Here is what you need to know.
The Dow blows through 21,000. It took just 24 trading days (and 35 calendar days) for the Dow to reach its latest round number after crossing 20,000 on January 25, matching the fastest ascent between landmarks. The Dow took 24 trading days to go from 10,000 to 11,000 back in 1999.
Fed rate hike odds zoom higher. World Interest Rate Probability data provided by Bloomberg shows an 86% chance the Fed raises its key interest rate 25 basis points at its March meeting. That’s up from 50% on Tuesday.
Snap is going public. The social media company priced its initial public offering at $US17 per share, valuing it at $US23.8 billion. Shares will trade under the ticker “SNAP.”
Evan Spiegel is receiving a monster payday. Snap’s CEO will rake in about $US4.49 billion when the company goes public on Thursday morning. Bobby Murphy, the company’s cofounder and CTO, will earn about $US3.86 billion.
Marissa Mayer won’t get her 2016 bonus. Yahoo’s board of directors have decided to forgo CEO Marissa Mayer’s 2016 bonus following the results of an internal investigation of how the company’s massive hacks were handled. Mayer voluntarily gave up her 2017 bonus and equity grants.
SolarCity cut 20% of its staff in 2016. A regulatory filing released on Wednesday showed SolarCity said it had 12,243 employees at the end of 2016, making for a 19.8% drop from the 15,273 employees the company had at the end of 2015.
Shake Shack same-store sales whiff. The burger chain announced adjusted earnings of $US0.09 per share, matching estimates, but said that same-shack sales in stores open at least two years rose 1.6%, well shy of the 2.6% gain that Wall Street was expecting.
Stock markets around the world are mixed. Japan’s Nikkei (+0.9%) led the gains in Asia while China’s Shanghai Composite (-0.5%) underperformed. In Europe, Germany’s DAX is little changed. The S&P 500 is on track to open down 0.3% near 2,390.
Earnings reporting slows down a bit. Abercrombie & Fitch, Joy Global, and Kroger are among the names reporting ahead of the opening bell while Costco and Wingstop highlight the names releasing their quarterly results after markets close.
US economic data is light. Initial jobless claims will be released at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.47%.
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