All three major indexes are on the rise before the bell
Stock futures are on the rise premarket, with futures on the Dow Jones Industrial Average (DJIA) up triple digits after yesterday's losing session, which saw all three major benchmarks continue their retreat from record highs. The market is still on track for a winning month and quarter tomorrow, as the holiday-shortened week comes to a close. Meanwhile, oil prices are falling after an increase in U.S. crude stockpiles, with West Texas Intermediate (WTI) crude last seen down 0.6%, at $81.11 per barrel.
Continue reading for more on today's market, including:
- Sentiment indicator points to buying opportunity, per Schaeffer's Senior Quantitative Analyst Rocky White.
- Abercrombie stock looks ripe for a short squeeze.
- Plus, HOOD's new credit card; bank stock upgraded; and MRNA in late-stage trials.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 811,843 put contracts exchanged Tuesday. The single-session equity put/call ratio fell to 0.64, while the 21-day moving average remained at 0.71.
- Robinhood Markets Inc (NASDAQ:HOOD) is up 7% premarket, after the trading platform unveiled its Robinhood Gold Card. Should these gains hold, HOOD will mark fresh two-year highs. Since the start of the year, the equity has enjoyed a 51.3% rise.
- Deutsche Bank AG (NYSE:DB) is 2.9% higher before the bell, after an upgrade from Morgan Stanley to "overweight" from "equal weight." The firm noted that deal volumes in equity capital markets (ECM) are rising, and believes the stock still has room to run. Year over year, DB is up 56.9%.
- The shares of Moderna Inc (NASDAQ:MRNA) are up 3.7% in electronic trading, after the drugmaker announced that three vaccines are in final stage trials. Also of note, Blackstone Life Sciences revealed an up to a $750 million investment into the company's influenza program. Year to date, MRNA is sporting an 8% lead.
- Plenty of economic data still on tap to close out March.
Industrial Profit Rises in China
Markets in Asia closed mixed today, with investors looking at China’s industrial profit for January and February, which rose 10.2% year-over-year. In response, the Shanghai Composite shed 1.3% and Hong Kong’s Hang Seng backpedaled 1.4%. Meanwhile, Japan’s Nikkei moved 0.9% higher, after Bank of Japan (BoJ) Governor Kazuo Ueda noted they will be monitoring currency moves, with the yen currently weakening versus the U.S. dollar. South Korea’s Kospi finished off 0.07%.
European indexes are mixed as well. Retail giant H&M is in focus after operating profit and gross margins topped expectations for its fiscal first quarter, while automaker Renault finds the spotlight after selling 2.5% of its shares in Nissan. The French CAC 40 is up 0.3% at midday, London’s FTSE 100 is down 0.3%, and Germany’s DAX is up 0.6%, at last check.