The Nasdaq is poised to extend its mini-rally
Stock futures are eyeing a modest pop this morning to kick off a new month and quarter. Investors are so far reacting favorably to U.S. President Joe Biden's $2 trillion infrastructure spending plan, which includes investments towards roads, bridges, green energy, and water systems. And though traders are also cheering a strong March finish, higher-than-expected weekly jobless claims totaling 719,000 could put a lid on the uptrend today.
At last check, futures on the Dow Jones Industrial Average (DJI) are slightly above breakeven, looking to add 42 points. Meanwhile, S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are set to extend yesterday's gains, with the latter getting a boost from an outperforming tech sector.
Continue reading for more on today's market, including:
- Blackberry stock blasted with bear notes after a revenue miss.
- This apparel retailer impressed for a third-straight quarterly report.
- Plus, Pfizer's vaccine update; NIO's delivery tailwinds; and a chipmaker eyeing a post-earnings pop.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Wednesday, and 797,941 put contracts. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average stayed at 0.47.
- Pfizer Inc. (NYSE:PFE) is up 0.3% before the bell, after the company said its Covid-19 vaccine with BioNTech (BNTX) is 91% effective at preventing disease after six months, and is also protective against the virus variant identified in South Africa.
- China-based electric vehicle maker Nio Inc (NYSE:NIO) is up 5.7% ahead of the open, following news that the company saw a 373% increase in in deliveries for March as compared to the same month a year ago, for a total of 7,257 cars delivered.
- The shares of Micron Technology, Inc. (NASDAQ:MU) are up 4.7% in electronic trading, after the chipmaker reported better-than-expected quarterly earnings and revenue. Meanwhile, higher demand for semiconductors led the company to post a strong outlook, and the Wall Street Journal reported the chip maker is considering a $30 billion deal with Japan-based Kioxia.
- The new month brings a bevy of economic data, including the Markit manufacturing PMI, the ISM manufacturing index, data on construction spending, and motor vehicles sales.
European Stocks Rise on Strong Manufacturing Activity
Asian markets moved higher on Thursday, thanks to a host of economic data and corporate earnings releases. First, Hong Kong’s Hang Seng soared 2%, after multiple firms halted trading due to a delay in the publication of their annual results. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) reading for March showed slowing activity, paring overall gains, though the China Shanghai Composite still managed a 0.7% rise. Rounding out the region, South Korea’s Kospi and Japan’s Nikkei tacked on 0.9% and 0.7%, respectively.
Stocks in Europe are benefitting from data releases of their own. Namely, Euro zone manufacturing activity grew at its fastest pace on record, and investors are looking at data stateside as well for clues regarding economic recovery. At last check, London’s FTSE 100, France’s CAC 40, and the German DAX, are all up 0.4%.