President Biden said there will be enough vaccines for every American by the end of May
Stock futures are struggling for direction after yesterday's losses. Futures on the Dow Jones Industrial Average (DJI) are pointed cautiously higher despite giving back bigger gains, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are eyeing modest losses. Wall Street initially got an overnight boost after President Joe Biden announced yesterday evening that there will be enough Covid-19 vaccines for every adult by the end of May, much more encouraging than the originally-scheduled July forecast.
However, optimism over a swift vaccine rollout has been overshadowed by more bond yield anxieties. While the 10-year Treasury yield has retreated from the 1.6% high it saw last week, it looks to be back on the rise, last seen up at 1.4%. Elsewhere, investors are poring over private payrolls data, with 117,000 new jobs added last month, coming in well below the 225,000 jobs expected by economists.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White assesses overnight stock performance as an indicator.
- The semiconductor stock that could surge to new records.
- Plus, LYFT pops on promising ride data; and two name brands sink after quarterly reports.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Tuesday, and 706,163 put contracts. The single-session equity put/call ratio rose to 0.44 and the 21-day moving average rose to 0.43.
- The shares of LYFT Inc (NASDAQ:LYFT) are rising ahead of the bell, up 3.9% at last check after the ride-share company said last week it saw its largest level of ride volume since before lockdowns last March. The equity has seen an impressive rebound on the charts, though its two-year highs seem to have lost some momentum near the $60 mark. For the year, LYFT is now up over 16%.
- Wendy's Co (NASDAQ:WEN) is down 3.8% ahead of the open following the fast-food chain's fourth-quarter earnings and revenue miss. WEN is down over 3% in 2021, trading in a stiff channel between its $20 and $22 levels.
- Nordstrom, Inc. (NYSE:JWN) is also dropping after the retailer's quarterly report, though its fourth-quarter earnings and revenue exceeded analysts' expectations. The company credited strong digital sales for its Q4 beat, though the equity is off 2.9% ahead of the open.
- Today brings the the ADP employment report, the Markit services PMI, the Markit composite PMI, and the ISM non-manufacturing PM.

Asian Markets Brush Off Disappointing Economic Data
Stocks in Asia were higher today, even after the Caixin/Markit services Purchasing Managers’ Index (PMI) showed growth was slowing in China. Specifically, the PMI came in at 51.5 for February, lower than January’s reading but above the 50 level that signifies expansion. Chinese banks also saw significant gains, helping Hong Kong’s Hang Seng pace the region with a 2.7% rise, while China’s Shanghai Composite tacked on 2%. Elsewhere, South Korea’s Kospi and Japan’s Nikkei added 1.3% and 0.5%, respectively.
European stocks are advancing as well, as investors await the British government’s annual budget statement where taxation and spending plans will be revealed. U.K. Chancellor Rishi Sunak is set to announce the country’s furlough scheme will be extended until the end of September and is expected to say government’s full “fiscal firepower” will be deployed to aid the economy during the Covid-19 pandemic. IHS Markit’s final euro zone composite PMI also signaled that economic activity is in contraction. At last check, the London FTSE 100 and German DAX are both up 0.7%, while France’s CAC 40 is 0.5% higher.