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Home / Business / 5 things to know before the stock market opens on Wednesday, April 7

5 things to know before the stock market opens on Wednesday, April 7



Here are the most important news, trends and analysis investors need to start a trading day:

1. The Dow Jones Index fell to the opening price after falling from a previous record

Trader on the floor of the New York Stock Exchange.

Source: New York Stock Exchange

2. Jamie Dimon̵
7;s annual letter provides an optimistic view of the market and the economy

Jamie Dimon, CEO of JP Morgan Chase, appeared on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on January 22, 2020.

Adam Galica | CNBC

JPMorgan Chase CEO Jamie Dimon said that the government’s response to the coronavirus pandemic has allowed many consumers to save, which will enable the U.S. economy to achieve strong growth in the short term. He called the stock market valuation “very high,” but he said that years of prosperity may justify the current level because the market is entering the stock market with economic growth pricing and excessive savings. Dimon said that although optimistic about the near-term prospects of the economy, the United States is facing severe challenges due to political and social dysfunction.

3. Morgan Stanley sold $5 billion of Archegos stock before the massive sell-off

The sign is displayed outside Morgan Stanley’s corporate headquarters near Times Square in New York.

Michael Nag | Bloomberg | Getty Images

People familiar with the matter told CNBC that at the end of last month, on the eve of the public exposure of the Archegos Capital story, the fund’s largest broker quietly withdrew some high-risk positions. According to people familiar with the matter, Morgan Stanley sold about $5 billion in stock to a handful of hedge funds from Archegos’ doomed bets on American media and Chinese technology companies late on March 25. A person familiar with the transaction said that some customers felt betrayed by Morgan Stanley because they did not receive key background information.

4. Jeff Bezos (Jeff Bezos) supports companies to increase taxes to help pay for infrastructure costs

Amazon CEO Jeff Bezos (Jeff Bezos)

Huang Yi | Getty Images

Jeff Bezos (Jeff Bezos) expressed support for raising the tax rate of US companies to help pay for infrastructure spending. But the Amazon founder did not say on Tuesday that he supports President Joe Biden’s increase plan. Given that Amazon has reviewed its own tax records (including Biden’s tax records), Bezos’ support for the company’s tax increase is noteworthy. In May of last year, Biden was still the Democratic presidential candidate, but he told CNBC that Amazon “should start paying taxes.”

5. Biden speeds up the deadline for states to open Covid lenses to all U.S. adults

U.S. President Joe Biden delivered a speech on the status of coronavirus disease (COVID-19) vaccination at the National Dining Room of the White House in Washington, DC on April 6, 2021.

Kevin Lamake | Reuters

Biden urged states to open Covid vaccine appointments to all American adults by April 19, nearly two weeks earlier than the original deadline. Biden urged Americans to continue to implement pandemic safety measures, saying that the United States has not “reached the end.” The president also said that in the first 75 days of his tenure, there were 150 million shootings in the United States. He strives to possess 200 million weapons in the first 100 days of his tenure.

—Get the latest news of the pandemic through the following methods CNBC’s Coronavirus Blog.


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