Here are the most important news items that investors need to start their trading day:
1. Flying high
The tech-heavy Nasdaq Composite reached an all-time high on Friday to close the week, spurred by enthusiasm for artificial intelligence. The index was the last of the three major averages to reach a new record close this year. The S&P 500 also rose for the week, notching a close above the 5,100 threshold for the first time, but the Dow ended up with losses last week. Looking ahead, inflation will be back in the spotlight this week as Federal Reserve Chairman Jerome Powell prepares to give monetary policy updates to Congress and investors await Friday’s release of nonfarm payrolls data for February. Follow live market updates.
2. Getting reddy
In this photo illustration a Reddit logo is seen displayed on a smartphone.
Mateusz Slodkowski | Sopa Images | Lightrocket | Getty Images
Social media site Reddit is seeking a valuation of up to $6.5 billion in its upcoming initial public offering, a source familiar with the matter told CNBC’s Leslie Picker. Reddit, which filed to go public in February under the ticker RDDT, plans to price its IPO between $31 to $34 a share, according to the source. A few notable shareholders stand to benefit from such a pricing, including OpenAI CEO Sam Altman, whose shares in the company would be worth more than $400 million, as well as Tencent and Advance Magazine Publishers, the parent company of publishing giant Condé Nast. It would be the first social media IPO since Pinterest’s Wall Street debut in 2019.
3. Boeing back?
Airplane fuselages bound for Boeing’s 737 Max production facility sit in storage at their top supplier, Spirit AeroSystems Holdings Inc, in Wichita, Kansas, U.S. December 17, 2019.
Nick Oxford | Reuters
4. Mifepristone
Mifepristone, also known as RU-486, is a medication typically used in combination with misoprostol to bring about a medical abortion during pregnancy and manage early miscarriage.
Soumyabrata Roy | Nurphoto | Getty Images
Pharmacy chains CVS and Walgreens will start selling the abortion pill mifepristone in the coming weeks at some retail locations in states where it is legal to do so, according to spokespeople for the companies. However, the companies will not sell the pill — which is the first one used in a two-drug medication abortion regimen — by mail. CVS and Walgreens said they received approval from the FDA and will start dispensing prescriptions for the pill at select pharmacies in California, Illinois, Massachusetts, New York and Pennsylvania. The FDA in January said it would allow retail pharmacies to offer mifepristone in the U.S. for the first time, but the U.S. Supreme Court is set to hear a case later this month that could decide the future of the pill.
5. Big ‘Dune’ energy
Timothee Chalamet stars as Paul Atreides in Denis Villeneuve’s “Dune: Part Two.”
Warner Bros. | Legendary Entertainment
— CNBC’s Pia Singh, Leslie Picker, Jonathan Vanian, Leslie Josephs, Laya Neelakandan, Annika Kim Constantino and Sarah Whitten contributed to this report.
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