Here are five things you must know for Tuesday, April 13:
1. — Stock Futures Inch Higher Ahead of Inflation Data
Stock futures rose slightly Tuesday as investors awaited inflation data to determine what risks a bump up in consumer prices might have on a U.S. economic recovery.
Wall Street also was preparing for the start of first-quarter earnings season and a Treasury auction of 30-year bonds after sales of three- and 10-year notes were met with slightly lower demand than previous auctions.
The yield on the 10-year U.S. Treasury rose early Tuesday to 1.693%.
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Stocks closed Monday with modest losses and the S&P 500 snapped a three-day winning streak. The broad market index finished last week with its third straight weekly gain.
Asian equities ended Tuesday’s session mostly higher but stocks in Shanghai declined after China reported exports rose nearly 31% in March, which was lower than expectations.
2. — Tuesday’s Calendar: Consumer price Index for March
The U.S. economic calendar for Tuesday includes the NFIB Small Business Optimism Index for March at 6 a.m. ET and the Consumer price Index for March at 8:30 a.m.
Economists surveyed by FactSet expect U.S. consumer prices to have risen 0.5% last month, with the annual rate at 2.5%.
Core inflation, excluding food and energy prices, is forecast to increase 0.2% in March or 1.5% on an annual basis.
Earnings are expected Tuesday from Fastenal FAST, OrganiGram OGI and KushCo Holdings KSHB.
3. — Bitcoin Rallies to All-Time High
Bitcoin jumped to an all-time high Tuesday of nearly $63,000 as the cryptocurrency sector prepares for this week’s market debut of Coinbase Global (COIN) – Get Report.
The world’s largest cryptocurrency rose to as high as $62,732, according to Fintech Zoom.
Coinbase Global, the largest U.S. cryptocurrency exchange, will make its trading debut Wednesday through a direct listing on the Nasdaq.
“It’s the evolution of an industry that used to sit on the periphery,” Nick Jones, CEO and co-founder at cryptocurrency wallet Zumo, told Bloomberg. “It really blurs the lines between crypto and more traditional financial institutions.”
The IPO values the company at about $100 billion, more than the New York Stock Exchange and Nasdaq combined, according to Bloomberg.
Coinbase’s public debut this week also boosted the digital coins of other cryptocurrency exchanges, such as Binance Coin, which has jumped to become the third-most valuable cryptocurrency behind Bitcoin and Ether, according to Bloomberg.
Jim Cramer, the founder of TheStreet, told viewers of his “Mad Money” program Monday that he likes tech stocks so much because they’re always innovating.
He highlighted two: Microsoft ((MSFT)) – Get Report, which announced it was buying speech-recognition software maker Nuance Communications (NUAN) – Get Report for nearly $20 billion in a push further into healthcare for the software giant.
The other was Nvidia ((NVDA)) – Get Report, the chipmaker that announced Monday it was offering its first server microprocessors, a move that will further heat up the chipmaker’s rivalry with Intel (INTC) – Get Report.
5. — GameStop‘s Search for New CEO Being Led by Ryan Cohen
GameStop (GME) – Get Report has begun a search for a new chief executive and the effort is being led by Chewy co-founder Ryan Cohen, who became a GameStop director in January, The Wall Street Journal reported.
Reuters was first to report that videogame retailer GameStop was looking for a successor to CEO George Sherman, who has been chief executive since April 2019, as it looks to become more of an e-commerce company.
GameStop is focusing its search on candidates with a background in technology or the videogame industry, the Journal reported, citing a person familiar with the matter.
Cohen isn’t planning on taking the role, the person also said.
At least three top lieutenants of Sherman have left the company or announced plans to depart within the past few months. Former Chief Financial Officer Jim Bell and Chief Customer Officer Frank Hamlin are among senior executives who recently have left the company.