Biden says gun violence in U.S. is an epidemic, unveils executive actions and calls for national red flag law

 

• President Biden announced a series of executive actions aimed at reducing gun violence, while urging Congress to pass broader gun-control legislation.
• The actions were unveiled in the wake of a recent spate of mass shootings across the country, including a deadly attack Thursday in South Carolina.
• The actions direct the Justice Department to craft a rule addressing untraceable “ghost guns” and to publish example “red flag” legislation for states.
• Biden also called for a national red-flag law.

MARKETS Stock futures are in positive territory following Biden’s infrastructure speech

U.S. stock futures nudged higher early Thursday as Wall Street looked to build on a solid March following the rollout of President Joe Biden’s infrastructure plan.

Futures tied to the Dow Jones Industrial Average pointed to an opening gain of about 50 points. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.9%.

The move in futures came after Biden introduced his multitrillion-dollar infrastructure proposal. The plan includes spending on roads and bridges as well as green energy and water system upgrades.

This marks the second major spending push of Biden’s presidency after he signed a $1.9 trillion relief and stimulus bill on March 11.

“With the American Rescue Plan, we’re meeting immediate emergencies. Now it’s time to rebuild,” Biden said on Wednesday.

 https://www.cnbc.com/2021/03/31/stock-market-futures-open-to-close-news.html

CDC chief warns U.S. headed for 'impending doom' as Covid cases rise again: 'Right now I'm scared' (cnbc.com)

 CDC chief warns U.S. headed for 'impending doom' as Covid cases rise again: 'Right now I'm scared' (cnbc.com)

• The U.S. is facing “impending doom” as daily Covid-19 cases begin to rebound once again, CDC Director Dr. Rochelle Walensky said during a press briefing.
• The U.S. is recording a weekly average of 63,239 new Covid-19 cases per day, a 16% increase compared with a week ago, according to an analysis of data compiled by Johns Hopkins University.
• When cases rise as they have over the last week or so, Walensky said they often “surge and surge big” shortly thereafter.

Treasury could safeguard $17B in aid for Boeing, GE - Bloomberg

The U.S. Treasury Department is considering holding off on giving more companies access to an untapped $17B relief fund for national security businesses in case Boeing (BA +3.5%) and General Electric (GE +3%) need the money, Bloomberg reports. The loan program was created under the $2.2T Cares Act with the two companies specifically in mind, Treasury Secretary Mnuchin has said, but both have taken a pass so far, saying they do not need the government help after raising cash on Wall Street. Defense Department officials have urged Treasury to loosen the rules so that more companies could obtain loans but have yet to offer alternate criteria, according to the report

Tencent boosts stake in Nio

Nio (NYSE:NIO) is higher in AH trading after a filing by Tencent (OTCPK:TCEHY) discloses the company picked up 1.68M ADRs this month. The buying action gives Tencent a 15.1% stake in Nio. SEC Form 13D Nio is up 2.18% AH to $7.50 vs. the 52-week range of $1.19 to $7.63.

U.S. Steel weighed by stock offering, over-levered balance sheet

U.S. Steel (NYSE:X) -13.6% pre-market following news of its 50M-share offering - nearly a third of its current shares outstanding - likely at $8.58-$8.80 per share. KeyBanc analyst Philip Gibbs reiterates his Sector Weight rating but expects the stock to sell off today, telling Bloomberg that the company has a "strategic objective of taking Big River down and want to make sure with 150% accuracy that they can get through this time period. They weren't bashful about what they needed in October to go after Big River, they don't have any money and they're going to have to go out and find ways to get it." Citigroup, which rates U.S. Steel at Neutral, says it "expect(s) a negative reaction to this announcement, especially given that X shares are only down 8% YTD." BMO Capital says an equity raise "was becoming increasingly obvious... after the May debt transaction, given balance sheet leverage," and warns another equity raise is not out of the question given the company's over-levered balance sheet.