(March 2) U.S. stock futures traded lower in early pre-market trade after the Dow Jones climbed more than 600 points in the previous session.
Futures for the Dow Jones Industrial Average fell 14 points to 31,495.00 while the Standard & Poor’s 500 index futures fell 4.75 points at 3,894.00. Futures for the Nasdaq 100 index fell 20.50 points to 13,259.25.
Democrats’ hopes of including a federal minimum wage increase in their $1.9 trillion Covid relief bill seemed all but dead, four days after the nonpartisan Senate parliamentarian said the chamber’s rules prohibited its inclusion. Senate Democrats hope to unveil their version of the House-passed package and begin debate as early as Wednesday. Congressional leaders want to send President Joe Biden the measure by March 14, when a federal jobless benefits boost, approved in December’s aid measure, is set to expire.
U.S. Market Yesterday:
U.S. equities began March on a strong note on Monday with the S&P 500 up 2.09%, the Dow Jones Industrial Average adding 2.17% and the tech-heavy Nasdaq Composite jumping just over 2%.
There are some key events to watch this week:
- U.S. Federal Reserve Beige Book is due Wednesday.
- OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.
- The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.
Latest News:
1) NIO Inc. reported a wider-than-expected loss for its fourth quarter, but issued strong revenue guidance for the first quarter. The EV maker also announced a month-over-month drop in deliveries for February.
2) XPeng Inc. confirmed media reports regarding new low-priced versions of its vehicle line-up, armed with lithium phosphate battery. Separately, the company reported a sharp month-over-month decline in deliveries.
3) Zoom Video– Zoom reported quarterly profit of $1.22 per share, beating the consensus estimate of 79 cents a share. Revenue also topped forecasts, and Zoom gave an upbeat current-quarter forecast in anticipation of millions continuing to use its video messaging platform. Its shares jumped 7.4% premarket.
4) Square gained 4.4% in premarket trading after announcing that it began operations for its in-house bank, Square Financial Services. The digital payments company’s bank will offer business loans to Square sellers.
5) Sea Ltd soars 7.84% premarket. Revenue rose to $1.6 billion in the last three months of 2020 from $777.2 million a year earlier, Singapore-based Sea said Tuesday in a statement. Net loss widened to $523.6 million from $283.8 million.
Sea expects e-commerce revenue to double in 2021, sustaining its torrid pace of growth as Southeast Asia’s most valuable company counts on regional online shopping demand to persist after the pandemic.
6) Target – The retailer reported quarterly earnings of $2.67 per share, 13 cents a share above estimates. Revenue also exceeded analysts' projections. Comparable-store sales jumped 20.5%, better than the 16.8% predicted by analysts surveyed by FactSet. Target also saw digital sales more than double. Its shares rose 1% in premarket trading.
7) Novavax – Novavax lost $2.70 per share for its latest quarter, wider than the $1.49 per share loss that analysts were anticipating. The drugmaker's revenue also came in below Wall Street estimates. Novavax said its Covid-19 vaccine could be cleared for use in the U.S. as soon as May, depending on whether regulators are willing to authorize it based on the results of a British trial. Novavax shares fell 5.1% in the premarket.
8) Kohl's – Kohl'sreported quarterly profit of $2.22 per share, including $1.15 a share in incremental tax benefits. That compared with a $1.01 a share consensus estimate. Revenue beat forecasts, and Kohl's announced that it would reinstate its dividend and share buyback program this year. It also forecast sales growth for 2021. The retailer's shares rose 1.6% in premarket action.
9) Kontoor Brands, Inc. – The company behind the Lee and Wrangler apparel brands earned $1.23 per share for its latest quarter, compared with a consensus estimate of 97 cents a share. Revenue came in above estimates as well, driven by strength in digital sales. Kontoor Brands also gave a better-than-expected full-year earnings forecast.
10) AutoZone – The auto parts retailer reported quarterly profit of $14.93 per share, beating the consensus estimate of $12.84 a share. Revenue came in above estimates as well. Comparable-store sales rose 15.2% compared to a consensus FactSet estimate of up 8.6%.
11) Beyond Meat, Inc. – Shares of the plant-based food maker are up 1.2% in the premarket after Citi upgraded the stock to "buy" from "neutral." Citi believes sales and cost issues that impacted the most recent quarter are temporary. The stock had initially fallen in off-hours trading Monday after Beyond Meat said it planned to raise $750 million in a convertible notes offering.
12) Nike – Nike North American business chief Ann Heberthas left the athletic footwear and apparel maker, with Nike saying it will announce a replacement shortly. Hebert's departure follows a report that her son used a credit card in her name to purchase sneakers for his resale company.
13) MercadoLibre – MercadoLibre fell 2.4% premarket, despite reporting record quarterly revenue and beating analysts' forecasts. The Argentine e-commerce giant benefited from a surge in online shopping and digital payments in the Latin American market.
14) Roku Inc – Roku is buyingNielsen’s(NLSN) digital advertising business for an undisclosed amount, allowing it to offer more targeted ads on its streaming platform. Roku gained 1.3% premarket, while Nielsen rose 6.8%.
15) Lemonade, Inc. – Lemonade lost 60 cents per share for its latest quarter, 5 cents a share less than anticipated. The online insurance company’s revenue came in above estimates, however Lemonade issued a weaker-than-expected outlook for the current quarter. Its shares fell 6% in the premarket.
16) Score Media and Gaming(SCR) – Score Media rose 7.1% premarket after it said underwriters of its recent initial public offering fully exercised their over-allotment option. That brings the total money raised by the sports betting company’s IPO to $186.3 million.