 1.4% decline in the Nasdaq, one day after the index sank nearly 2.5% in its worst single-day drop in almost a month. Tech stocks continued to slide in Tuesday&#x27;s premarket, with Apple down another 2% after closing lower by nearly 3% Monday.<\/p>\n<p>Dow stock Home Depot dropped 2% in premarket trading on worries that Covid pandemic sales gains won&#x27;t last. A stock drop of that magnitude would put a major dent in modest year-to-date gains.<\/p>\n<p>The S&amp;P 500 on Monday fell almost 0.8%, in a fifth straight decline, its worst losing streak in nearly a year. The Dow Jones Industrial Averaged bucked Monday&#x27;s downdraft, closing slightly higher. It&#x27;s doing so again Tuesday morning. All three stock benchmarks remained stronger for the month.<\/p>\n<h2>2. Bond yields have been rising ahead of Powell&#x27;s testimony this week<\/h2>\n<p>As part of mandated semiannual economic testimony, Federal Reserve Chairman Jerome Powell goes to Capitol Hill twice this week, appearing Tuesday before the Senate Finance Committee and Wednesday before the House Financial Services Committee. Rising bond yields and accompanying inflation fears are adding a higher level of interest around Powell&#x27;s remarks. The 10-year Treasury yield, which moves inversely to price, was slightly lower Tuesday morning,. But it&#x27;s been rising lately and trading around 1.36%. It was as high as 1.39% on Monday, the highest level in about a year.<\/p>\n<h2>3. Bitcoin sinks below $50,000; Tesla shares drop again<\/h2>\n<p>Bitcoin plunged 12% Tuesday morning, sinking below $50,000. The world&#x27;s largest digital currency, still up 60% this year, hit an all-time high over $58,000 on Sunday. Price swings of more than 10% are not a rarity in crypto markets. Bitcoin once climbed to almost $20,000 in 2017 before shedding 80% the following year. Treasury Secretary Janet Yellen on Monday warned about those wild swings.<\/p>\n<p>Shares of Tesla, which earlier this month revealed an investment in bitcoin, fell another 6% in Tuesday&#x27;s premarket. The stock sank more than 8.5% on Monday, in its biggest drop since late September 2020. To be sure, other tech stocks also suffered heavy losses Monday. Ahead of trading Tuesday, shares of Elon Musk&#x27;s electric auto maker was up just 1.25% this year. However, over the past 12 months, Tesla was up nearly 300%.<\/p>\n<h2>4. Home Depot, Macy&#x27;s report better than expected quarterly results<\/h2>\n<p>Home Depot&#x27;s fourth-quarter earnings and revenue surged past expectations Tuesday, as consumers continued to invest in their homes due to the pandemic and strength of the real estate market. However, shares dropped on comments from Home Depot&#x27;s CFO, questioning how long the pandemic would last and how that may influence consumer spending.<\/p>\n<p>Shares of Macy&#x27;s rose more than 3.5% in the premarket after the retailer Tuesday morning reported its first quarterly profit in a year. Revenue in the fourth quarter also beat estimates as the company&#x27;s efforts to cut inventories during the holiday quarter and rely less on deep discounting paid off. Ahead of Tuesday&#x27;s trading, Macy&#x27;s shares were up 35% this year, though they struggled over the past 12 months.<\/p>\n<h2>5. Electric automaker led by ex-Tesla engineer to go public<\/h2>\n<p>Electric vehicle maker Lucid Motors\u00a0plans to go public at an $11.75 billion combined equity valuation through a reverse merger with a blank-check company. The deal between California-based Lucid and\u00a0Churchill Capital Corp IV\u00a0is the largest in a series of such tie-ups involving EV companies and special purpose acquisition companies, better known as SPACs. Shares of\u00a0CCIV\u00a0fell more than 30% in the premarket. But speculation about the deal pushed the SPAC stock up 470% this year alone. Lucid is led by ex-Tesla engineering executive and automotive veteran Peter Rawlinson.<\/p>\n<p><em>\u2014 Follow all the developments on Wall Street in real time with CNBC Pro&#x27;s live markets blog. Get the latest on the pandemic with our coronavirus blog.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/23\/5-things-to-know-before-the-stock-market-opens-feb-23-2021.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are the most important news, trends<\/p>\n","protected":false},"author":3,"featured_media":113958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 things to know before the stock market opens Tuesday - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/5-things-to-know-before-the-stock-market-opens-tuesday-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 things to know before the stock market opens Tuesday - 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