Here are the most important news items that investors need to start their trading day:
1. Speed bump
The stock market’s rip higher took a break last week. All three of the major U.S. averages dipped from their lofty highs. The Dow Jones Industrial Average fell 0.9% in its worst week since October, while the S&P 500 slid 0.3% and the Nasdaq Composite lost 1.2%. Investors will watch in the days ahead for signals about the Federal Reserve’s policy plans, as the central bank waits to see the economy cool before it starts to cut interest rates. Data released Friday showed better than expected U.S. job creation in February. Inflation data in the consumer and producer price indexes for February are due Tuesday and Thursday, respectively. Follow live market updates here.
2. Bitcoin jumps
Bitcoin’s climb continues. The cryptocurrency rose to a record high on Monday, topping $71,000. The move came after the U.K. opened the door to trading of exchange-traded products related to cryptocurrency. The introduction of bitcoin ETFs in the U.S. helped to send the cryptocurrency’s price soaring this year.
3. Biden’s budget
President Joe Biden is leaning into tax hikes on corporations and the wealthy as he tries to make an economic case for reelection this fall. The White House will release its 2025 budget on Monday, and while its pillars likely will not become law, it signals Biden’s priorities as he enters a likely rematch with former President Donald Trump. Among the measures in the proposal, it calls for a 25% tax on the unrealized income of the wealthiest households.
4. Reddit’s range
Social media platform Reddit wants to raise as much as $748 million in its IPO expected in the coming months, according to a new filing. The company is seeking a valuation of about $6.5 billion as part of the offering, the first in years for a social media player. Reddit plans to sell about 22 million shares in a range of $31 to $34 per share. Reddit goes public amid muted investor interest for IPOs…
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