Futures Indicate February Rally Shows No Signs of Slowing

Another packed week of earnings is ahead

Assistant Editor
Feb 8, 2021 at 9:16 AM
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Stock futures are looking to extend last week's impressive rally, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) fresh off five-straight wins, and Nasdaq-100 Index (NDX) futures ready to stretch Friday's record close. After Treasury Secretary Janet Yellen endorsed the Biden administration's stimulus bill yesterday, investors will be monitoring the stimulus negotiations in Congress, as well as another week of earnings reports. This morning, however, the buzz is about cryptocurrency, as it's been revealed that Tesla (TSLA) invested $1.5 billion in Bitcoin. 

Continue reading for more on today's market, including:

  • Here is why bulls should hold off on Papa John's stock.  
  • Can outperforming YETI double once again this year?
  • Plus, Target stock upgraded; Energizer's earnings beat; and Palantir's new partnership. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts traded on Friday, and 979,654 put contracts. The single-session equity put/call ratio rose to 0.42 and the 21-day moving average rose to 0.41.
  2. Target Corporation (NYSE:TGT) stock is up 1.7% before the bell today, after Stifel upgraded the stock to "buy" from "hold," with a price-target hike to $225 from $200. Slowly making attempts back up toward its mid-January all-time high, the retail stock is up 64% year-over-year.
  3. The shares of Energizer Holdings Inc (NYSE:ENR) are up 9.7% in electronic trading, after the battery company reported better-than-expected fiscal first-quarter earnings and raised its full-year guidance. Year-to-date, the equity is up 12.3%. 
  4. Palantir Technologies Inc (NYSE:PLTR) stock is up 10.3% ahead of the open, amid news that the company is partnering with IBM (IBM) to help businesses with artificial intelligence (AI) apps. In the last three months, PLTR is up 146.2%. 
  5. The week will get off to a slow start today, with no economic slated to be reported.

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Global Markets Look Optimistic Too

Asian markets were mostly higher on Monday, even after China’s State Administration for Market Regulation imposed new anti-monopoly guidelines on online platforms, including tech giants Alibaba (BABA) and JD.com (JD). Meanwhile, U.S. President Joe Biden said his administration is prepared for “extreme competition” with the country. In response, China’s Shanghai Composite added roughly 1%, while Hong Kong’s Hang Seng rose 0.1%. Elsewhere, South Korea’s Kospi fell 0.9%, after Hyundai-Kia dismissed reports that it was in talks with Apple (AAPL) to develop an autonomous electric vehicle. Rounding out the region, Japan’s Nikkei added 2.1%.

European stocks are also higher, mirroring the global market’s optimism. However, investors are still keeping an eye on U.S. stimulus and Covid-19 developments, with South Africa halting the distribution of AstraZeneca’s (AZN) Covid-19 vaccine, after a new study showed it offered little protection against the latest virus strains. At last check, London’s FTSE 100 was up 1.1%, while the French CAC 40 was last seen up 1%, and the German DAX is 0.5% higher.

 

Make the Most of the next Expiration Week Countdown!


 




 
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