5 things to know before the stock market opens Tuesday

Business

1. Dow set to bounce after Monday’s 725 point slide

Traders on the floor of the New York Stock Exchange.
Source: NYSE

Dow futures bounced more than 200 points Tuesday, one day after the 30-stock average had its worst session in eight months. To start the week, the Dow sank 725 points, or over 2%, as the spread of the delta variant led to a sharp rise in Covid cases in the U.S. and around the world.

The 10-year Treasury yield dropped early Tuesday, trading briefly below 1.17% and touching new five-month lows before ticking higher. Falling yields, which move inversely to bond prices, added some pressure to premarket stock trading, reflecting heightened concerns about whether the resurgence of Covid will derail global economic growth.

2. Bitcoin drops below $30,000 for first time in almost a month

A photo illustration depicting the cryptocurrency bitcoin.
Jakub Porzycki | NurPhoto via Getty Images

Bitcoin fell below $30,000 for the first time in nearly a month, dragging other digital coins lower as well. Nearly $90 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET Tuesday, according to CoinMarketCap data. The world’s biggest cryptocurrency hit an all-time high near $65,000 in April. Since then, bitcoin plunged more than 50%. A renewed crackdown in China on crypto trading and mining has been among the factors recently weighing on digital coin prices.

3. Blue Origin founder Jeff Bezos is set to launch into space

From left: Oliver Daemen, Wally Funk, Jeff Bezos, Mark Bezos.
via @jeffbezos on Instagram

Jeff Bezos‘ Blue Origin is scheduled to launch its first passenger spaceflight Tuesday, carrying its billionaire founder, his brother, Mark, aerospace pioneer Wally Funk, and Dutch teenager Oliver Daemen. The launch, set on the 52nd anniversary of the Apollo 11 moon landing, is expected at 9 a.m. ET. Richard Branson launched to the edge of space on Virgin Galactic‘s fourth spaceflight on July 11, becoming the first of the space company founders to go to space.

4. Apple reportedly delays back-to-office plans by a month

Apple Inc. signage stands on the Apple campus in Cupertino, California.
Bloomberg | Bloomberg | Getty Images

Apple is delaying its September back-to-the-office plans by at least a month, according to Bloomberg, as the Covid delta variant spreads. The tech giant will give workers one month or more of lead time before requiring a return to offices, Bloomberg said, citing people familiar with the matter. In June, Apple CEO Tim Cook said in an internal email that employees will return to the office three days a week starting in early September. The decision triggered a backlash among some Apple employees, who wrote Cook a letter asking him to reconsider.

5. IBM shows strongest revenue growth in three years

Joan Cros Garcia | Corbis via Getty Images

IBM beat estimates by 4 cents with adjusted second-quarter earnings of $2.33 per share. Revenue rose 3.4% to 18.75 billion, the company said Monday afternoon, exceeding expectations. It marked IBM’s strongest revenue growth in three years, helped by the company’s cloud and software businesses. IBM reiterated its expectation that revenue will grow, rather than decline, in the full year. The Dow stock rose nearly 4% in Tuesday’s premarket. Shares gained 9.5% for the year as of Monday’s close.

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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