- U.S. stock futures were mixed on Monday
- The 10-year U.S. Treasury yield drops below 1.7%
U.S. stock futures were mixed on Monday as investors continue to focus on the bond market following last week’s rise in bond yields.
Dow futures were trading 0.03% lower, S&P futures were 0.24% higher and Nasdaq futures were 0.85% higher at the time of writing.
The 10-year U.S. Treasury yield fell back to 1.67% from the highest levels in about 14 months. The Treasury market remains in sharp focus this week amid a slate of auctions and moves by the Fed to let a key bank capital exemption lapse.
On the earnings calendar today, So-Young (SY), Ebix (EBIX) and Cellcom (CELJF) will report before the bell, while Tencent Music Entertainment (TME), Synnex (SNX) and Viant Technology (DSP) will release their results after the market closes.
Stocks making the biggest moves in the premarket：
Tesla (TSLA) – Tesla shares will hit $3,000 in 2025, according to a projection by ARK Invest founder Cathie Wood. If that prediction pans out, Tesla would be worth roughly $3.6 trillion. The stock jumped 4.3% in premarket trading.
Nio,Xpeng Motors and Li Auto - According to IFR, Nio,Xpeng Motors and Li Auto have approached investment banks for listing in Hong Kong, citing people familiar with the matter. Nio shares jumped 3%,Xpeng Motors stock rose 1.9% and Li Auto stock gained 1% in pre-market trading.
RLX Technology - Two of China's regulators plan to bring the rules governing the sale of e-cigarettes and other new tobacco products in line with those for ordinary cigarettes.The stock plunged 39% in pre-market trading.
AstraZeneca (AZN) – The drugmaker said a U.S. study showed its Covid-19 vaccine had 79% efficacy in preventing symptomatic illness, 100% effectiveness against critical disease and hospitalization, and did not pose a higher risk of blood clots. AstraZeneca shares gained 2.5% in premarket trading.
Airbnb (ABNB) – Airbnb shares rose 1.6% in premarket trading as more Americans receive Covid-19 vaccines and resume their travel plans.
Dada Group(DADA) - JD.com,and Dada Group today jointly announced that JD.com, through its subsidiary, entered into a share purchase agreement with Dada, under which JD.com has agreed to invest a total of US$800 million in newly issued ordinary shares of Dada.The stock jumped 10% in premarket trading.
Blackstone (BX) – Blackstone proposed a $6.2 billion buyout of Australian casino operator Crown Resorts. The stock rose above the offer price in Australian trading, signaling investor bets that a higher bid could come from another suitor.
Kansas City Southern (KSU) – The railroad operator agreed to be bought by Canadian Pacific Railway (CP) in a $25 billion cash-and-stock deal. The transaction is worth $275 per share, compared to Kansas City Southern’s Friday closing price of $224.16. Kansas City Southern surged 17.8% in premarket action, while Canadian Pacific slid 2.8%.
PepsiCo (PEP) – The beverage and snack giant’s stock rose 1% in the premarket after Barclays upgraded it to “overweight” from “equal weight.” Barclays noted recent underperformance by the stock and the potential for accelerating revenue and profit growth.
Stellantis (STLA) – The automaker said a global semiconductor shortage would impact production of its popular pickup trucks, in a delay the parent of Chrysler and Jeep said could last “a number of weeks.”
Royal Caribbean(RCL) – Royal Caribbean will restart some Caribbean cruises in June, following a year-long suspension amid the Covid-19 pandemic. Crews will be fully vaccinated, and adult guests will be required to be vaccinated as well. Children under 18 will need to show proof of a negative Covid test.
SunRun (RUN) – The solar power company was rated “positive” in new coverage at Susquehanna Financial, with the firm saying the largest U.S. installer of residential solar power systems would benefit from anticipated strong growth in that market. Shares rose 1.9% in premarket trading.
Zoominfo Technologies (ZI) – Goldman Sachs rated the digital ad technology platform provider as a “buy” in new coverage, noting the robust data provided to sales reps and the streamlining of the lead generation process. Zoominfo stock gained 2.5% in premarket action.
JetBlue (JBLU) – The airline is planning to raise $650 million through the sale of convertible senior notes due in 2026. The stock fell 2% in premarket action.
DraftKings (DKNG) – The sports betting company’s stock rose 2.1% in the premarket after Loop Capital repeated its call for DraftKings as “top pick,” noting that New York is poised to legalize online gambling and that the state’s market will be less competitive for DraftKings than New Jersey.
These are some key events to watch this week:
- Fed Chair Powell is due Monday at the BIS Innovation Summit. The ECB’s Christine Lagarde, BOE’s Andrew Bailey and chiefs of Sweden, Canada, Mexico and Brazil all follow.
- Powell and Treasury Secretary Janet Yellen are expected to make their first joint appearance before the U.S. House Financial Services committee to testify on Fed and Treasury pandemic policies Tuesday.
- The U.S. Treasury holds auctions of two-, five- and seven-year debt.
- EIA crude oil inventory report on Wednesday.
- On Friday, February U.S. personal income and spending data arrives.