Here are the most important news, trends and analysis that investors need to start their trading day:
- Dow, S&P 500 look to extend their rallies to four straight days
- Ken Frazier to retire as Merck CEO at end of June
- Apple and Hyundai-Kia pushing toward deal on Apple Car
- Klobuchar unveils antitrust reform that would impact Big Tech
- Biden signals flexibility on Covid stimulus
1. Dow, S&P 500 look to extend their rallies to four straight days
© Provided by CNBCPeople walk past the New York Stock Exchange (NYSE) amid the coronavirus disease (COVID-19) pandemic in New York, February 3, 2021.
U.S. stock futures rose Thursday as the Dow Jones Industrial Average and S&P 500 looked to add to their three-session winning streaks. The Nasdaq on Wednesday dipped after two straight days of strong advances. The Dow and S&P 500 eked gains Wednesday following rallies Monday and Tuesday as the Reddit-fueled retail trading frenzy dissipated.
GameStop was once again volatile, finishing up nearly 2.7% at $92.41 per share Wednesday but still down 71% from Friday's close of $325. In last week's 400% surge, shares reached an all-time intraday high of $483 each. GameStop rose modestly in Thursday's premarket.
The Labor Department is set to release its weekly look at jobless claims at 8:30 a.m. ET. Economists expect 830,000 filings for initial unemployment benefits for the week ending Jan. 30. That would be down from the prior week's 847,000. The government reports its January employment report Friday. ADP said Wednesday 174,000 jobs were added last month at U.S. companies, more than triple expectations.
2. Ken Frazier to retire as Merck CEO at end of June
© Provided by CNBCKenneth C. Frazier, Chairman and CEO of Merck & Co.
Merck Chairman and CEO Ken Frazier will retire effective June 30. He'll be replaced as CEO by company CFO Robert Davis. Frazier, 66, will become executive chairman for what the drugmaker described as a "transition period to be determined by the board." Frazier, one of the few Black corporate leaders in the United States, has served as Merck's chief executive since January 2011.
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Frazier's retirement was announced Thursday morning shortly before Merck reported fourth-quarter earnings and revenue that fell short of estimates. Per-share profit was $1.32 on $12.5 billion in revenue. Merck forecast full-year 2021 earnings between $6.48 to $6.68 per share, which were higher than analyst expectations. Dow stock Merck was little changed in the premarket.
3. Apple and Hyundai-Kia pushing toward deal on Apple Car
© Provided by CNBCApple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California, June 22, 2020.
Apple shares rose nearly 2% in Thursday's premarket, the morning after CNBC reported, according to multiple sources, the tech giant is close to finalizing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. The so-called "Apple Car," which is being developed by a team at Apple, is tentatively scheduled to go into production in 2024, though people familiar with the talks said the eventual rollout could be pushed back.
4. Klobuchar unveils antitrust reform that would impact Big Tech
© Provided by CNBCU.S. Senator Amy Klobuchar, a Democrat from Minnesota, speaks during a confirmation hearing of Denis McDonough, Secretary of Veterans Affairs nominee of U.S. President Joe Biden, before the Senate Veterans' Affairs Committee in Washington, D.C., January 27, 2021.
Sen. Amy Klobuchar, D-Minn., unveiled a sweeping antitrust reform bill Thursday, setting a tough tone in her new role as chair of the Senate Judiciary subcommittee on antitrust. If enacted, it would bring significantly more risk to companies like Facebook and Alphabet-owned Google, which are already facing federal lawsuits, and to any dominant firm seeking to acquire another company. House antitrust subcommittee chairman David Cicilline, D-R.I., has similarly called for extensive reforms that would impact Big Tech.
5. Biden signals flexibility on Covid stimulus
© Provided by CNBCPresident Joe Biden and Vice President Kamala Harris discuss coronavirus aid legislation with Democratic senators during a meeting in the Oval Office at the White House in Washington, U.S., February 3, 2021.
President Joe Biden encouraged Democratic lawmakers to "act fast" on his $1.9 trillion coronavirus rescue plan but also signaled flexibility. Changes he indicated he would consider include limiting proposed $1,400 direct payments to Americans with lower income levels, which directionally could draw support from Republicans who want a much smaller package. Biden told lawmakers in private comments Wednesday he's "not married" to an absolute number for the overall bill but wants them to "go big" on pandemic relief and "restore the soul of the country."
- The Associated Press contributed to this report. Follow all the developments on Wall Street in real time with CNBC Pro's live markets blog. Get the latest on the pandemic with our coronavirus blog.