- U.S. stock futures droppedTuesday.
- TheDow Jones Industrial Averagebucked Monday’s downdraft,closing at another recorddespite weakness in bank stocks caught in the fallout of the Archegos Capital Management margin call chaos.
- Nasdaq 100 futures slipped 0.7% as Amazon.com, Apple Inc, Netflix Inc and Microsoft Corp dropped between 0.6% and 0.8% premarket, as U.S. 10-year Treasury yields hit a 14-month high.
- Ten-year Treasury yields increased to 1.76%. The five-year rate rose as high as 0.95%, a 13-month high, followed by a block sale in the notes.
(March 30) U.S. stock futures droppedTuesday as the10-year Treasury yieldhit a 14-month high in early trading. On Monday, the Nasdaq dropped and theS&P 500 fell from the previous session’s record close. TheDow Jones Industrial Averagebucked Monday’s downdraft,closing at another recorddespite weakness in bank stocks caught in the fallout of the Archegos Capital Management margin call chaos. With two days left in March, the Dow and S&P 500 were sitting on solid gains for the month. The Nasdaq was tracking for a monthly loss.
At 8:00 a.m. ET, Dow E-minis were down 26 points, or 0.08%, S&P 500 E-minis were down 13.5 points, or 0.34% and Nasdaq 100 E-minis were fell 91.25 points, or 0.70%.
Nasdaq 100 futures slipped 0.7% as Amazon.com, Apple Inc, Netflix Inc and Microsoft Corp dropped between 0.6% and 0.8% premarket, as U.S. 10-year Treasury yields hit a 14-month high.
Stocks making the biggest moves premarket: Discovery, ViacomCBS, Credit Suisse, PayPal, Roku & more
1) Discovery Communications,ViacomCBS– The two media stocks are higher this morning, after being battered amid the liquidation of stocks involving hedge fund Archegos Capital. Discovery rose 1.6% premarket after a 6-day losing streak that stripped nearly 47% of its value, while Viacom gained 1.1% after a 5-day skid that saw it lose 55% of its value.
2) Nomura Securities,Credit Suisse – Nomura and Credit Suisse slid again in premarket trading, after tumbling Monday on news of anticipated loss from the fallout of Archegos Capital’s stock sales. Nomura fell 1.9%, while Credit Suisse was down 2.6%.
3) Albertsons – The supermarket chain announced a wide-ranging partnership withAlphabet-owned Google that will integrate a variety of Google services to enhance the shopping experience for Albertsons customers.
4) PayPal Holdings – PayPal will launch acheckout service allowing U.S. customers to use cryptocurrency holdingswhen they check out at millions of online merchants. Customers will be given the option of converting cryptocurrency to fiat currencies before they complete their purchases.
5) T-Mobile US – The wireless carrier will end its “TVision” live TV service at the end of April, and will instead offer its customers discounts to subscribe to Google’s YouTube TV service.
6) McCormick & Co. – The spice and condiment maker reported adjusted quarterly profit of 72 cents per share, beating consensus estimates by 13 cents, with revenue beating estimates as well. The company also raised its full-year forecast, as the pandemic continues to see more consumers cooking at home. McCormick shares gained 2.1% in premarket action.
7) Tegna – The media company increased its quarterly dividend to 9.5 cents per share from the prior 7 cents, payable on July 1 to stockholders of record as of June 4.
8) Roku – The maker of video streaming devices saw its stock rise 1.6% premarket, after Truist Financial upgraded the stock to “buy” from “hold” on what it sees as multiple opportunities for revenue enhancement as well as current valuation.
9) Yel – The review site operator was upgraded to “buy” from “neutral” at Citi, which sees Yelp benefiting from a number of trends over the next few years including restaurant reopenings and reduced sales expenses. Yelp gained 1.8% premarket.
10) BioNTech – The German biotech company’s shares jumped 4.9% premarket after it raised its manufacturing goal for its Covid-19 vaccine to 2.5 billion doses by the end of 2021. Previously, BioNTech’s vaccine partnerPfizerhad predicted output of between 2.3 billion and 2.4 billion.
11) FactSet – The financial information provider reported adjusted quarterly earnings of $2.72 per share, missing consensus estimates by 2 cents, while revenue was in line with Wall Street forecasts. FactSet also predicted full-year adjusted earnings of $10.75 to $11.15 per share, compared to a consensus estimate of $11.17.
12) Becton Dickinson – The medical-products maker received emergency use authorization from the FDA for a new rapid antigen test that can detect both flu and Covid-19.
13) DraftKings – The sports betting company announced the acquisition of sports betting and content company VSiN for an undisclosed amount. DraftKings shares jumped 1% premarket.
14) Nio Inc - NIO has agreed to partner with German retail giant Metro AG to construct electric vehicle charging stations and battery swap stations, cnEVpost reported.
15) Nokia Oyj - A lawsuit against Nokia Oyj alleging that the telecom company defrauded shareholders was dismissed in New York on Monday, Reuters reported.
These are some of the main moves in financial markets:
- Currencies
The Bloomberg Dollar Spot Index jumped 0.3%.The euro declined 0.2% to $1.1736.The British pound dipped 0.1% to $1.3753.The onshore yuan was little changed at 6.57 per dollar.The Japanese yen weakened 0.5% to 110.35 per dollar.
- Bonds
The yield on 10-year Treasuries rose five basis points to 1.76%.The yield on two-year Treasuries rose one basis point to 0.15%.Germany’s 10-year yield climbed five basis points to -0.27%.Britain’s 10-year yield increased six basis points to 0.848%.Japan’s 10-year yield gained two basis points to 0.091%.
- Commodities
West Texas Intermediate crude declined 2% to $60.30 a barrel.Brent crude dipped 1.9% to $63.77 a barrel.Gold weakened 1.3% to $1,689.76 an ounce.