5 things to know before the stock market opens Monday, Nov. 22

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

Dow futures rose about 150 points to start the holiday-shortened week, getting a leg higher about 30 minutes before Monday’s open, after President Joe Biden announced he’s renominating Jerome Powell as Federal Reserve chairman. The 30-stock average on Friday dropped 268 points, or 0.75%, on renewed concerns over increasing Covid cases, capping a rough stretch for blue chips. The Dow declined nearly 1.4% for the week. The S&P 500 fell slightly from a record close on Friday, but still came out slightly ahead for the week. The Nasdaq, supported by tech stocks, advanced Friday to close at another record high, and it gained more than 1.2% for the week.

• Shares of Moderna rose more than 2% in the premarket Monday after Covid shots for all adults got final clearance from U.S. health officials Friday. Moderna’s stock has had a rough month, falling 20%. Pfizer and BioNTech also rose on the booster approval.
• Elon Musk said Tesla‘s Model S Plaid vehicle may be launched in China early this coming spring. Responding to a question on Twitter overnight about when the electric sedan will come to China, CEO Musk said “probably around March.” Tesla shares rose 2% in the premarket.

While picking Powell for a second term as the head of the Fed, Biden also said Monday morning he’ll put forth Fed Governor Lael Brainard as vice chair. There had been speculation that Brainard might get the top job. In making the moves, the president praised Powell for “decisive” leadership during the Covid crisis.” Powell, who was picked by former President Donald Trump, often found himself a target for Trump’s ire and urged to support business-friendly monetary policy until the pandemic hit. The Fed acted swiftly and went big to support the economy in the early days of Covid.

U.S. markets will be closed Thursday for Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday. If history is a guide, stocks should do well during the holiday week.

• “The last five trading days of November are traditionally positive, since 1950,” said Sam Stovall, chief investment strategist at CFRA. “There’s a two-thirds likelihood the market is up on the day before Thanksgiving and a 57% likelihood the day after Thanksgiving, and a 71% likelihood that it’s up on Monday.”
• In addition to Biden’s possible Fed announcement, there are a number of economic reports in the week ahead. The most important release is Wednesday’s personal…