5 Things to Know

5 things to know before the stock market opens Monday

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1. Wall Street set to open steady after another S&P 500 record

Traders on the floor of the New York Stock Exchange.
Source: NYSE

U.S. stock futures were flat Monday after the S&P 500 eked out another record close Friday. The S&P 500 rose 0.4% for the week, notching a three-week winning streak. The Nasdaq's gain Friday put the tech-heavy index within 0.5% of its record close in late April. The Nasdaq soared nearly 1.9% for the week, logging its fourth straight weekly gain. The Dow's slight advance Friday inched the 30-stock average less than 1% closer to last month's record close. However, the Dow dropped 0.8%, breaking a two-week winning streak.

The 10-year Treasury yield was steady early Monday, firmly below 1.5%, ahead of Federal Reserve's June meeting on Tuesday and Wednesday. Inflation will be front and center on investors' minds after last week's hotter-than-expected consumer price index reading for May. The Fed has been promising to keep its extraordinary Covid-era easy money measures in place — massive asset buying and near zero interest rates — claiming any price pressures will be transitory.

2. Novavax says its Covid vaccine is 90% effective overall

A woman holds a small bottle labeled with a "Coronavirus COVID-19 Vaccine" sticker and a medical syringe in front of displayed Novavax logo in this illustration taken, October 30, 2020.
Dado Ruvic | Reuters

Biotech firm Novavax said Monday its Covid vaccine was shown to be safe and 90.4% effective overall in a phase three clinical trial of nearly 30,000 participants across the U.S. and Mexico. Additionally, the two-dose vaccine was found to be 100% effective in preventing moderate and severe disease and 93% effective against some variants. Novavax plans to file for authorization with the Food and Drug Administration in the third quarter. If allowed for emergency use, it would join shots from Pfizer, Moderna and Johnson & Johnson that already received U.S. approval. Shares of Novavax rose 5% in premarket trading.

3. Bitcoin jumps after Tudor Jones endorsement, Musk tweet

Bitcoin popped back above $40,000 on Monday, shortly after investor Paul Tudor Jones endorsed it in a CNBC interview and one day after Tesla CEO Elon Musk tweeted that the electric auto maker could accept bitcoin transactions again in future. Musk said Sunday that Tesla will resume allowing bitcoin transactions "when there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend." Tesla halted car purchases with bitcoin in mid-May, citing concerns over the climate impact of cryptocurrency mining.

4. Biden to attend NATO summit after G-7 gathering, ahead of Putin meeting

US President Joe Biden attends the G7 summit in Carbis Bay, Cornwall on June 11, 2021.
Leon Neal | AFP | Getty Images

President Joe Biden is set to attend a NATO summit in the Belgium capital Brussels on Monday, aiming to consult European allies on efforts to counter provocative actions by China and Russia. Biden will also highlight the United States' commitment to the 30-nation alliance, which was frequently maligned by former President Donald Trump. Biden's trip to Europe started with a G-7 meeting, which ended Sunday with promises to enact measures on Covid vaccines and a global corporate tax as well calls for China "to respect human rights and fundamental freedoms." Biden is set to sit down with Russian President Vladimir Putin in Geneva, Switzerland, on Wednesday.

5. Israel's new government gets to work after Netanyahu ouster

Leader of the Israeli Yemina party, Naftali Bennett, delivers a political statement at the Knesset, the Israeli Parliament, in Jerusalem, on May 30, 2021.
YONATAN SINDEL | AFP | Getty Images

For the first time in 12 years, Israelis woke up to a new prime minister after 49-year-old Naftali Bennett late Sunday secured the backing of parliament and ousted longtime leader Benjamin Netanyahu. Under a coalition agreement, Bennett, a former ally of Netanyahu turned rival, will hold office of the premier for the first two years of the term, and then Foreign Minister Yair Lapid, the architect of the coalition, will become prime minister. Netanyahu, the longest to hold office, will now serve as the opposition leader. The 71-year-old has made clear he has no intention of exiting the political stage.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.