Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow will jump according to economic data ahead of the infrastructure meeting
The New York Stock Exchange welcomes Sprinklr (NYSE: CXM) to celebrate its IPO on June 23, 2021.
NYSE
Dow futures surged more than 150 points after a string of economic data before the bell and renewed hopes for an infrastructure deal at a meeting at the White House later Thursday. The market’s comeback rally paused on Wednesday, despite the fact that the Nasdaq managed to hit another all-time high and was expected to rise on Thursday. With a broad group of stocks jumping in pre-trading hours, the S&P 500 should open at new highs as well. The Dow was still climbing out of last week’s hole. Ahead of Thursday’s session, it was 2.6% off its most recent record high in early May.
Andreessen Horowitz announced a new cryptocurrency-focused fund worth $ 2.2 billion on Thursday. The venture capital firm from Silicon Valley, founded by Marc Andreessen and Ben Horowitz, launched its first crypto fund three years ago in the so-called “crypto winter”. This year, Bitcoin’s value soared about 80% from its 2017 highs. The latest fund is also coming to another bearish moment for Bitcoin.
2. Three major government economic reports before the bell
3. Bipartisan senators are pushing for a $ 953 billion infrastructure plan
Senator Joe Manchin (D-WV) speaks to news reporters before attending an infrastructure meeting on Capitol Hill in Washington on June 23, 2021.
Tom Brenner | Reuters
A bipartisan group of senators see Biden’s support for a $ 953 billion infrastructure plan at Thursday’s session. Government officials and democratic leaders viewed the proposal as a positive development. The president’s latest offer was a $ 1.7 trillion package. With Republicans opposed to Biden’s proposed corporate tax rate hike, the bipartisan group is looking for other ways to increase revenue. Biden rejected her idea of allowing gas taxes paid at the pump to rise with inflation.
4. Eli Lilly is aiming for accelerated FDA approval for Alzheimer’s drug in 2021
An Eli Lilly and Company pharmaceutical manufacturing facility is pictured on March 5, 2021 at 50 ImClone Drive in Branchburg, New Jersey.
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Eli Lilly’s shares rose 8% in the premarket on Thursday after the US drug maker announced it would file a market application for its experimental Alzheimer’s treatment under the FDA’s accelerated approval process later this year. Lilly said, “The safety, tolerability and effectiveness of donanemab are also being investigated in an ongoing late-stage study.” Earlier this month, three members of a key FDA advisory panel resigned over the agency’s controversial decision to approve Biogen’s new Alzheimer’s drug.
5. Team members vote on a major drive to unionize Amazon workers
The Teamsters will vote on a resolution on Thursday to step up efforts to organize Amazon employees. The e-commerce giant has long been the target of large unions trying to organize warehouse and delivery workers. Amazon defeated a senior union campaign in a huge warehouse in Bessemer, Alabama, in April. However, Amazon founder and CEO Jeff Bezos recently admitted that the company needs to get better from its people. The pandemic, the explosion of protests against Black Lives Matter last summer, and mounting concerns about job security have further fueled interest in the organization of Amazon warehouses.
– Reuters and The Associated Press 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.
