5 things to know before the stock market opens Wednesday

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

1. Stocks set to open mixed after Dow fell from record high

Traders work on the floor of the New York Stock Exchange.

NYSE

U.S. stock futures were mixed Wednesday, one day after the Dow Jones Industrial Average fell 0.3%, breaking a three-session winning streak and slipping from its previous record high close. The S&P 500 and Nasdaq also dropped slightly as tech stocks came under pressure after the 10-year Treasury yield hit a new 14-month high of 1.776% on Tuesday.

Heading into the last day of March, the Dow and S&P 500 were sitting on solid gains for the month and all of the first quarter. The Nasdaq was tracking for a March loss but a modest quarterly gain. The 10-year Treasury yield soared about 18% in March and about 88% for the quarter.

2. 10-year Treasury yield dips after ADP private jobs report

ADP LLC signage is displayed as job seekers wait in line during the TechFair LA job fair in Los Angeles, California.

Patrick T. Fallon | Bloomberg | Getty Images

The 10-year Treasury yield dipped but held around 1.72% on Wednesday morning after the ADP’s monthly look at jobs trends at U.S. companies showed 517,000 positions were added in March. That was slightly below estimates but well above February’s disappointing 176,000.

As of late, the ADP report has not been a great indicator of what the government’s monthly employment data might show. The March jobs report is set for release Friday despite the Good Friday holiday closure of the stock market.

3. Pfizer says Covid vaccine 100% effective in kids ages 12 to 15

People walk in front of Pfizer sign at Pfizer World Headquarters on March 23, 2021 in New York. The Food and Drug Administration (FDA) says Pfizer’s coronavirus vaccine can be stored in normal freezers for two weeks, instead of storage at ultra-cold temperatures.

VIEW press | Corbis News | Getty Images

Pfizer said Wednesday a new study shows its coronavirus vaccine was 100% effective in adolescents aged 12 to 15. The U.S. drug giant, which developed the two-shot regimen in partnership with Germany’s BioNTech, plans to submit the new data to the FDA “as soon as possible,” CEO Albert Bourla said in a statement. Kids in that age group could be eligible for the vaccine before the new school year in the fall.

Pfizer’s vaccine has already been authorized for emergency use in the U.S. for people 16 and older. The other two Covid vaccines allowed in the U.S., Moderna‘s two-shot vaccine and Johnson & Johnson‘s one-shot vaccine have been cleared for 18 and older.

4. Biden set to unveil his $2 trillion infrastructure plan

U.S. President Joe Biden, ‪with Vice President Kamala Harris,‬ delivers remarks after a meeting with his COVID-19 Response Team on the coronavirus disease (COVID-19) pandemic and the state of vaccinations, on the White House campus in Washington, March 29, 2021.

Jonathan Ernst | Reuters

President Joe Biden will unveil a more than $2 trillion infrastructure and economic recovery package Wednesday. The plan aims to revitalize U.S. transportation infrastructure, water systems, broadband and manufacturing, among other goals. An increase in the corporate tax rate to 28% and measures designed to prevent the offshoring of profits will fund the spending, according to the White House. Biden hopes the package will create manufacturing jobs and rescue failing American infrastructure as the country tries to emerge from the shadow of Covid.

5. College athlete compensation case comes before Supreme Court

A general view of the March Madness logo before game between the Syracuse Orange and the Houston Cougars in the Sweet Sixteen of the 2021 NCAA Tournament at Hinkle Fieldhouse.

Aaron Doster | USA TODAY Sports | Reuters

The Supreme Court on Wednesday is set to hear arguments from the National Collegiate Athletic Association in a case over whether the organization can cap education-related benefits paid to college athletes. Against the backdrop of the NCAA’s men’s and women’s basketball tournaments, the case comes as broader debate rages over compensation for student athletes. Some of players in the March Madness games have sought to pressure the NCAA over its compensation policies, using the hashtag #NotNCAAProperty.

— Get the latest on the pandemic with CNBC’s coronavirus blog.

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