Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to drop after Friday record high
Dow futures fell about 300 points Monday after the 30-stock average, S&P 500 and Nasdaq closed at record highs Friday as Wall Street bet on new fiscal stimulus with Democrats in control of the Senate, House and soon the White House. The 10-year Treasury yield dropped slightly but remained above 1.1% early Monday. Bitcoin, which soared above $41,000 on Friday, plunged 15% since then, including about a 6% decline early Monday.
2. House to move to remove Trump
House Democratic leadership will seek a vote on a resolution calling on Vice President Mike Pence and Cabinet officials to invoke the 25th Amendment and remove President Donald Trump from office, with a full House vote expected Tuesday. After that, Pence and the Cabinet would have 24 hours to act before the House would move toward impeachment. Two Republicans senators — Pat Toomey from Pennsylvania and Lisa Murkowski from Alaska — said Trump needs to go as soon as possible.
3. JPMorgan, Citigroup to halt political donations
JPMorgan Chase and Citigroup are among the first major financial firms to pledge to pause political action committee donations after followers of Trump stormed the U.S. Capitol last week. Spurred on by Wednesday's riot, which resulted in five deaths, other companies including Marriott and the Blue Cross Blue Shield said they would stop giving money to Republican lawmakers who backed efforts to disrupt the confirmation of President-elect Joe Biden's victory.
4. Twitter stock drops after ban on Trump tweets
Twitter shares dropped more than 6% in premarket trading after the social network issued a permanent suspension of Trump's @realDonaldTrump account. Twitter said Friday it took the action due to the risk of further incitement of violence after Wednesday's Capitol siege. Also last week, Facebook and its Instagram unit blocked the outgoing president's accounts indefinitely.
Apple and Alphabet's Google removed Parler from their app stores, and Amazon Web Services stopped hosting the social media operation favored by right-wing extremists after some rioters used the service to promote the Capitol attack. "We will likely be down longer than expected," Parler CEO John Matze said in a statement. "Most people with enough servers to host us have shut their doors to us."
5. Trial of Lilly Alzheimer's drug promising; Gilead boosts full-year guidance
Shares of Eli Lilly soared 13% in premarket trading after the U.S. pharmaceutical giant said Monday a trial of its experimental Alzheimer's drug, donanemab, showed it slowed by about a third the rate of decline in a combined measure of cognition and function in early-stage victims of the disease.
Gilead Sciences shares rose more than 1% in the premarket after the company raised its full-year profit forecast as a recent resurgence in coronavirus cases boosted demand for its Covid-19 treatment, remdesivir. The antiviral medication, currently authorized to treat Covid patients across the world, was one of the drugs used to treat Trump's coronavirus infection back in the fall.
— The Associated Press, Reuters and CNBC's Peter Schacknow 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.
