Stock futures fell on Monday after the S&P 500 posted its first weekly loss in three and a sell-off in bonds continued

Dow Jones Industrial Average contracts fell 196 points, S&P 500 futures fell 31 points and Nasdaq futures fell 187 points

The 10-year Treasury yield was at 1377% but had risen to 1394% in shares on Monday

Bond prices, which have an inverse relationship to yields, fell amid fears that improved vaccine deployments and greater fiscal stimulus could lead to higher inflation and rising costs of borrowing could lead to a downturn in the stock market

The US House of Representatives will likely vote on President Joe Biden’s $ 1 proposal The 9 trillion stimulus package by the end of the week The bill includes $ 1,400 checks to most Americans, an increase in the minimum wage to $ 15 an hour and an increase in supplementary unemployment benefits to $ 400 per week from $ 300

Shares closed mixed on Friday, with the S&P 500 dropping for a fourth day in a row and ending with its first weekly loss in three weeks

Boeing (BA) – Shares of Get Report fell on Monday after the company’s 777 jets were grounded by some airlines in the US and Asia after an engine failure that spread debris over a Denver suburb

The Federal Aviation Administration has issued an Emergency Airworthiness Directive requiring “immediate or intensified inspections” of Boeing 777 aircraft equipped with certain Pratt & Whitney PW4000 engines, following engine failure on a Boeing aircraft operated by United Airlines (UAL) – Get report over the weekend

“This will likely mean some planes will be taken out of service,” FAA administrator Steve Dickson said in a statement “Based on the initial information we concluded that the inspection interval should be increased for the hollow fan blades which are unique to this engine model, used only on Boeing 777 aircraft.”

United said it will voluntarily halt operations on 24 of its planes while the FAA inspects the engines

In a statement, Boeing said it “recommends suspending operations of the 69,777 in service and the 59 in stock 777 powered by Pratt & Whitney 4000-112 engines until the FAA identifies the protocol appropriate inspection”

The PW4000 engine family is made by Raytheon Technologies (RTX) – Get Report Pratt & Division WhitneyRaytheon did not respond to a request for comment from TheStreet on Sunday, saying only it was passing questions to its subsidiary

Tesla (TSLA) – Get Report has stopped taking orders for the cheapest version of its Model Y electric SUV and removed it from its online configurator just a month after the vehicle’s launch, according to a report by Electrek

Electrek noted that it was not clear if the standard Model Y lineup was now completely canceled or if Tesla was just taking a break to take control of the base version of the electric SUV

Last week Tesla lowered the price of the Model Y Standard Range Plus to $ 39,990 from $ 41,900, and also slashed the price of its Model 3 Standard Range Plus to $ 36,990 from $ 37,990

Royal Caribbean Cruises (RCL) – Get Report posted an adjusted fourth quarter02 loss of $ 5 a share, larger than estimates of a loss of $ 493

Revenue reports are also due Monday from Palo Alto Networks (PANW) – Get Report, Occidental Petroleum (OXY) – Get Report, DISH Network (DISH) – Get Report, Discovery (DISCA) – Get Report, Diamondback Energy (FANG) – Get ReportG and RealReal (REAL) – Get Report

Reports later in the week are expected from Home Depot (HD) – Get Report, Lowe’s (LOW) – Get Report, Macy’s (M) – Get Report, Square (SQ) – Get Report, TJX Cos (TJX) – Get Report, Nvidia (NVDA) – Get Report, L Brands (LB) – Get Report, Best Buy (BBY) – Get Report, Dell Technologies (DELL) – Get Report, VMware (VMW) – Get Report, Salesforce (CRM) – Get Report, Rocket Cos (RKT) – Get Report and HP Inc (HPQ) – Get Report

Nvidia and Salesforce are part of Jim Cramer’s Action Alerts PLUS membership club Want to be alerted before Jim Cramer buys or sells shares? Find out more now

The US Monday economic calendar includes key January economic indicators at 10 a.m. ET Data will be released later this week on consumer confidence, new home sales, durable goods orders, domestic product fourth quarter gross and unemployment claims

Federal Reserve Chairman Jerome Powell to speak to the Senate Banking Committee on Tuesday and the House Financial Services panel on Wednesday

Lucid Motors, the electric vehicle start-up, is set to close a public deal through a merger with a blank check company started by investment banker Michael Klein, Bloomberg reported, citing people close to the file

A deal for Lucid could be announced on Tuesday, two people said. Talks are still ongoing, however, and could still collapse

The special purpose acquisition company is in talks to raise between $ 1 billion and $ 1 billion5 billion in funding from institutional investors to support the deal, people told Bloomberg

Klein will use Churchill Capital Corp IV (CCIV), its largest PSPC that has raised more than $ 2 billion, for the deal, people saidLucid is backed by Saudi Arabia’s sovereign wealth fund

The merger between Lucid and Churchill Capital is said to be the largest in a series of deals signed by electric vehicle makers such as Nikola (NKLA) – Get Report and Fisker (FSR) – Get Report that have been made public by partnering with PSPCs, noted Reuters, which reported on the possible deal last week They raised money to compete with Tesla, the world’s leading electric vehicle maker

Boeing Stock

News from around the world – CA – Boeing, Tesla, Royal Caribbean, Lucid Motors – 5 things to know Monday

Source: https://www.thestreet.com/markets/5-things-you-must-know-before-the-market-opens-monday-022221