Home Business 5 things to know before the stock market opens Monday, April 5

5 things to know before the stock market opens Monday, April 5

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

1. Dow set to rise after Friday’s strong jobs report

2. Yellen to push for global minimum tax on corporations

Treasury Secretary Janet Yellen on Monday morning will call for a minimum tax on corporations around the world in an effort to keep companies from relocating to find lower rates. “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” Yellen will tell a conference held by the Chicago Council on Global Affairs, according to a report from Axios confirmed by CNBC. The remarks come as President Joe Biden is looking to raise the U.S. corporate tax rate as a way to pay for a $2 trillion infrastructure improvement plan.

3. GOP opposition to Biden’s infrastructure plan lines up

Republican Sen. Roy Blunt of Missouri on Sunday urged the president to cut his infrastructure plan to roughly $615 billion and to concentrate on rebuilding physical infrastructure like roads and bridges. The fourth-ranking GOP senator argued on “Fox News Sunday” that only 30% of Biden’s proposal focuses on traditional infrastructure. Blunt said that reducing the price would allow the White House to pass the bill through both chambers of Congress. Senate Minority Leader Mitch McConnell, R-Ky., said last week the $2 trillion package would not receive Republican support.

4. GameStop tanks on stock sale plan; Tesla jumps on record deliveries

GameStop dropped 13% in Monday’s premarket after announcing plans to sell up to 3.5 million shares as the video game retailer looks to take advantage of its stock surge following a Reddit-driven trading frenzy earlier this year. GameStop said it would use the proceeds to speed up the shift in its business model to e-commerce. GameStop closed Thursday at $191 per share. It traded as high as $483 in late January. Before the Reddit trade took hold, the stock began the year under $20.

A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York.

Lucas Jackson | Reuters

Tesla shares jumped more than 7% in the premarket after the electric automaker Friday said it delivered nearly 185,000 vehicles during the first quarter. That’s a record for the Elon Musk-led firm and above estimates for 168,000 deliveries. All of the vehicles produced during the quarter were Model 3 sedans and Model Y crossover SUVs. Tesla did not produce any of its more expensive Model S sedans and Model X SUVs. However, it did deliver 2,020 Model S and Model X vehicles from inventory.

5. U.S. puts J&J in charge of plant that botched Covid vaccine

The U.S. put Johnson & Johnson in charge of the Emergent BioSolutions plant that ruined 15 million doses of the drugmaker’s one-shot Covid vaccine, a senior health official said Saturday. The government also prohibited AstraZeneca from using the facility. Emergent BioSolutions workers at the plant in question mixed ingredients for the J&J and AstraZeneca vaccines, according to The New York Times. AstraZeneca, whose vaccine has not been approved in the U.S., said it will work with the Biden administration to find an alternate production site.

— The Associated Press and Reuters contributed to this report. Get the latest on the pandemic with CNBC’s coronavirus blog.

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