Here are the key news, trends and analysis that investors need to get their trading day underway:
1. Wall Street has been consistently looking for the best week since November 2020
Traders on the floor of the NYSE, March 18, 2022.
Source: NYSE
US stock futures changed little Monday after strong gains last week, which saw the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all perform their best weekly performance since November 2020. Dow stock Boeing fell 5% in premarch market after a 737-800 jet crashed with 132 people on board in China. Investors were also watching developments in the Russian war with Ukraine.
- Friday’s rally ended a week in which the Dow rose 5.5%, the S&P 500 won almost 6.2%, and the Nasdaq jumped 8.2%. All three stock benchmarks have broken Multiweek losing streaks. Only the Nasdaq remained in a correction.
- US oil prices on Monday rose 4% to $ 109 a barrel as European Union nations considered joining Russia’s Russian oil embargo while a weekend attack on Saudi oil plants raised concerns.
- The 10-year Treasury Yield Monday rose to about 2.24%. After the first rate hike last week in more than three years, Federal Reserve President Jerome Powell spoke at the National Association for Business Economics’ annual conference at 12 p.m. ET.
2. Berkshire ze kafen Alleghany; Goldman announces crypto milestone
Warren Buffett at Berkshire Hathaway’s Annual Meeting in Los Angeles, California. May 1, 2021.
Gerard Miller | CNBC
Warren Buffett’s Berkshire Hathaway said on Monday morning that it had agreed to buy insurance company Alleghany for $ 11.6 billion, or $ 848.02 per share, in cash. Alleghany shares, which closed at $ 676.75 on Friday, rose to the buyout price on Monday. For the acquisition, Buffett and Berkshire’s massive cashhoard of $ 146.72 billion fell by the end of 2021. The deal, which is expected to close in the fourth quarter of this year, came after Berkshire Class A shares hit a record high last week. over $ 500,000 for the first time.
E Goldman Sachs Group Inc. Logo hangs on the floor of the New York Stock Exchange in New York, US, Wednesday, May 19, 2010.
Daniel Acker | Bloomberg | Getty Biller
Goldman Sachs is close to announcing that it will be the first major US bank to handle an over-the-counter crypto transaction, CNBC has learned. Goldman has traded a Bitcoin-linked instrument called a non-deliverable option with crypto-trading bank Galaxy Digital, according to the two companies. CNBC’s Hugh Son reports that the move is seen as a notable step in the development of crypto markets for institutional investors. Hedge funds have been looking for a derivative charge for Bitcoin.
Boeing passenger jet crashes in China with 132 people on board
China’s civil aviation authority said a Boeing 737-800 jet operated by China Eastern Airlines crashed on Monday in the southern region of Guangxi. There was no immediate word on the fate of the 123 passengers and nine crew members. Boeing told the Associated Press that it was aware of the initial reports of the crash and was “working to gather more information.” The incident comes as the company has been trying to recover its reputation after a series of major crashes in recent years.
4. Bid to stop Poland; Mariupol rejects the capital claim
US President Joe Biden speaks during a meeting on ARPA-H, a health research agency that seeks to advance cancer cure and accelerate additional health innovations, at the South Court Auditorium in the White House Complex, Washington, March 18, 2022.
Al Drago | Reuters
President Joe Biden has added a stop to Poland for his trip to Europe this week for urgent talks with NATO and European allies on the Russian offensive in Ukraine. Poland, a crucial ally in the Ukraine crisis, is taking in thousands of American troops and taking in more Ukrainian refugees than any other nation. White House officials said Biden had no plans to travel to Ukraine.
Civilians captured in Mariupol city under Russian attacks will be evacuated in groups under the control of pro-Russian separatists, through other cities, in Mariupol, Ukraine on March 20, 2022.
Strict | Anadolu Agence | Getty Biller
Ukrainian officials on Monday rejected a Russian demand for a capitulation in Mariupol in exchange for safe passage from the besieged strategic port city. In the capital Kyiv, Russian bombers destroyed a shopping mall near the city center. The British Ministry of Defense said on Monday that the resistance of Ukraine had kept most of the Russian forces more than 15 miles from the center of Kyiv.
5. Justice Clarence Thomas hospitalized; Biden Supreme Court Pick Hearing
The US Supreme Court in Washington, DC, on March 9, 2022.
Stefani Reynolds | AFP | Getty Biller
Supreme Court Justice Clarence Thomas has been hospitalized since Friday due to an infection. The court did not provide further details about the infection, but said Thomas was treated with antibiotics and his “flu-like symptoms” subsided. Thomas, among the 6-3 Conservative majority, plans to take part in the cases this week, even if he misses the arguments, the court said.
- The announcement of the 73-year-old’s hospitalization came as the Senate Judiciary Committee prepared to begin confirmation talks Monday for Ketanji Brown Jackson. The 51-year-old judge is Biden’s choice to successfully retire Liberal justice Stephen Breyer.
– CNBC Reporter Vicky McKeever, Fred Imbert, Evelyn Cheng in the Karen Gilchrist as well as The Associated Press contributed to this report.
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