Here are the most important news, trends and analysis that investors need to start their trading day:
- S&P 500 looks to add to Thursday's record close
- Meme stocks get some relief after hitting a wall
- Biden, G-7 leaders to endorse a global minimum corporate tax
- Two Royal Caribbean passengers test positive for Covid
- Tesla begins deliveries of its new Model S Plaid
1. S&P 500 looks to add to Thursday's record close
U.S. stock futures rose Friday, one day after the S&P 500 logged its 27th record close of 2021 but its first since May 7. Shaking off a red-hot inflation report, the Dow also rose Thursday, breaking a three-session losing streak and finishing less than 1% from last month's record close. The Nasdaq's gain Thursday brought the tech-heavy index within 1% of its last record close in late April.
Ahead of Friday's open on Wall Street, the Nasdaq was up 1.5% for the week, on pace for a fourth straight weekly gain for the first time since January. The S&P 500 was looking to clinch a three-week winning streak. The Dow was off 0.8% for the week, on track to break two positive weeks in a row.
2. Meme stocks get some relief after hitting a wall
Meme stocks were getting some relief early Friday after hitting a wall Thursday. Shares of GameStop, which tanked 27% on Thursday, rose 6% in the premarket. GameStop investors seemed to be running for the exits Thursday, one day after the video game retailer announced the appointments of two former Amazon executives as CEO and CFO and said it may sell as many as 5 million additional shares to raise money. GameStop — off about 50% from its $483 per share all-time high in January — remained up nearly 1,100% in 2021. Last week's big winner, AMC Entertainment, rose 4% in Friday's premarket after closing down 13% on Thursday. The stock — down more than 40% from last week's all-time high of $72.62 — was still up 1,900% this year.
3. Biden, G-7 leaders to endorse a global minimum corporate tax
President Joe Biden and G-7 leaders will publicly endorse a global minimum corporate tax of at least 15% on Friday, one piece of a broader agreement to update international tax laws for a globalized, digital economy. Meeting at a resort in the U.K., the world leaders will also announce a plan to replace digital services taxes, which targeted the biggest American tech companies, with a new tax plan linked to the places where multinationals are actually doing business rather than where they are headquartered. The White House also said G-7 leaders will agree to "continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery."
4. Two Royal Caribbean passengers test positive for Covid
Royal Caribbean said late Thursday that two guests onboard its Celebrity Millennium ship tested positive for Covid. The cruise operator said the passengers were asymptomatic and in isolation. Celebrity Millennium was one of the first cruises in North America to restart sailing last week. In lifting the more than one-year pandemic halt, the CDC required a fully vaccinated crew and everyone over 16 to present proof of vaccination. In the early days of Covid last year, cruise ships became hotbeds for the coronavirus.
5. Tesla begins deliveries of its new Model S Plaid
Tesla kicked off deliveries of its new Model S Plaid, with a livestream event Thursday night at the electric auto maker's test track near its factory in Fremont, California. CEO Elon Musk made his entrance by driving a Model S Plaid around the track and onto the stage. Musk, in weeks before the event, hyped the months-delayed vehicle as the "quickest production car ever made." The Model S Plaid, a high-performance version of Tesla's flagship sedan, starts at $129,990 compared with $79,990 for a long-range 2021 Model S. On Sunday, Musk tweeted that Tesla canceled the $150,000 Model S Plaid Plus, saying there was "no need, as the Plaid is just so good."