5 things to know before the stock market opens Tuesday, March 23
Here are the most important news, trends and analysis that investors need to start their trading day:
1. S&P 500 set to drop on anniversary of stock bull market
The New York Stock Exchange (NYSE) stands in lower Manhattan on March 09, 2021 in New York City. The Dow Jones Industrial Average rallied more than 300 points Tuesday as tech stocks surged and optimism over the recently passed Covid relief bill cheered investors. (Photo by Spencer Platt/Getty Images)
Spencer Platt | Getty Images News | Getty Images
U.S. stock futures were mostly lower Tuesday after the Dow Jones Industrial Average and S&P 500 broke two-session losing streaks. Nasdaq futures rose modestly Tuesday, one day after the index logged a second straight session of gains, recovering about half of Thursday’s 3% decline. Tech stocks benefited over the past two sessions from the 10-year Treasury yield retreating from last week’s 14-month high.
Tuesday marks one year since the Covid low in the stock market, which ended the fastest bear market ever and ushered in another bull market. The S&P 500 has gained 76% since the March 23, 2020, close of 2,237. Over the past year, two presidents, Congress and the Federal Reserve put extraordinary fiscal and monetary policies in place to support the economy during the pandemic.
2. Yellen, Powell to testify on Capitol Hill on economic recovery
Federal Reserve Chair Janet Yellen (L) congratulates Fed Governor Jerome Powell at his swearing-in ceremony for a new term on the Fed’s board, in Washington in this handout photo taken and released June 16, 2014.
US Federal Reserve | Reuters
Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen testify Tuesday before the House Financial Services Committee on the economy at noon ET. Yellen, who was Powell’s predecessor, said she sees both growth and possibly full employment next year and credits President Joe Biden‘s Covid relief package. Powell’s prepared remarks struck a cautiously optimistic tone, saying the economy is “much improved” but the recovery is “far from complete.” Last week, after its March meeting, the Fed forecasted higher growth and inflation, while saying interest rates will likely remain near zero through 2023.
3. AstraZeneca addresses U.S. concern about vaccine trial data
A vial labelled with the AstraZeneca coronavirus disease (COVID-19) vaccine is seen in this illustration picture taken March 19, 2021.
Dado Ruvic | Reuters
AstraZeneca said Tuesday it will work with an independent group of U.S. health advisors who expressed concern about possible outdated information in the U.K. drugmaker’s Covid vaccine trial results. AstraZeneca said it would “issue results of the primary analysis within 48 hours.”
White House chief medical advisor Dr. Anthony Fauci told ABC News on Tuesday that AstraZeneca’s inoculation is “likely a very good vaccine.” However, he added, U.S. health advisors became concerned that data in AstraZeneca’s public statement was “somewhat outdated and might, in fact, be…
Read More: 5 things to know before the stock market opens Tuesday, March 23