5 things to know before the stock market opens March 3, 2021

Here are the most important news, trends and analysis that investors need to start their trading day:

The Dow is set to rise 100 points Wednesday, paring earlier gains, a day after late-session selling reversed a strong rally. Coming off heir best days since November, the 30-stock average fell 0.5% on Tuesday and the Nasdaq dropped 1.7% as tech stocks pulled back. The S&P 500 slid 0.8%, a day after its biggest one-day advance since June.

U.S. companies added a disappointing 117,000 new jobs in February, according the latest ADP private sector employment report. Economists had expected gains of 225,000 positions. January’s additions were upwardly revised to 195,000. The ADP lately has not been the best predictor of the government’s monthly jobs report, which comes out Friday.

The Senate is expected to start debate as soon as Wednesday on its version of the House-passed, $1.9 trillion Covid relief bill. However, it excludes a federal minimum wage boost to $15 per hour. President Joe Biden on Tuesday urged Democrats to stand united and approve the measure, even as some party moderates sought to dial back parts of the package. Democrats, with the slimmest of margins in the Senate, are using special rules that would allow them to pass the bill without GOP support.

The U.S. will have a large enough supply of coronavirus vaccines to inoculate “every adult in America” by the end of May, two months earlier than previously expected, Biden said at the White House on Tuesday. The announcement came as the administration works to increase production of Johnson & Johnson‘s newly cleared single-shot vaccine, and rival Merck agrees to pitch in.

The Republican governors of Texas and Mississippi both announced Tuesday that they’re lifting mask mandates in their states and allowing businesses to reopen at full capacity even as the decline in new daily Covid-19 cases slows. CDC Director Dr. Rochelle Walensky on Monday warned states against lifting public health restrictions too quickly.

Rocket Companies fell 6% in Wednesday’s premarket trading after more than doubling over the past three sessions. On Tuesday, the Quicken Loans and Rocket Mortgage parent surged over 71% on no apparent news. The heavily shorted stock appears to have garnered bullish interest from day traders on Reddit’s WallStreetBets forum.

Casino operator Las Vegas Sands said Wednesday it would sell its Vegas real estate and operations to private equity giant Apollo Global Management for about $6.25 billion. The properties include the Venetian Resort Las Vegas and the Sands Expo and Convention Center. Shares of Las Vegas Sands were up almost 3% in the premarket. Apollo fell nearly 1%.

Oscar Health is set to debut Wednesday on the New York Stock Exchange. The health insurance startup backed by Google-parent Alphabet priced its initial public offering Tuesday evening at $39 per share, above the already-raised expected range of $36 to $38. The IPO gives Oscar Health a market value of $7.7 billion ahead of trading.

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