| What to watch today: U.S. futures drop after Friday's records for Dow, S&P 500 | | |  | MON, MAR 29, 2021 | | | | AS OF MON, MAR 29, 2021 • 08:49 ET | | Dow Jones Fut | | 33,072.88 | | Current: | 32,769.00 | | Change: | -185.00 | | Impl. Open: | -182.88 | | | S&P 500 Fut | | 3,974.54 | | Current: | 3,943.50 | | Change: | -21.25 | | Impl. Open: | -21.04 | | | NASDAQ 100 Fut | | 12,979.12 | | Current: | 12,924.50 | | Change: | -42.25 | | Impl. Open: | -42.62 | | | Russell 2000 Mini | | 2,221.48 | | Current: | 2,203.00 | | Change: | -15.50 | | Impl. Open: | -9.28 | | U.S. stock futures dropped Monday after a late-session rally Friday sent the Dow Jones Industrial Average and S&P 500 up over 1.4% and nearly 1.7%, respectively, as stocks benefiting from a successful Covid reopening outperformed. The Dow and S&P 500, which both closed at record highs, saw weekly gains about equal to Friday's advances. (CNBC)
The Nasdaq on Friday erased an almost 1% loss and closed up 1.2%. However, the tech-heavy index still declined about 0.6% for the week. With just three days left in March, the Nasdaq was tracking for a slight monthly loss, while the Dow and S&P 500 were poised to turn in solid gains for the month. (CNBC)
The 10-year Treasury yield was steady Monday, trading below its recent 14-month high. The rapid rise in yields this year has been troublesome for growth stocks, many of them tech names, as higher interest rates erode the value of future profits and squeeze market valuations. (CNBC)
* Supreme Court to decide whether Goldman Sachs shareholders can bring suit in major fraud case (CNBC) | Credit Suisse warned Monday of a "highly significant" hit to its first-quarter results, after the Swiss-based bank began exiting positions with a large U.S. hedge fund that melted down on margin calls last week. Japanese firm Nomura said it's evaluating a potential loss estimated at $2 billion. Shares of Nomura and Credit Suisse were getting slammed in Monday's premarket. (CNBC)
Goldman Sachs (GS) told shareholders that any losses it faces from the unwinding of trades by Archegos Capital Management are likely to be immaterial, according to Bloomberg. Goldman's loans to Archegos were fully collateralized, a source told Bloomberg.
The hedge fund at the center of the fallout is Archegos Capital Management, which was forced to liquidate positions at the end of last week. The moves by the multibillion dollar U.S. family office, founded by former Tiger equity analyst Bill Hwang, caused a wave of selling pressure Friday in U.S. media stocks and Chinese internet ADRs. (CNBC)
Discovery Communications (DISCA) and Viacom (VIAC) were stable in Monday after significant declines last week due to the forced liquidation of positions held by Archegos. Discovery gained 2% in premarket trading, while Viacom rose 1%. (CNBC)
* Here s what happened in that wild trading in China internet stocks (CNBC) | | | The giant Ever Given container ship blocking the Suez Canal was partially refloated early Monday, days after the vessel got stuck and brought a vital global trade route to a standstill. The Suez Canal Authority said the ship's course has been corrected by 80% and further maneuvers will resume when the water level rises later in the day. (CNBC)
It remains unclear when waterway will reopen to traffic as hundreds of ships waited to enter the Suez. Maritime data showed at least 10 tankers and container ships changed course to avoid the logjam, including U.S. ships carrying natural gas for Cheniere and Shell/BG Group. (CNBC) | | | President Joe Biden will separate his sprawling plan to upgrade the nation's infrastructure into two pieces. Biden on Wednesday will unveil the first part of his plan, focusing on items like rebuilding roads and railways. The second part, including child-care and health-care reforms, aspects of what's sometimes called social infrastructure, will be released in "in just a couple of weeks," White House press secretary Jen Psaki said Sunday. Taken as a whole, the legislation is expected to cost more than $3 trillion. (CNBC)
* How Biden s infrastructure package will likely tackle climate change (CNBC) | | | | Fly Leasing (FLY), a Dublin-based aircraft leasing company, agreed to be acquired by Carlyle Group (CG) affiliate Carlyle Aviation Partners for $17.05 per share, compared to Fly Leasing's Friday close of $13.25. Fly Leasing soared 26.6% in premarket action. | | | | Cal-Maine Foods (CALM), the nation's largest egg producer, reported fiscal third-quarter profits of 28 cents per share, beating the 8 cents a share consensus estimate. Sales fell short of Wall Street forecasts. Cal-Maine said it benefited from strong demand for shell eggs, as consumers continued to eat more at home due to the pandemic. Cal-Maine gained 2.2% in the premarket. | | | | Twitter (TWTR) shares gained 2% in the premarket after Truist upgraded the stock to "buy" from "hold," with the firm pointing to higher revenue growth estimates as well as what it refers to as "the most exciting product roadmap" it has ever seen from Twitter. | | | | Bilibili (BILI), a China-based online video company, made its debut in Hong Kong trading following its secondary listing, closing 1% below its listing price. Its U.S. shares jumped 3.6% in premarket action. | | | | JPMorgan Chase added Amazon (AMZN) as a "top pick," saying the company was among those poised to deliver strong sustainable growth at a reasonable valuation. | | | | Ohio-based Peoples Bancorp (PEBO) will merge with West Virginia-based Premier Financial Bancorp (PFBI) in an all-stock deal valued at about $292 million. Peoples shares rose 2% in premarket trading, with Premier gaining 1.4%. | | The Elite Eight is set, and those NCAA men's basketball tournament games begin tonight. Following some down-to-the wire Sweet 16 match-ups, the remaining March Madness teams are just one game away from playing into April in the Final Four. (USA Today) | | |
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