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Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow is expected to rebound from Monday’s 725 point drop
Traders on the floor of the New York Stock Exchange.
Source: NYSE
Dow futures rebounded more than 200 points on Tuesday, a day after the 30-stock average had its worst session in eight months. To start the week, the Dow sank 725 points, or more than 2%, as the spread of the delta variant led to a sharp increase in Covid cases in the United States and around the world.
The 10-year Treasury yield fell early on Tuesday, briefly trading below 1.17% and touching new five-month lows before rising. Falling yields, which move inversely to bond prices, added some pressure on stock trading ahead of the market, reflecting increased concerns about whether the Covid resurgence will derail global economic growth.
2. Bitcoin drops below $ 30,000 for the first time in almost a month
A photo illustration depicting the cryptocurrency bitcoin.
Jakub Porzycki | NurPhoto via Getty Images
Bitcoin fell below $ 30,000 for the first time in nearly a month, pushing other digital coins down as well. Nearly $ 90 billion was wiped out of the entire cryptocurrency market in 24 hours at 6:29 a.m. ET on Tuesday, according to data from CoinMarketCap. The world’s largest cryptocurrency hit an all-time high of nearly $ 65,000 in April. Bitcoin has since plunged more than 50%. A further crackdown in China on crypto trading and mining has been one of the factors that has recently weighed on digital coin prices.
3. Blue Origin founder Jeff Bezos is about to launch into space
From left to right: Oliver Daemen, Wally Funk, Jeff Bezos, Mark Bezos.
via @jeffbezos on Instagram
Jeff Bezos’ Blue Origin is set to launch its first passenger space flight on Tuesday, carrying billionaire founder, brother Mark, aerospace pioneer Wally Funk and Dutch teenager Oliver Daemen. The launch, scheduled for the 52nd anniversary of the Apollo 11 moon landing, is expected at 9 a.m. ET. Richard Branson was launched to the edge of space during Virgin Galactic’s fourth space flight on July 11, becoming the first of the space company’s founders to go into space.
4.Apple reportedly delayed plans to return to the office by a month
Apple Inc. signage stands on the Apple campus in Cupertino, California.
Bloomberg | Bloomberg | Getty Images
Apple is delaying plans to return to the office for September by at least a month, according to Bloomberg, as the delta variant of Covid spreads. The tech giant will give workers a month or more time before demanding a return to offices, Bloomberg said, citing people familiar with the matter. In June, Apple CEO Tim Cook said in an internal email that employees would return to the office three days a week starting in early September. The move sparked backlash among some Apple employees, who wrote Cook a letter asking him to reconsider.
5. IBM posts strongest revenue growth in three years
Joan Cros García | Corbis via Getty Images
IBM beat estimates by 4 cents with adjusted second quarter earnings of $ 2.33 per share. Revenue rose 3.4 percent to $ 18.75 billion, the company said Monday afternoon, beating expectations. This is IBM’s strongest revenue growth in three years, helped by the company’s cloud and software activities. IBM reiterated that it expects revenues to increase rather than decrease over the entire year. Dow stock rose nearly 4% in Tuesday’s pre-trade. Shares gained 9.5% for the year at Monday’s close.
– Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.
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