5 things to know before the stock market opens Thursday, May 20
Here are the most important news, trends and analysis that investors need to start their trading day:
Traders work on the floor of the New York Stock Exchange.
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, Aug. 18, 2020.
Erin Scott | Bloomberg via Getty Images
The 10-year Treasury yield early Thursday backed away from its previous day pop to 1.678% as minutes from the Federal Reserve‘s April meeting suggested central bankers might taper the pace of extraordinary Covid-era asset purchases if the economy continues to recover rapidly. Investors will be looking to the government’s 8:30 a.m. ET report on weekly jobless claims for a read on whether the labor market was still improving. Economists expect initial unemployment benefits filings to total 452,000 for last week compared with 473,000 in the week prior.
A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.
Dado Ruvic | Reuters
Bitcoin on Thursday seesawed just above and below $40,000 after the wild ride of the past day saw the world’s largest cryptocurrency tank 30% Wednesday to three-month lows near $30,000. That represented an over 50% decline from last month’s all-time high of almost $65,000. At Wednesday’s lows, the digital coin went to basically breakeven for 2021. However, it was still up more than 200% in the past 12 months. During Wednesday afternoon trading, bitcoin rebounded before pulling back later in the day and overnight.
Virgin Galactic’s spacecraft Unity fires its rocket engine and heads to space on Feb. 22, 2019.
Shares of Virgin Galactic jumped nearly 24% in Thursday’s premarket after the space tourism firm said it’s targeting Saturday for its next spaceflight test. The company made the announcement following the completion of a maintenance review of its carrier aircraft that had threatened delays. Virgin Galactic is aiming to begin commercial service in 2022. Ahead of the premarket surge, the stock was off 27% this year and down 65% in the past three months. It saw a major leg down last week after Cathie Wood’s Ark Invest revealed her firm’s space exploration ETF had sold almost all of its Virgin Galactic stake.
A carton of Oatly brand oat milk is arranged for a photograph in the Brooklyn borough of New York, U.S., on Tuesday, Sept. 15, 2020. Photographer: Gabby Jones/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Oatly is set to debut on the Nasdaq on Thursday after pricing its initial public offering at $17 per share, the top of the expected range. The Swedish oat milk maker raised $1.4 billion, valuing the company at $10 billion. Last year, Oatly raised $200 million in a funding round led by private equity firm Blackstone, and included Oprah Winfrey, Natalie Portman, an entertainment firm founded by rapper Jay Z, and former Starbucks boss Howard Schultz.