5 things to know before the stock market opens Monday, May 10

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

1. Fuel prices rise following a pipeline cybersecurity attack

Storage tanks stand at Pelham Junction and the Colonial Pipeline Co. tank terminal in Pelham, Alabama, USA on Monday, September 19, 2016.

Luke Sharrett | Bloomberg | Getty Images

Gasoline and oil prices soared on Monday as one of the largest pipelines in the US remained closed three days after a ransomware attack. Gasoline futures rose 1.5% to $ 2.16 a gallon, pulling back slightly from their overnight session highest levels. Heating oil futures rose 0.8% to $ 2.03, also at the highest level of the session. The US oil benchmark West Texas Intermediate Crude Oil Futures rose 0.5% to $ 65.24 a barrel.

A Russian criminal group called Dark Side could be responsible for the attack on the Colonial Pipeline, NBC News reported, citing two sources familiar with the matter. The company hired a third-party cybersecurity firm to open an investigation into the attack and reached out to law enforcement and other federal agencies. Colonial Pipeline announced Sunday evening that some of its smaller side lines between terminals and delivery points are back online, but the main lines are still down.

2. Dow and S&P 500 futures rise at the start of the week

Dealer on the floor of the NYSE.

Source: NYSE

Futures contracts pegged to the Dow Jones Industrial Average and S&P 500 rose slightly early in the day of trading as the indices build on last week’s solid rally to hit record highs. Dow futures gained 97 points while S&P 500 futures gained 0.1%. The Nasdaq 100 futures fell 0.3% as technology stocks pulled back after Friday’s big gains. Larger tech stocks fell in early trading, with Tesla falling 1%. Oracle lost nearly 1% after downgrading from Barclays.

Last week the Dow was up 2.7% and the S&P 500 was up 1.2%. Despite a 0.9% rally in the last session of the week, the Nasdaq Composite lost 1.5% over the same period. The optimism in the late week came despite a far weaker-than-expected job report in April that showed US employers added 266,000 net payrolls over the past month. Economists polled by Dow Jones had expected 1 million new entrants.

3. Ethereum exceeds $ 4,000 for the first time

Ethereum, the world’s second largest cryptocurrency, surged above $ 4,000 on Monday, hitting an all-time high. Ether, the digital token on the Ethereum blockchain, rose 4% to $ 4,044, according to Coin Metrics. It now has a total market value of around $ 476.3 billion, less than half of Bitcoin’s $ 1.1 trillion.

The digital asset started at around $ 768 apiece in 2021, up more than 400% year over year. Ether has seen parabolic gains lately as investors look to other cryptocurrencies for returns. Bitcoin fell over 2% in April while ether rose more than 40%.

4. Dogecoin crashes during Musk’s SNL gig. SpaceX accepts the meme token as a means of payment

Yuriko Nakao | Getty Images News | Getty Images

Dogecoin price fell another 12% early Monday after falling when Tesla CEO Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut. The meme-inspired cryptocurrency fell 29.5% on Saturday, falling to 49 cents at one point. Musk mentioned Dogecoin in his opening monologue and on “Weekend Update,” the satirical newscast from SNL. In a Q&A with hosts Michael Che and Colin Jost, Musk called himself “Dogefather”, said Dogecoin was a “hubbub” and howled “To the Moon”.

On Sunday, Musk’s SpaceX announced that it would launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, with the company accepting Dogecoin as a method of payment. “SpaceX is going to put a literal Dogecoin on the literal moon,” Musk wrote in a Sunday tweet.

5. England will ease lockdown restrictions on Covid

Prime Minister Boris Johnson briefs on the Covid-19 coronavirus pandemic during a virtual press conference at 10 Downing Street on March 18, 2021 in London, England.

Tolga Akmen – WPA Pool | Getty Images

UK Prime Minister Boris Johnson is expected to announce on Monday that the government will move ahead with the next phase of the lockdown in England. Johnson’s cabinet is expected to continue easing lockdown measures starting next Monday. International travel can then be resumed in most cases, although quarantines and testing are required for the most part upon return to the UK.

Pubs and restaurants are also expected to welcome customers indoors again, and indoor mixing can be resumed for groups of up to six people. The government has announced that it will lift all restrictions on social contact by June 21st. Another offer for an independence vote in Scotland threatens to overshadow Westminster in the coming weeks and months.

Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcast Saturday Night Live.

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