Dow Futures Eye Record Highs as Stocks Extend Gains

Dow futures are up over 110 points

Digital Content Manager
Mar 11, 2021 at 9:10 AM
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Stock futures are looking to build on their recent rebound, with the Dow Jones Industrial Average (DJI) set to open at a chip-shot from record highs, last seen 110 points above fair value. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also pointed notably higher, while the former is getting a boost as investors rotate back into  tech stocks. This optimism is being sparked by a receding 10-year Treasury yield, which fell roughly 3 basis  points to 1.49%. Another round of  jobless claims are, of  course, capturing Wall Streets attention, too. Claims came in at 712,000 for the week, lower than the 725,000 expected. Also in the spotlight is the $1.9 trillion Covid-19 relief bill, which was passed by the House of Representatives last night and is expected to be signed by U.S. President Joe Biden on Friday.

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

  • Breaking down the ins and outs of commodity options.
  • A sneak-peak at El Pollo Loco's pre-earnings redesign. 
  • Plus, Bumble stock bounces after revenue beat; CLDR dips on weak outlook; and Boeing nears big 737 MAX sale. 

futures chart mar 11

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.59 million call contracts traded on Wednesday, and 661,249 put contracts. The single-session equity put/call ratio stayed at 0.42 and the 21-day moving average stayed at 0.45.
  2. The shares of Bumble Inc (NASDAQ:BMBL) are surging in pre-market trading, up 9.8% after the company shared a revenue beat for its debut quarterly report. An upbeat current-quarter outlook added to this optimism, while the firm added that its user base could extend to those who were cautious about dating during Covid-19. 
  3. Cloudera Inc (NYSE:CLDR) also entered the earnings confessional with a revenue beat, while its earnings also topped expectations. Its shares, however, are dropping this morning, down 5.5% at last check, after its profit and revenue forecasts missed estimates. 
  4. Boeing Co (NYSE:BA) is extending yesterday's gains, up 2.2% ahead of the open amid news that the blue-chip giant is nearing the close of a multi-million dollar order with Southwest Airlines (LUV) for its 737 MAX jets -- marking the largest order Boeing has processed since the model has been ungrounded. 
  5. The Organization of the Petroleum Exporting Countries' (OPEC) will release its monthly report today.  

Buzz March11

European Markets Keep a Close Eye on Bond Yields 

Stocks in Asia were higher Thursday, following in the footsteps of their stateside counterparts after lawmakers in the latter region passed a massive $1.9 trillion Covid-19 relief bill. China’s Shanghai Composite walked away the biggest winner, adding 2.4%, despite officials in the country recently setting a low gross domestic product (GDP) target and shifting away from measures intended to aid the economy. Elsewhere, South Korea’s Kospi tacked on 1.9%, followed closely Hong Kong’s Hang Seng which rose 1.7%. Rounding out the region, Japan’s Nikkei gained 0.6%.

European markets are mostly higher this afternoon, as investors await the European Central Bank’s (ECB) latest monetary policy decision. ECB officials have kept a close eye on the rising bond yields, and said the “unwarranted tightening” needs to be closely observed. At last check, France’s CAC 40 is up 0.3%, the German Dax is 0.1% higher, and London’s FTSE 100 is right at breakeven.

 

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