Stock Futures Static Despite Upbeat Jobless Claims Data

Dow futures are struggling for direction this morning

Digital Content Manager
Mar 4, 2021 at 9:22 AM
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Stock futures are struggling to take back some of yesterday's losses this morning, even after an upbeat round of jobless claims data. Futures on the Dow Jones Industrial Average (DJI) are cautiously higher ahead of the open, while futures on the Nasdaq-100 Index (NDX) have turned positive and S&P 500 Index (SPX) futures remain muted. 

While the closely watched 10-year Treasury yield has yet to reach last week's peak, its current fluctuation is putting a damper on the tech sector, which relies heavily on low borrowing rates. Better-than-expected jobless claims are keeping some of these losses in check -- totaling 745,000, which is slightly lower than the 750,000 expected. Meanwhile, investors are looking ahead toward Federal Reserve Chair Jerome Powell's speech at the Wall Street Journal Jobs Summit later today. 

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

futures chart march 4

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Wednesday, and 881,751 put contracts. The single-session equity put/call ratio rose to 0.48 and the 21-day moving average stayed at 0.43.
  2. Marvell Technology Group Ltd. (NASDAQ:MRVL) is sinking this morning after the chipmaker issued a disappointing current-quarter outlook due to weak supply as demand for its 5G products surges. The firm's fourth-quarter earnings fell in line with estimates, wile revenue topped expectations. The stock is down 5.2% in electronic trading, pacing for its lowest open since mid-December. 
  3. Digital used car retailer Vroom Inc (NASDAQ:VRM) is suffering an ever worse fate this morning, after reporting wider-than-expected fourth-quarter losses. While revenue exceeded estimates, VRM is already down 14.9% ahead of the bell, set to breach recent support at its 30-day moving average, as well as its year-to-date breakeven level.
  4. Walt Disney Co (NYSE:DIS) just announced the closure of 60 of its brick-and-mortar Disney Store locations. The closures will go into effect by the end of 2021 in an effort to shift toward e-commerce. Walt Disney stock is down 1.1% ahead of the bell, though it still boasts a roughly 65% year-over-year lead. 
  5. Unit labor costs, nonfarm productivity data, and factory orders are due out today.

OV Buzz Chart March 4

Tech Stocks Weight Heavy on Markets Overseas 

Asian markets fell on Thursday, dragged down by technology stocks in the region. Mainland stocks suffered as Tencent, Meituan, and Alibaba all fell considerably, handing Hong Kong’s Hang Seng and China’s Shanghai Composite a 2.2% and 2.1% loss, respectively. Elsewhere, Japan’s Nikkei fell 2.1%, thanks to a 5.2% drop from SoftBank Group. Rounding out the region, South Korea’s Kospi shed 1.3% as Samsung locked in a 2% dip.

Stocks in Europe are off as well, retreating as rising bond yields once again reignited worries about stock valuations and increased inflation. Major earnings releases in the region, however, are keeping a lid on significant losses at the moment. At last check, the London FTSE 100 is off 0.7%, the German DAX has shed 0.4%, and Frances CAC 40 is down 0.2%.


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