Stock Futures Falter From Red-Hot Rally

Profit-taking could be the name of the game today

Deputy Editor
Feb 9, 2021 at 9:18 AM
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Stock futures are lower this morning, looking to take a breather from the recent record-setting run that saw the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) nab six-straight winsNasdaq-100 Index (NDX) futures are pointed lower as well, as profit-taking looks to take hold of Wall Street today. Elsewhere, gold futures are on the rise, aiming for three-straight sessions of gains, while investors are looking toward another packed slate of corporate earnings, including Twitter (TWTR) after the close.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone shows how bulls can chase the market higher moving forward. 
  • See why General Motors stock scored a record high yesterday.
  • Plus, two video-game stocks making moves; and CHGG rises on an earnings beat. 

Futures Feb 9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts traded on Monday, and 842,784 put contracts. The single-session equity put/call ratio fell to 0.39 and the 21-day moving average stayed at 0.41.
  2. Take-Two Interactive Software, Inc (NASDAQ:TTWO) stock is down 4.5% before the bell today, despite reporting fiscal third-quarter earnings of $1.63 -- much higher than the expected 96 cents -- and better-than-anticipated revenue. Furthermore, no fewer than seven analysts raised their price targets. Today's dip is likely a lack of new game releases and missed sales for that quarter. 
  3. The shares of Electronic Arts Inc (NASDAQ:EA) are up 1.3% in electronic trading, after the video game company made a deal to buy mobile game maker Glu Mobile (GLUU) for $2.4 billion. GLUU is surging after the news, and Benchmark raised its price target on EA to $177. Year-over-year, EA is up 30.6%. 
  4. Chegg Inc (NYSE:CHGG) stock is up 6.4% ahead of the open, after the education technology name reported an earnings and revenue beat. To follow, no fewer than eight analysts raised their price targets, including Piper Sandler to $124. On the charts, CHGG is looking to extend yesterday's record high and is already up 138.8% year-over-year.
  5. Today will bring Job Openings and Labor Turnover Survey (JOLTS).


Stock Lower Globally, Too

Asian markets were mixed on Tuesday, as investors digested new Wall Street records and monitored oil prices, which stayed firmly above the $60 mark. China’s Shanghai Composite led the gainers, surging roughly 2%, while Hong Kong’s Hang Seng trailed behind with a 0.5% gain. Elsewhere, Japan’s Nikkei added 0.4%, while the South Korean Kospi dropped 0.2%.

Meanwhile, stocks are lower across the pond, as the global markets take a breather from all-time highs. Europe’s vaccine rollout is still top of mind, with health experts backing the AstraZeneca (AZN) shot after a study said it offered little protection against coronavirus strains. Separately, the European Union (EU) also reached a deal with Pfizer (PFE) and BioNTech (BNTX) for an extra 300 million vaccine doses, as inoculations fall behind. In turn, the German DAX was last seen down 0.5%, while the French CAC 40 and London’s FTSE 100 are slightly below breakeven for 0.05% and 0.03% losses, respectively.


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