5 things to know before the stock market opens on Monday, March 28

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

1. Wall Street looks stable after two weeks of winning streak

US Stock Futures they were relatively flat on Monday. Wall Street looked to close a monthly gain for March on Thursday after posting a two week winning streak. On the first day of April, next Friday, the government plans to publish its last monthly employment report before the Federal ReservePolicy meeting the first week of May. Rising expectations of more aggressive interest rate hikes have been driving higher bond yields. In fact, the 5 years and 30 years Treasury yields inverted on Monday for the first time since 2006, raising fears of a possible recession. benchmark 10-year Treasury yield reached almost 2.56%, reaching a new high of almost two years.

2. Oil Sinks on Demand Concerns After Shanghai Covid Lockdown Announcement

US and international oil prices fallen down about 5% on Monday as traders worried about weaker fuel demand in China after Shanghai launched a two stage covid lockdown. The initial phase, intended to try to contain China’s worst outbreak of the pandemic, works from Monday to Friday in the morning and applies to the eastern part of Shanghai, where the financial center of the city is located. The Shanghai Stock Exchange will not be affected. The second phase applies to the western part of the city, and runs from Friday morning to the afternoon of April 5.

Aerial view of the Tesla Shanghai Gigafactory on March 29, 2021 in Shanghai, China.

Xiaolu Chu | Getty Images News | fake images

Tesla will suspend production at its Shanghai factory in accordance with the first phase of the city’s Covid lockdown, Reuters reported Monday. The company declined to comment on the status of operations at its Shanghai plant during the week. Meanwhile, the CEO of Tesla Elon Musk he said he has covid again but “he has almost no symptoms”.

3. Tesla wants to split its shares so it can pay a stock dividend

Tesla revealed wants to split its shares so it can pay a stock dividend to shareholders, according to a Securities and Exchange Commission filing filed Monday. Tesla shares rose 5.5% before trading. The stock has more than doubled since its last split, a 5-for-1 split, in August 2020. Tesla stock has been struggling in 2022 after gaining nearly 50% over the past year and around 740 % in 2020.

In a tweet on Saturday, Musk said he is giving “serious thought” to build a new social media platform. The Tesla and SpaceX billionaire made the comment a day after claiming Twitter does not allow freedom of expression. Twitter, which has said it is committed to freedom of expression, did not immediately respond to a request for comment from CNBC.

4. Russia-Ukraine talks will continue; US backs off Biden comment

Talks between Ukraine and Russia are ready to continue this week, with officials from both countries traveling to Turkey in hopes of defusing the conflict. Meanwhile, Moscow said that President Joe BidenOn Saturday he comments that the Russian leader Vladimir Putin “cannot stay in power” were alarming. The White House later retracted Biden’s comments, saying the administration was not calling for regime change in Russia and instead the president was referring to Putin trying to wield power over the European continent.

5. Biden will propose a ‘Billionaires’ Minimum Income Tax’

Biden is expected to propose a new minimum tax that would largely target billionaires when he presents his 2023 budget. according to a document obtained by CNBC. The so-called Billionaires Minimum Income Tax would impose a minimum tax rate of 20% on American homes worth more than $100 million. More than half of the revenue could come from those worth more than a billion dollars. The proposed tax is expected to reduce the deficit by about $360 billion over the next decade, according to the document.

— CNBC reporters tanaya macheel, Vicky McKeever, fred imbert, sam shead, chloe taylor, michelle fox and Kayla Exchange as well as Reuters contributed to this report.

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