5 things to know before the stock market opens Thursday - CNBC

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

1. Dow set to add to Wednesday's record close

Traders watch the Presidential Inauguration at the New York Stock Exchange.

NYSE

U.S. stock futures rose Thursday after the Dow Jones Industrial Average, S&P 500 and Nasdaq closed at record highs as President Joe Biden took office. Biden hit the ground running, signing a series of executive orders including one requiring Covid masks on federal property. He's expected to sign 10 pandemic-fighting orders on his first full day as president Thursday. Wall Street this year has been banking on another coronavirus stimulus package and a smoother vaccine rollout under Biden. So far in 2021, the Dow has gained nearly 2%; the S&P 500 is up more than 2.5%; and the Nasdaq has risen 4.4%.

Bitcoin slumped for a second day Thursday, taking the digital currency's losses to more than 10% over 48 hours and wiping off billions of dollars from the crypto market. Bitcoin has had a wild few weeks of volatility, briefly hitting a record high of over $41,940 earlier this month before sinking sharply.

2. Jobless claims fall but remain elevated

Signs calling for more relief, a second Paycheck Protection Program, and support from elected officials are setup as part of a campaign by Goldman Sachs supporting small businesses near the US Capitol in Washington, DC on January 5, 2021.

BRENDAN SMIALOWSKI | AFP | Getty Images

The Labor Department on Thursday morning reported a lower-than-expected 900,000 new filings for unemployment benefits for the week ending Jan. 16. The previous week's initial jobless claims total was revised down 39,000 to 926,000. However, those numbers are still among the highest since late August.

3. Quarterly earnings continue to pour in

Dow stock Travelers leads Thursday morning's list of companies reporting earnings. The insurance giant reported per-share profit of $4.91 in the fourth quarter, much higher than expectations. Net written premiums rose 3% to $7.27 billion. Shares rose 2%. Dow components Intel and IBM are out with quarterly results after the closing bell. Both stocks were higher in the premarket.

United Airlines loads vaccines onto plane

United

However, shares of United Airlines fell 2% in Thursday's premarket trading, one day after the carrier warned that sales would suffer early this year as the pandemic persists. United delivered a larger-than-expected loss of $7 per share in the fourth quarter. Revenue of $3.41 billion also fell short of estimates. The company expects to surpass its pre-pandemic margins by 2023.

4. Biden details 10 executive orders to fight Covid

President Joe Biden signs executive orders in the Oval Office of the White House in Washington, after his inauguration as the 46th President of the United States, U.S., January 20, 2021.

Tom Brenner | Reuters

Biden early Thursday released the details of his sweeping plan to combat the coronavirus, announcing 10 executive orders and directing agencies to use wartime powers to require U.S. companies to make N95 masks, swabs and other equipment to fight the pandemic. The Biden approach to Covid comes one year to the day of the first reported coronavirus case in the U.S. Since then, there have been more than 24.4 million infections and at least 406,147 fatalities. In fact, Wednesday's death toll of over 4,370 was the second highest of the pandemic.

5. Newly Democratic-controlled Senate gets down to work

Democratic candidates for Senate Jon Ossoff (L), Raphael Warnock (C) and US President-elect Joe Biden (R) bump elbows on stage during a rally outside Center Parc Stadium in Atlanta, Georgia, on January 4, 2021.

Jim Watson | AFP | Getty Images

The Senate Finance Committee is expected to vote Friday on former Fed chief Janet Yellen's nomination as Biden's Treasury secretary. On Wednesday evening, the full Senate confirmed Avril Haines as director of national intelligence, making her the first official member of Biden's Cabinet.

With the swearing-in of Georgia's two new Democratic senators Wednesday, their party took control of the Senate in a 50-50 split with Vice President Kamala Harris casting the tie-breaking vote. The Senate is going to have to balance consideration of Biden's policy agenda and the impeachment trial of former President Donald Trump. Proceedings in the Senate can't start until the House delivers the single article of impeachment against Trump for inciting the Jan. 6 insurrection at the U.S. Capitol.

— 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.

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