The 10-year Treasury yield dropped roughly six basis points on Tuesday
Stock futures are piggybacking off a dramatic drop in bond yields this morning, with the Dow Jones Industrial Average (DJI) pointed over 100 points higher. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also eyeing sizable gains, with the latter getting a big boost from Big Tech's pre-market comeback. The closely watched 10-year Treasury yield is suffering a sharp drop this morning, tumbling over 6 basis points to 1.52%, a long way from its Monday peak of 1.62%. A fresh round of stimulus is also driving stocks higher, with the bill expected to be approved by President Joe Biden before March 14.
Continue reading for more on today's market, including:
- Analyst: Why VF Corp stock has room to run.
- How the Big-Tech pullback has affected MSFT.
- Plus, DKS dips on guidance miss; BIDU's Hong Kong IPO approved; and PTON eyes global expansion.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.68 million call contracts traded on Monday, and 772,747 put contracts. The single-session equity put/call ratio fell to 0.46and the 21-day moving average stayed at 0.45.
- Sports retailer Dick's Sporting Goods Inc (NYSE:DKS) just reported a fourth-quarter earnings and revenue beat, as well as a 19.3% pop in same-store sales, which also topped estimates. On top of this, the company announced a 16% increase in its quarterly dividend. Despite its successes, a worse-than-expected full-year profit outlook is keeping a lid on shares, which are down 7.1% ahead of the bell.
- It was just announced that China-based tech name Baidu Inc (NASDAQ:BIDU) was approved to list its shares on the Hong Kong Stock Exchange. The search engine concern's initial public offering (IPO) passed a listing hearing, sending the stock's U.S.-listed shares up 6.4% before the open.
- Plans for global expansion are giving Peloton Interactive Inc (NASDAQ:PTON) a boost before the bell. The stock is pointed 4.6% higher this morning, following news that the company plans on selling its stationary bike and membership app in Australia, starting in the second half of 2021.
- Today's calendar will bring the NFIB small-business index, as well as the U.S. Energy Information Administration (EIA) short-term energy outlook.
European Markets Brushes Off Economic Contraction
Stocks in Asia were mixed today, some regaining footing after a shaky start to the week. Investors in the region have their eyes set anxiously on U.S. lawmakers, with the House of Representatives on pace to pass a $1.9 trillion Covid relief bill this week. As a result, Japan’s Nikkei added 1%, also boosted by banking and auto shares such as Mitsubishi UFJ Financial Group, Toyota, and Honda. Hong Kong’s Hang Seng also turned in a win, tacking on 0.8%. Rounding out the region, South Korea’s Kospi and China’s Shanghai Composite shed 0.7% and 1.8%, respectively.
European markets are advancing in afternoon trading, as global bond yields retreat. In addition, the European statistics agency revealed that the euro zone economy contracted by 0.7% in 2020’s final quarter, and investors have a plethora of major earnings reports to sift through. At last check, the London FTSE 100 is up 0.4%, while the German DAX and France’s CAC 40 are both 0.2% higher.