Here are the most important news, trends and analysis that investors need to start their trading day:
- Dow set to dip after record close, six session win streak
- Trump's second impeachment trial to begin in Senate
- CBO says federal minimum wage of $15 would cost jobs
- WHO says animals to humans 'most likely' path of coronavirus
- Reddit’s valuation doubles to $6 billion after new funding
1. Dow set to dip after six-session win streak
U.S. stock futures fell Tuesday, taking a pause after the Dow Jones Industrial Average and S&P 500 rose for their sixth straight sessions and the Nasdaq did so for its third session in a row. All three benchmarks logged record-high closes. February's blistering gains ahead of Tuesday's trading on Wall Street sent the Dow, S&P 500 and Nasdaq up nearly 4.7%, 5.4% and 7%, respectively.
Bitcoin early Tuesday soared to an all-time high over $48,000 before pairing some of those gains. Bitcoin knocked on the door of $50,000 as buying continued one day after Elon Musk's Tesla revealed a $1.5 billion investment in the world's largest cryptocurrency, the latest evidence of institutional interest in the digital coin.
2. Trump's second impeachment trial to begin in Senate
Former President Donald Trump faces the start of his second impeachment trial, an uphill battle for Democrats determined to prove him guilty for inciting last month's deadly riot at the U.S. Capitol. Despite the unprecedented circumstances, experts see acquittal as the likely outcome. Out of office for nearly three weeks, the one-term Republican president, ensconced at his Florida home, still commands the support of swaths of the party and the loyalty of many GOP lawmakers, who largely doubt the legality of the trial itself. The trial is scheduled to start at 1 p.m. ET.
3. CBO says federal minimum wage of $15 would cost jobs
Raising the federal minimum wage from $7.25 per hour in annual increments to $15 per hour, as President Joe Biden has proposed, would cost 1.4 million jobs over the next four years while lifting 900,000 people out of poverty, according to a report released Monday by the nonpartisan Congressional Budget Office. The hike would add to the budget deficit, which could help Democrats pull the issue into the budget reconciliation process. Doing so could enable the Democrats to pass Biden's $1.9 trillion Covid stimulus approach with no Republican votes. As part of the pandemic relief effort, House Democrats on Monday proposed a faster income phase-out for the next round of direct payments checks.
4. WHO says animals to humans 'most likely' path of coronavirus
An international team of scientists led by the World Health Organization said Tuesday the search for how the coronavirus was introduced remains a "work in progress," but the "most likely" pathway was indeed from animals to humans. Scientists have been working for the past four weeks in the Chinese city of Wuhan, where the coronavirus was first identified in late 2019. The team dismissed a leak from a lab, saying that such theories should be regarded as "extremely unlikely."
5. Reddit’s valuation doubles to $6 billion after new funding
Reddit — ground zero for the recent online-driven individual investor trading mania — raised more than $250 million in a new round of funding, doubling its valuation to $6 billion. Activity in Reddit's WallStreetBets forum sparked a frenzy of buying in heavily shorted stocks, sending names like GameStop skyrocketing last month. Shares of the video game retailer — which lost 70% last week after soaring 400% the previous week — dropped another 5.9% on Monday and were under pressure in Tuesday's premarket.
Correction: GameStop is a video game retailer. An earlier version had an incorrect description.
— 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.