After Friday’s record high, Dow futures dropped by about 300 points on Monday. Nasdaq, S&P 500, and 30-stock average all closed at record highs with Democrats in control of the House and Senate. Soon, Democrats will take over the White House and futures may soar even higher.
In as much as the 10-year Treasury yield dropped, it persisted above 1.1% on Monday. On Friday, Bitcoin soared over $41,000 but plunged by 15% during the stock market opening on Monday. The drop included a 6% decline. To be successful as an investor, there is no doubt that a close analysis of the news and current trends will help you know what to do in the wait before the stock market opens.
House set to remove President Trump
The House Democratic leadership is set to vote on having the Vice President and Cabinet officials invoke the 25th Amendment to remove Trump from office. A full House vote is expected on Tuesday.
After the vote, Vice President Mike Pence together with the cabinet will have 24 hours to act ahead of the impeachment.
According to two Republican senators, Alaska’s Lisa Murkowski and Pennsylvania’s Pat Toomey, “Trump needs to go as soon as possible.”
JPMorgan and Citigroup to stop political donations
Citigroup and JPMorgan Chase are major financial firms that are front in line halting the political action committee donations following the attack on U.S. Capitol last week. The Wednesday riot which ended in five deaths was spurred by Trump supporters who wanted to disrupt the approval of President-elect Joe Biden’s win.
Other companies including the Blue Cross Blue Shield and Marriott also agreed to halt their funding of Republican lawmakers who backed the Wednesday attack.
Twitter stock flop after Trump’s ban
After the permanent suspension of President Donald Trump’s Twitter account (@realDonaldTrump), Twitter shares fell by 6% in premarket trading. On Friday, Twitter explained that the action taken was to prevent further violence incitement after the Wednesday Capitol attack.
Last week, Facebook and Instagram had also blocked Trump’s accounts indefinitely. Similarly, Apple and Google removed social network, Parler, from their app stores while Amazon Web Services halted Parler’s Webhosting.
Lilly’s Alzheimer’s drug trial could be a breakthrough
Eli Lilly shares climbed by 13% after the company’s Alzheimer’s drug, Donanemab, showed significant results in slowing the decline of both cognition and function in victims of early-stage Alzheimer. The clinical trial claimed that the drug slowed the declines by about a third. The shares of the pharmaceutical giant increased in premarket trading.