5 things to know before the market opens on Friday, May 21 – fr

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5 things to know before the market opens on Friday, May 21 – fr



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

1. Stocks are ready for more gains after breaking a 3 day losing streak

Traders at the New York Stock Exchange (NYSE), May 19, 2021.
NYSE

U.S. equity futures signaled a second straight day of gains on Wall Street, a day after a rebound rebound ended a three-game losing streak. On Thursday, the Nasdaq climbed nearly 1.8%, pushing the high-tech index into positive territory for the week. Ahead of Friday’s session, the Dow Jones Industrial Average and S&P 500 were even lower for the week, despite Thursday’s advances of more than 0.5% and 1%, respectively. Tesla, chip stocks and other speculative names, which had big hits in the previous session, rebounded Thursday with the recovery in bitcoin prices.

2. Bitcoin Hovers Above $ 40,000 After A Crazy Week

A representation of the Bitcoin virtual currency is seen in front of a stock chart in this illustration taken on May 19, 2021.

In view of Ruvic | Reuters

Bitcoin traded above $ 40,000 on Friday as the rebound of the world’s largest cryptocurrency by market value stabilized after Wednesday’s three-month slump near $ 30,000. Keeping a lid on earnings was concerned over U.S. calls for tighter cryptocurrency compliance with the IRS. The Treasury Department announced measures Thursday to require that any transfer valued at $ 10,000 or more be reported to the IRS. At this week’s low, bitcoin fell more than 50% from all-time April highs near $ 65,000.

3. The United States proposes an overall minimum corporate tax rate of 15%

Secretary of the Treasury Janet Yellen speaks during a daily press briefing at the James Brady Press Conference Room of the White House on May 7, in Washington, DC.

Alex Wong | Getty Images

The Biden administration is proposing an overall minimum corporate tax rate of 15%. However, the Treasury Department said Thursday that the final rate could go even higher, calling 15% a “floor and that discussions should continue to be ambitious and push that rate higher.” Treasury Secretary Janet Yellen, who was Jerome Powell’s predecessor as Federal Reserve Chairman, said setting an overall minimum rate would help end the rate “race to the bottom” of the Federal Reserve. global taxation.

4. Tim Cook, Apple CEO, Expected to Testify in Epic Games Case

CEO Tim Cook speaks at an Apple event at the company’s headquarters in Cupertino, Calif., September 10, 2019.

Stephen Lam | Reuters

Apple CEO Tim Cook is expected to take the witness stand on Friday to defend the company’s app store against charges that it has become an illegal monopoly. Apple is counting on Cook’s appearance to put the finishing touches on the company’s defense against an antitrust case brought by Fortnite maker Epic Games. Epic claims that the Apple App Store has turned into a vehicle that drives prices up, reaping 15% to 30% commissions on in-app transactions and preventing apps from offering other alternatives to payment.

5. Tesla raises prices for the fifth time in recent months

Tesla Model Y compact crossover vehicles at a showroom in Shanghai, China on January 18, 2021.

VCG | Groupe Visual China | Getty Images

Tesla has raised the prices of its Model 3 and Model Y for the fifth time in recent months, according to the EV Electrek news site. The Model 3 Standard Range Plus and Model 3 Long Range AWD have increased by $ 500, now from $ 39,490 and $ 48,490, respectively. The long-range, all-wheel-drive Model Y also rose $ 500, starting at $ 51,490. No reason was given for the increases. Prices for Model 3 Performance and Model Y Performance vehicles have not been increased.

– The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC Coronavirus Coverage.

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