Traders on the New York Stock Exchange.
1. Dow futures rose over 200 points Monday after Friday’s blowout jobs report. While the U.S. stock market was closed on Good Friday, the government still issued its monthly employment data. Nonfarm payrolls increased by 916,000 last month, a much stronger than expected number and the highest total since the 1.58 million added in August 2020, as states continued to reopen their economies one-year after the start of pandemic and Covid vaccinations ramped up. The 10-year Treasury yield ticked higher Monday but remained below its recent 14-month high. On Thursday, the S&P 500 rose 1.2%, closing above 4,000 for the first time ever. The Dow Jones Industrial Average gained 0.5% but came up short of closing at a record. The tech-heavy Nasdaq jumped 1.8%, moving within 4.6% of its February record close.
- Treasury Secretary Janet Yellen will call Monday for a minimum tax on corporations around the world in an effort to keep companies from relocating to find lower rates. “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” Yellen will tell a conference held by the Chicago Council on Global Affairs on Monday morning, according to a report from Axios confirmed by CNBC. The remarks come as President Joe Biden is looking to raise the corporate tax rate as a way to pay for a $2 trillion infrastructure improvement plan.
- Republican Sen. Roy Blunt of Missouri on Sunday urged the president to cut his infrastructure plan to roughly $615 billion and to focus on rebuilding physical infrastructure like roads and bridges. The fourth-ranking GOP senator argued on “Fox News Sunday” that only 30% of Biden’s proposal focuses on traditional infrastructure. Blunt said reducing the price would allow the White House to pass the bill through both chambers of Congress. Senate Minority Leader Mitch McConnell, R-Ky., said last week the $2 trillion package would not receive Republican support.
GameStop dropped 14% in Monday’s premarket after announcing plans to sell up to 3.5 million shares as the video game retailer looks to take advantage its stock surge following a Reddit-driven trading frenzy earlier this year. GameStop said it would use the proceeds from the share offering to speed up the shift in its business model to e-commerce, a plan that is being led by a top shareholder and board member Ryan Cohen, co-founder of online pet retailer Chewy. GameStop closed Thursday at $191 per share. It traded as high as $483 in late January. Before the Reddit trade took hold, the stock began the year under $20.
Tesla shares jumped more than 7% in the premarket after the electric automaker Friday said it delivered nearly 185,000 vehicles during the first quarter. That’s a record for the Elon Musk-led firm and above estimates for 168,000 deliveries. All of the vehicles produced during the quarter were Model 3 sedans and Model Y crossover SUVs. Tesla did not produce any of its more expensive Model S sedans and Model X SUVs. However, it did deliver 2,020 Model S and Model X vehicles from inventory. Tesla’s latest delivery numbers represented more than a 100% increase from the same period last year.
- The U.S. put Johnson & Johnson in charge of the Emergent BioSolutions plant that ruined 15 million doses of the drugmaker’s one-shot Covid vaccine, a senior health official said Saturday. The government also prohibited AstraZeneca from using the facility. Emergent BioSolutions workers at the plant in question mixed ingredients for the J&J and AstraZeneca vaccines, according to The New York Times. AstraZeneca, whose vaccine has not been approved in the U.S., said it will work with the Biden administration to find an alternate production site.
— The Associated Press and Reuters contributed to this report. Get the latest on the pandemic with CNBC’s coronavirus blog.