Here are five things you must know for Monday, Feb. 8:
1. — Stock Futures Rise as Yellen Pushes for Massive Stimulus Bill
Stock futures suggested Wall Street would begin Monday modestly higher after Treasury Secretary Janet Yellen endorsed a massive stimulus package that she said should include checks to Americans making up to around $60,000.
Yellen said full employment could return by 2022 if President Joe Biden’s proposed $1.9 trillion plan was passed. When asked about fears of inflation rising, Yellen said “we have the tools to deal with” such a threat.
Contracts linked to the Dow Jones Industrial Average rose 105 points, S&P 500 futures gained 10 points and Nasdaq futures were up 49 points.
The size of Biden’s plan has been criticized by Republican lawmakers and questioned by previous Democratic Treasury Secretary Larry Summers.
Rising expectations for inflation led to a selloff in Treasuries, pushing the yield on the 30-year bond to 2%, the highest since February 2020.
Brent oil rose above $60 a barrel for this first time in more than a year, while West Texas Intermediate crude, the U.S. benchmark, was up 1.27% to $57.57 a barrel.
2. — Monday’s Calendar: Hasbro and Take-Two Earnings
The U.S. economic calendar for Monday is light but later in the week will see reports on the Consumer Price Index, weekly Jobless Claims and Consumer Sentiment.
Later this week reports will be issued by Walt Disney (DIS) – Get Report, General Motors (GM) – Get Report, Cisco Systems (CSCO) – Get Report, Canopy Growth (CGC) – Get Report, Uber (UBER) – Get Report, Lyft (LYFT) – Get Report, Twitter (TWTR) – Get Report, Mattel (MAT) – Get Report, Coca-Cola (KO) – Get Report, Under Armour (UAA) – Get Report, PepsiCo (PEP) – Get Report, Expedia (EXPE) – Get Report and Cloudflare (NET) – Get Report.
3. — Hyundai and Kia: We’re Not in Talks With Apple Over Autonomous Vehicles
Apple’s discussions with the Korean automakers were paused weeks ago, Bloomberg reported last week. Hyundai and Kia said in regulatory filings Monday they were in talks with multiple companies about autonomous EVs, but that no decision has been made.
Apple also has been holding discussions with other automakers about the project, reported Bloomberg, which cited people familiar with the matter.
Speculation on a so-called Apple Car has been rising, particularly after Hyundai issued and then backed off from a statement in January that it was in talks with Apple.
An Apple entry into the automotive market would dramatically alter the industry, which has seen seismic shifts away from traditional sedans to sport utility vehicles and more recently toward electric vehicles. Tesla (TSLA) – Get Report has seen its market cap soar past traditional automakers as it has boosted sales of electric vehicles.
4. — Tampa Bay Buccaneers Win Super Bowl LV
The Tampa Bay Buccaneers won Super Bowl LV, defeating the Kansas City Chiefs, 31-9, on Sunday night for the second title in Tampa Bay’s history and Tom Brady’s seventh.
The quarterback won his first six championships with the New England Patriots.
Brady also was awarded the MVP trophy, the fifth Super Bowl MVP in his career.
He completed 21 of 29 passes for 201 yards, with three touchdowns and no real mistakes.
5. — Snoop Dogg Also Is a Fan of Dogecoin
Dogecoin, which started as a “joke” cryptocurrency based on a popular internet meme, soared to a record high Monday following tweets from Tesla’s Elon Musk, rapper Snoop Dogg and Gene Simmons, the bassist with Kiss.
Snoop Dogg pinned a tweet with “Snoop Doge.”
Dogecoin was trading at 7.4 cents early Monday but had risen to as high as 8.2 cents, according to CoinGecko.
Over the past 24 hours, the cryptocurrency has risen 23% and almost 95% over the past seven days.
Dogecoin skyrocketed about two weeks ago – as much as 800% in one 24-hour period – as retail investors expanded their buying frenzy to digital currency. A Reddit group called SatoshiStreetBets had touted the gains in Dogecoin.