Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Stocks will pick up again after Tuesday’s wide sell-off
People are seen on Wall Street in front of the New York Stock Exchange (NYSE) in New York City on March 19, 2021.
Brendan McDermid | Reuters
2. Yellen, Powell for day 2 of business report
Federal Reserve Chair Janet Yellen (L) congratulates Fed Governor Jerome Powell on his swearing-in ceremony for a new term on the Fed’s Board of Directors in this flyer photo taken and posted on June 16, 2014.
US Federal Reserve | Reuters
Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will provide a second day of economic statements to lawmakers as required by the March 2020 quarterly Covid Relief Act. You will remotely appear before the Senate Banking Committee at 10 a.m. CET. On Tuesday they told the House Financial Services Committee that increased valuations of assets in the pockets of the markets were not yet a cause for concern. Yellen and Powell also said they are confident in the stability of the financial sector as the U.S. economy continues to recover from the pandemic.
3. GameStop goes down after confirmation of a possible sale of stocks
A man is on the phone in front of GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
GameStop shares fell 12% on the Wednesday leading up to the IPO after the company confirmed in a message that it was considering selling additional shares. The stock rose more than 2,400% in the Reddit trading frenzy in January before crashing. It made a comeback in late February and early this month in the hope of digital transformation. However, the last few days’ stocks have been down. After the closing bell on Tuesday, GameStop missed the upper and lower profit margins with quarterly results. However, in the quarter, ecommerce sales grew 175%. The company also named former Amazon and Google CEO Jenna Owens as its new chief operating officer.
4. Intel builds new chip systems; Amazon appoints new cloud boss
Pat Gelsinger, CEO of Intel, speaks in a photo taken as CEO of VMware on March 9, 2017 in Santa Monica, California.
Patrick T. Fallon | Bloomberg | Getty Images
Dow stock Intel rose roughly 4% in premarket trading after the company announced late Tuesday that it would spend $ 20 billion to build two new semiconductor factories in Arizona. The announcement, which coincides with the first public statements by new CEO Pat Gelsinger since taking the contract, signals that Intel will continue to focus on manufacturing during the industry shifts that have led competitors to increasingly separate chip design and manufacturing will focus.
Andy Jassy, CEO of Amazon Web Services, speaks at the WSJD Live conference on October 25, 2016 in Laguna Beach, California.
Mike Blake | Reuters
Andy Jassy, CEO of Amazon, who has headed the company’s cloud business for 15 years, revealed his successor at Amazon Web Services in a memo. Adam Selipsky, former managing director of Amazon and currently CEO of Salesforce’s own manufacturer of data visualization software Tableau, has been selected to lead the AWS department.
5. Elon Musk Says People Can Now Buy A Tesla Using Bitcoin
Tesla, led by Elon Musk, confirmed it bought around $ 1.5 billion worth of bitcoin in January and expects it to be accepted as payment in the future.
Artur Widak | NurPhoto | Getty Images
Elon Musk announced late Tuesday that it is now possible to buy Tesla vehicles in the US with Bitcoin. “You can now buy a Tesla with Bitcoin,” tweeted CEO Musk, who was officially named “Technoking of Tesla” this month. People outside the US can buy a Tesla with Bitcoin “later this year,” Musk said, without specifying which countries. The electric car maker announced in February that it had bought $ 1.5 billion worth of Bitcoin. At the time, Tesla said it would soon start accepting the world’s largest and most popular cryptocurrency as payment.
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