- Stock futures point to a lower open, retreating from record highs.
- The 10-year Treasury yield held under 1.7% after a run of 14-month highs last month.
- Bitcoin surged and topped $60,000 again over the weekend.
- Uber, Nuance, Alibaba & more making the biggest moves in the premarket.
(April 12) Stock futures fell Monday morning as traders took a pause after the S&P 500 and Dow logged fresh record highs last week. Investors over the past week have eagerly looked ahead to the start of earnings season, with big banks kicking off the first-quarter reporting season later this week. A slew of much stronger-than-expected economic data has suggested that corporate profits would jump tandem with the rebounding economy, especially in those sectors most deeply impacted by the coronavirus pandemic.
At 8:08 a.m. ET, Dow E-minis were fell 58 points, or 0.17%, S&P 500 E-minis were down 6.75 points, or 0.16% and Nasdaq 100 E-minis were down 37.75 points, or 0.27%.
Federal Reserve ChairmanJerome Powellreaffirmedthe central bank’s commitment to keep easy monetary policy in place, despite what he sees as a rapidly recovering economy from the depths of the pandemic. “I think it’s highly unlikely that we would raise rates anything like this year,” Powell told “60 Minutes” in an interview that aired Sunday. “I’m in a position to guarantee that the Fed will do everything we can to support the economy for as long as it takes to complete the recovery,” he added. That support includes near-zero short-term borrowing rates and $120 billion a month in bond purchases.
Stocks making the biggest moves in the premarket: Uber, Nuance, Alibaba & more
1) Uber(UBER) – Uber announcedrecord gross bookings for March, with its ride-hailing business improving 9% month-over-month for its best showing in a year. The company said in a filing that demand is recovering faster than driver availability as vaccines roll out across the country. Shares of the company rose 2.2% in premarket trading.
2) Nuance Communications(NUAN) – Thespeech-recognition company is in talks with Microsoft about an acquisition by the tech giant, a person familiar with the discussions told CNBC. A deal could be announced as early as Monday. Shares of Nuance surged 24% in premarket trading.
3) Alibaba (BABA) – Chinese anti-trust regulators slapped the internet company with a $2.8 billion fine, and investors appear relieved that the company is not facing more serious regulatory issues. U.S.-traded shares of Alibaba rose more than 6% in the premarket.
4) Match Group(MTCH) – The dating app company received an upgrade to "buy" from "neutral" at BTIG, which said in a note that it was bullish on Match's smaller brands like Hinger and Pairs. Shares of Match rose 1.4% in premarket trading. BTIG also initiated coverage ofBumble(BMBL) with a "buy" rating.
5) Tesla(TSLA) – Canaccord Genuity upgraded the electric vehicle stock to “buy” from “hold.” The firm said in a note that it expects supply constraints around Tesla’s battery business to ease in 2022. The stock rose 1.3% in premarket action.
6) Chipotle Mexican Grill(CMG) – Shares of the restaurant chain have risen for seven straight sessions entering Monday and were up 0.5% in premarket trading. Raymond James upgraded the stock to “outperform” from “market perform,” citing improvements in the broader restaurant industry in recent weeks.
7) United Airlines(UAL) – The company said in a filing that it expects first-quarter revenue to come in at $3.2 billion, down 66% from the first quarter of 2019. Shares of United slipped about 0.9% in premarket trade.