Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Dow to complement Thursday’s late session comeback
Traders work on the trading floor of the New York Stock Exchange.
Pedestrians wearing protective masks carry shopping bags in San Francisco, California on Wednesday, February 17, 2021.
David Paul Morris | Bloomberg | Getty Images
The trading department reported Friday morning that personal income fell 7.1% in February, which was roughly in line with expectations. Personal savings fell 1% last month, which is also broadly in line with estimates. Both income and savings numbers were strong in January as Americans received approved Covid stimulus checks in December. Another round of direct payments to many Americans approved in March could appear in the data in the coming months.
2. The office sharing company WeWork signs a new deal to go public
A guest attends the opening ceremony of WeWork Hong Kong’s flagship facility in Hong Kong, China, on Feb.23, 2017.
Bobby Yip | Reuters
WeWork, which went public in 2019 after a dwindling valuation and the resignation of co-founder Adam Neumann, has hit a new deal to go public. The office sharing company agreed on Friday to partner with acquisition company BowX Acquisition Corp. to merge. The transaction values WeWork at $ 9 billion, a fraction of its one-time valuation of approximately $ 47 billion. According to the announcement, BowX’s shares rose 2.5% on the Friday before going public.
3. GameStop stocks open higher after rising above 50%
A man is on the phone in front of GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
GameStop shares rose roughly 10% on the Friday before entering the market, the morning after a five-time losing streak and up 52%. There was no obvious news on Thursday. GameStop was the most famous “meme stock” that was popular with retailers on Reddit and other social media platforms. The stock lost about a third of its value on Wednesday after the video game retailer delivered disappointing fourth quarter results, failed to detail its digital turnaround plans and confirmed it was considering selling more shares.
4. Tesla ordered Elon Musk to delete anti-union tweet
Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves as he arrives for a discussion at the Satellite 2020 conference in Washington, DC on Monday, March 9, 2020.
Andrew Harrer | Bloomberg | Getty Images
The National Labor Relations Board urged Tesla to get Elon Musk to delete a tweet that was viewed as a threat to work organizers at the company. The independent federal agency also ordered Tesla to reinstate a laid-off employee, Richard Ortiz, a union attorney. Tesla must also compensate Ortiz for lost earnings, benefits, and adverse tax consequences resulting from his termination. The NLRB’s decision largely corresponded to the decision of an administrative judge in 2019, which Tesla had appealed to the full board.
5. Delays in blocking the Suez Canal estimated at $ 400 million an hour in goods
The stranded container ship Ever Given, one of the largest container ships in the world, was seen aground in Egypt’s Suez Canal on March 25, 2021.
Suez Canal Authority | Reuters
The Ever Given, a stranded mega-container ship in the Suez Canal, trades an estimated $ 400 million an hour based on the approximate value of goods transported daily through the key waterway. That’s according to shipping data and news company Lloyd’s List. Lloyd’s estimates traffic to the west of the Canal at around $ 5.1 billion per day and traffic to the east at around $ 4.5 billion per day. The Suez Canal, which separates Africa from Asia, is one of the busiest trade routes in the world.
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