Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow is set to rise after falling 725 points on Monday
Traders on the floor of the New York Stock Exchange.
Source: NYSE
Dow futures rebounded more than 200 points on Tuesday, a day after the 30-stock average had its worst session in eight months. At the start of the week, the Dow fell 725 points, or over 2%, as the spread of the Delta variant led to a sharp increase in Covid cases in the US and worldwide.
The 10-year government bond yield fell early Tuesday, briefly trading below 1.17% and making new 5-month lows before ticking higher. Falling yields, reversing in line with bond prices, added pressure on pre-trading stocks, reflecting heightened concerns over whether the Covid resurgence will hurt global economic growth.
2. Bitcoin drops below $ 30,000 for the first time in almost a month
A photo illustration representing the cryptocurrency Bitcoin.
Jakub Porzycki | NurPhoto via Getty Images
Bitcoin fell below $ 30,000 for the first time in almost a month, dragging other digital coins down as well. According to CoinMarketCap data, at 6:29 a.m. ET on Tuesday, nearly $ 90 billion was wiped from the entire cryptocurrency market in 24 hours. The world’s largest cryptocurrency hit an all-time high of $ 65,000 in April. Since then, Bitcoin has plummeted by more than 50%. One of the factors that weighed on digital coin prices recently was a renewed crackdown on crypto trading and mining in China.
3. Jeff Bezos, founder of Blue Origin, will launch into space
From left: Oliver Daemen, Wally Funk, Jeff Bezos, Mark Bezos.
via @jeffbezos on Instagram
Jeff Bezos’ Blue Origin is set to launch its first passenger space flight on Tuesday, featuring its billionaire founder, brother Mark Bezos, space pioneer Wally Funk and Dutch teenager Oliver Daemen. The launch on the 52nd anniversary of the Apollo 11 moon landing is expected at 9 a.m. ET. Richard Branson launched Virgin Galactic’s fourth space flight to the edge of space on July 11th and was the first of the space company’s founders to go into space. Elon Musk is the founder of the other major commercial space company, SpaceX.
4. Apple reportedly postpones back-to-office plans by a month
Apple Inc. signage is posted on the Apple campus in Cupertino, California.
Bloomberg | Bloomberg | Getty Images
According to Bloomberg, Apple is postponing its back-to-the-office plans by at least a month in September as the Covid Delta variant spreads. The tech giant will give workers a month or more of lead time before they have to return to the offices, Bloomberg said, citing people familiar with the matter. In June, Apple CEO Tim Cook said in an internal email that employees will be returning to the office three days a week from the beginning of September. The decision sparked a backlash from some Apple employees who wrote Cook a letter asking him to reconsider.
5. IBM shows the strongest sales growth in three years
Joan Cros Garcia | Corbis via Getty Images
IBM beat estimates by 4 cents after the bell on Monday with adjusted earnings of $ 2.33 per share for the second quarter. Sales rose by 3.4% to 18.75 billion, exceeding expectations. It marked IBM’s strongest revenue growth in three years, aided by the company’s cloud and software businesses. IBM reiterated its expectation that full year sales will increase rather than decrease. Dow shares rose nearly 4% early on Tuesday. Shares gained 9.5% for the year at Monday’s close.
– Reuters contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.
