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.
Pedestrians wearing protective masks carry shopping bags in San Francisco, California, on Wednesday, Feb. 17, 2021.
David Paul Morris | Bloomberg | Getty Images
The Commerce Department on Friday morning reported that personal income in February dropped 7.1%, roughly matching expectations. Personal savings last month dropped 1%, also basically in line with estimates. Both income and savings figures were strong in January, as Americans received Covid stimulus checks approved in December. In the coming months, another round of direct payments to many Americans, approved in March, could start showing up in the data.
A guest attends the opening ceremony of WeWork Hong Kong flagship location in Hong Kong, China February 23, 2017.
Bobby Yip | Reuters
WeWork, which pulled its IPO in 2019 after a dwindling valuation and resignation of co-founder Adam Neumann, has reached a new deal to go public. The office-sharing company agreed on Friday to merge with special purpose acquisition company BowX Acquisition Corp. The transaction values WeWork at $9 billion, a fraction of its one-time valuation of around $47 billion. Following the announcement, shares of BowX rose 2.5% in Friday premarket.
A man talks by his phone in front of GameStop at 6th Avenue on February 25, 2021 in New York.
John Smith | Corbis News | Getty Images
GameStop shares jumped roughly 10% in Friday’s premarket, the morning after snapping a five-session losing streak and closing 52% higher. There was no apparent news Thursday. GameStop has been the most high-profile “meme stock,” popular among retail traders on Reddit and other social media platforms. The stock lost about a third of its value Wednesday after the video game retailer delivered disappointing fourth-quarter results, failed to give in-depth detail about its digital turnaround plans, and acknowledged it’s considering selling more stock.
Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves while arriving to a discussion at the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020.
Andrew Harrer | Bloomberg | Getty Images
The National Labor Relations Board told Tesla to make Elon Musk delete a tweet that was seen as threatening to labor organizers within the company. The independent federal agency also ordered Tesla to reinstate a fired employee, Richard Ortiz, a union advocate. Tesla must also compensate Ortiz for loss of earnings, benefits and adverse tax consequences that resulted from his termination. The NLRB decision was largely in line with an administrative law judge’s ruling from 2019, which Tesla had appealed to the full board.
Stranded container ship Ever Given, one of the world’s largest container ships, is seen after it ran aground, in Suez Canal, Egypt March 25, 2021.
Suez Canal Authority | Reuters
The Ever Given, a stranded mega container ship in the Suez Canal, is holding up an estimated $400 million per hour in trade, based on the approximate value of goods that move through the key waterway every day. That’s according to shipping data and news company Lloyd’s List. Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. The Suez Canal, which separates Africa from Asia, is one of the busiest trade routes in the world.
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