5 things to know before the market opens on Monday

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Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street poised to open lower amid fears of rising bond yields

Traders on the floor of the New York Stock Exchange

Source: New York Stock Exchange

2. Bitcoin Slips Records As Musk Tweets It Looks High

Tesla, led by Elon Musk, has confirmed that it bought around $ 1.5 billion worth of bitcoin in January and expects to start accepting it as payment in the future.

Artur Widak | NurPhoto | Getty Images

Bitcoin fell about 7% on Monday, one day surpassing $ 58,000 for another all-time high. Bitcoin, the world’s largest cryptocurrency, surpassed a market value of $ 1 trillion on Friday. Elon Musk, from whom Tesla is estimated to have made around $ 1 billion in profit from his bitcoin investment, tweeted early Saturday morning that bitcoin looks high. Tesla shares – up 325% in the past 12 months – have fallen almost 3% in pre-market on Monday.

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3. PPP loans have been modified to try to reach even smaller businesses

U.S. President Joe Biden speaks at the Pfizer Kalamazoo Covid-19 vaccine manufacturing site on February 19, 2021, in Portage, Michigan.

Brendan Smialowski | TBEN | Getty Images

President Joe Biden is launching changes to the paycheck protection program on Monday to try to reach small minority-owned businesses and sole proprietorships left behind in previous rounds of aid. For two weeks, starting Wednesday, the Small Business Administration will only accept applications for PPP discounted loans from businesses with less than 20 employees. The program was relaunched last month with $ 284 billion in new funds from a Covid relief bill passed in late December. About $ 150 billion in PPP is still available, according to a Biden administration official.

4. Total deaths from Covid in the United States nearly 500,000; Biden plans the remembrance

While daily Covid deaths in the United States have declined in recent weeks, the total number of deaths from the disease in America, the highest of any country in the world, could exceed 500,000 as of Monday, according to data from the ‘Johns Hopkins University. When that happens, Biden plans to mark the sad milestone with a moment of silence and a candle-lighting ceremony at the White House. The latest daily figures show that an average of 1,872 people have died in the past seven days, compared to a single-day high of 4,407 on January 12. The highest day for new cases was just under 300,000 on January 2.

5. United decommission two dozen Boeing 777s after engine failure

United Airlines will temporarily withdraw 24 of its Boeing 777s from service after one of the planes bound for Honolulu suffered an engine failure shortly after takeoff from Denver International Airport on Saturday. The plane returned to Denver safely. Images of the flight on social media showed an engine on fire and reports on the ground near the airport said engine parts had rained.

The FAA has ordered the inspection of certain Boeing 777s equipped with the same Pratt & Whitney engine, the PW4000. Boeing shares fell 3% in pre-market trading. Raytheon, which owns Pratt & Whitney, lost 2%. United shares slipped less than 1%.

– Follow all developments on Wall Street in real time with TBEN Pro’s Live Markets Blog. Get the latest news on the pandemic with our coronavirus blog.

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