| What to watch today: Stocks set to rise on tame inflation data after Tuesday's surge | | |  | WED, MAR 10, 2021 | | | | AS OF WED, MAR 10, 2021 • 08:57 ET | | Dow Jones Fut | | 31,832.74 | | Current: | 31,989.00 | | Change: | 178.00 | | Impl. Open: | 183.26 | | | S&P 500 Fut | | 3,875.44 | | Current: | 3,889.00 | | Change: | 15.75 | | Impl. Open: | 15.56 | | | NASDAQ 100 Fut | | 12,794.49 | | Current: | 12,864.75 | | Change: | 76.00 | | Impl. Open: | 73.26 | | | Russell 2000 Mini | | 2,245.06 | | Current: | 2,264.10 | | Change: | 18.40 | | Impl. Open: | 20.24 | | | Tame inflation data pressured the 10-year Treasury yield Wednesday, and U.S. stock futures headed higher. On Tuesday, beaten-up tech stocks roared back, pushing the Nasdaq up nearly 3.7% in its best day since November. Declining bond yields supported Tuesday's rally, which extended to the Dow and S&P 500. (CNBC) | | | The Labor Department on Wednesday morning said its consumer price index rose 0.4% in February, matching expectations. In the 12 months through February, the CPI gained 1.7%, the largest rise in a year, after climbing 1.4% in January. However, that yearly run rate was in-line with estimates as well. (Reuters)
Today's most crucial event may well be the 10-year Treasury auction at 1 p.m. ET, with investors focused on the possibility of rising yields. In recent weeks, equity investors have closely watched the upward move of bond yields. Later, Oracle (ORCL), Cloudera (CLDR), AMC Entertainment (AMC) and Bumble (BMBL) are all scheduled to report quarterly results after today's closing bell.(CNBC)
* Mortgage refinance demand plunges 43% from a year ago (CNBC) | | | | Tech stocks were steady in the premarket after the likes of Apple (AAPL) and Facebook (FB) on Tuesday each jumped more than 4%. Tesla (TSLA) on Wednesday added to its over 19.6% surge in the prior session, which broke a five-day losing streak and nearly wiped out all the losses over that stretch. (CNBC) | | Kids online gaming company Roblox (RBLX) is going public today through a direct listing on the New York Stock Exchange. Shares were set at a reference price of $45, although that doesn't indicate exactly where the stock will open. In January, Roblox completed a financing round that valued the company at almost $30 billion. (CNBC) | | Campbell Soup (CPB): The food maker saw both adjusted earnings and revenue match analyst forecasts for its fiscal second quarter. Campbell is projecting full-year adjusted earnings of $3.03 to $3.11 per share, compared to a consensus estimate of $3.05. | | | | Express (EXPR): The apparel retailer lost an adjusted 66 cents per share for its latest quarter, smaller than the 83 cent loss that analysts were expecting. Revenue was larger than forecast, despite a greater than expected slide in same-store sales, and the stock soared 30% in pre-market trading. | | | | Coherent (COHR): Coherent announced a revised merger agreement with Lumentum (LITE) in which shareholders receive $175 per share in cash and 1.0109 Lumentum shares for each share they now hold. The revised bid for the maker of lasers and laser technology came after optoelectronic components maker II-VI (IIVI) came in with a bid for Coherent that had topped the original agreement that Coherent had struck with Lumentum in February. Coherent rose 2.2% premarket. | | | | GameStop (GME): GameStop surged another 15.2% In pre-market trading, following a 5-day win streak that saw its shares more than double. Other so-called "meme stocks" also rose in pre-market action, with AMC Entertainment (AMC) up 7.7% and Koss Corp. (KOSS) up 11.2%. | | | | Levi Strauss (LEVI): Levi Strauss Chairman Stephen Neal will step down on March 26 upon reaching the board's mandatory retirement age of 72. He'll be replaced as chairman of the apparel maker's board by Robert Eckert, a current board member and former Mattel CEO. Levi Strauss shares fell 1% premarket. | | | | MongoDB (MDB): MongoDB reported a smaller than expected loss and better than expected revenue for its latest quarter, although the database company also forecast results for the full year that fell short of analyst forecasts. The stock gained 1.6% in premarket action. | | | | Pfizer (PFE), BioNTech (BNTX): The drug makers reached an agreement with the European Union to supply 4 million additional doses of their Covid-19 vaccine to EU member states. The doses will be delivered before the end of March. BioNTech shares added 2.1% in premarket trading. | | | | Toll Brothers (TOL): The luxury home builder's shares rose 2% in premarket trading after it announced a 54% increase in its quarterly dividend to 17 cents per share from the prior 11 cents. | | | | H&R Block (HRB): H&R Block posted a wider quarterly loss and lower than expected revenue, citing a delay in the start of the tax filing season. However, the tax preparation company still expects to meet its full-year financial targets, and the stock gained 1.2% premarket. | | | | Biohaven Pharmaceuticals (BHVN): The FDA published a letter to Biohaven which said that a direct-to-consumer video makes false or misleading claims about Biohaven's migraine treatment Nurtec ODT. The video features an interview with Khloe Kardashian, identifying her as a paid Biohaven spokesperson. | | | | Apple (AAPL): Apple cut iPhone production orders for the first half of this year by 20%, according to Japan's Nikkei news service. The cuts are said to be concentrated in Apple's iPhone 12 Mini model. | | | | Conagra Brands (CAG): Conagra is in talks to sell the Hebrew National hot dog brand to Brazil's JBS, according to people familiar with the matter who spoke to the Wall Street Journal. A deal could be valued at around $700 million. | | |
Post a Comment