The rising 10-Year Treasury yield hit 1.46% this morning
Stock futures are a mixed bag this morning. Looking to build on yesterday's frenetic record close, futures on the Dow Jones Industrial Average (DJI) have crept into positive territory, while S&P 500 Index (SPX) futures are marginally in the red. Nasdaq-100 Index (NDX) futures are sharply lower, on the other hand, as a wobbly tech sector struggles for footing.
Investors are still monitoring the rising 10-Year Treasury yield, which hit 1.46% this morning. However, upbeat economic data boosted optimism a bit, with initial jobless claims coming in at 730,000 for last week -- lower than the anticipated 845,000. Plus, durable goods orders increased by 3.4% in January -- much better than the expected 1%.
Continue reading for more on today's market, including:
- Fresh highs could be in the cards for this gambling stock.
- The sports retailer for options traders to watch.
- Plus, BBY drops after forecast; Wayfair stock rises on an earnings beat; and Moderna expects billions in vaccine sales.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Wednesday, and 770,718 put contracts. The single-session equity put/call ratio fell to 0.35 and the 21-day moving average stayed at 0.42.
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Best Buy Co Inc (NYSE:BBY) stock is down 7.6% ahead of the bell, after the electronics retailer announced a hesitant full-year sales forecast. Though fourth-quarter revenue missed estimates, the electronic retailer's earnings of $3.48 per share beat analyst expectations. Coming into today, the equity is up 13.7% year-to-date.
- The shares of Wayfair Inc (NYSE:W) are up 8.5% in electronic trading, after the furniture retailer reported a fourth-quarter earnings beat. Looking to make its way back up on the charts after a recent pullback, W is up an impressive 260.3% year-over-year.
- Moderna Inc (NASDAQ:MRNA) is up 4.4% ahead of the open this morning, after the biotechnology company announced that they expect to reel in $18.4 billion in Covid-19 vaccines this year. Moderna's fourth-quarter revenue beat expectations, though earnings came in with wider-than-expected losses.
- Today's economic data will feature gross domestic product (GDP), and pending home sales.
Global Markets Unpack Major Earnings
Asian markets were higher on Thursday, mirroring Wall Street’s upbeat overnight session. Leading the gainers was the South Korean Kospi, which surged 3.5% thanks to chipmaker SK Hynix, which enjoyed a boost from Nvidia’s (NVDA) better-than-expected fourth-quarter earnings amid the global semiconductor shortage. Meanwhile, Hong Kong’s Hang Seng added 1.2%, despite Chartered Bank reporting pretax profits for 2020 that were 57% lower than the year before. Elsewhere, Japan’s Nikkei rose 1.7%, and China’s Shanghai Composite was 0.6% higher.
European markets are mixed, on the other hand, with investors brushing off Fed Chair Jerome Powell’s inflation comments as the U.S. 10-year Treasury yield surpassed the 1.45% mark. Traders are also digesting a slew of corporate earnings reports from giants such as Anheuser-Busch InBev, Adecco Group, and Bayer, while keeping a close eye on U.S. economic data as well. At last check, the London FTSE 100 is up 0.3%, the France CAC 40 is slightly above breakeven with a 0.03% gain, and the German DAX is down 0.2%.