5 things to know before the stock market opens Wednesday, August 4

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

1. Wall Street looks stable after the record close of the S&P 500

Traders work on the New York Stock Exchange (NYSE) in New York City on August 3, 2021.

Andrew Kelly | Reuters

U.S. stock futures were relatively flat on Wednesday, a day after the S&P 500 broke a two-day losing streak and closed at a record high as general market strength outweighed travel stocks held back by Covid fears. The Dow Jones Industrial Average also rose for the first time in three sessions and was just below last week’s record high. The Nasdaq rose on Tuesday, ending about 0.5% off last week’s record high.

People enter Goldman Sachs headquarters in New York, United States on Monday, June 14, 2021.

Michael Nagel | Bloomberg | Getty Images

2. Robinhood jumps well above the IPO price for the second time in a row

Vlad Tenev, CEO and Co-Founder of Robinhood Markets, Inc., appears on a screen during his company’s initial public offering on the Nasdaq Market location in Times Square in New York City, United States, on July 29, 2021.

Brendan McDermid | Reuters

Robinhood’s shares rose 13% pre-IPO after rising more than 24% on Wednesday and surpassing last week’s share price of $ 38. The hugely popular stock trading app is down 8% on its debut last Thursday. It soared on Friday and Monday before shooting to $ 46.80 per share on Tuesday. Robinhood appears to be drawing attention to itself among retail investors after shedding about a quarter of its IPO shares to its own clients. It is a “top-traded stock” on Fidelity that is generally a good indicator of individual investor interest.

3. GM, CVS Health Announces Quarterly Earnings Before the Bell

General Motors will lead the quarterly numbers on Wednesday morning. Earnings per share are said to be $ 2.23 on sales of nearly $ 31 billion. In June, GM forecast better-than-expected results for the second quarter despite the industry-wide impact of scarcity, which is also leading to record vehicle prices and profits.

CVS Health on Wednesday reported second quarter earnings and revenue that exceeded expectations. The pharmacy chain raised its forecast for the year as the increase in Covid cases in the US due to the Delta variant revives the country’s vaccination campaigns. CVS earned $ 2.42 per share on an 11% jump in revenue to $ 72.62 billion. The shares were stable in the premarket.

4. The FDA is reportedly accelerating the full approval process for the Pfizer vaccine

Nurse Darryl Hana prepares a dose of the Pfizer COVID-19 vaccine at a three-day vaccination clinic at the Providence Wilmington Wellness and Activity Center on July 29, 2021 in Wilmington, California.

Mario Tama | Getty Images

Protesters gather outside the U.S. Capitol in Washington, DC, United States on Sunday, August 1, 2021 during a protest against the expiration of the eviction moratorium.

Bloomberg | Bloomberg | Getty Images

The CDC issued a new federal eviction moratorium. The ban announced on Tuesday is aimed at areas of the country where high levels of coronavirus infections occur. It lasts 60 days until October 3rd. Protection could cover around 90% of tenants. The CDC’s original eviction ban, in effect since September 2020, expired at the end of last month.

5. Yellen says Biden’s agenda is key to sustaining the US recovery

Treasury Secretary Janet Yellen will warn on Wednesday that the adoption of President Joe Biden’s economic agenda is critical to maintaining America’s status as a world superpower, according to a copy of her statements received by CNBC. Yellen, who preceded Jerome Powell as Fed chairman, will deliver the Atlanta address on a White House flash that shed light on the trillion dollar bipartisan infrastructure bill and the Democrats’ even larger $ 3 spending plan To raise $ 5 trillion.

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