The 10-year Treasury yield remains near annual highs, though
Stock futures are a mixed bag this morning. Looking to build on Friday's record close, futures on the Dow Jones Industrial Average (DJI) are eyeing a modest open higher. S&P 500 Index (SPX) futures are more muted, while Nasdaq-100 Index (NDX) futures are pointed toward the red, as the 10-year Treasury bond yield remains a chip-shot from annual high levels. Despite stimulus optimism, investors are cautious ahead of the Fed meeting later this week, while also weighing states' reopening measures with ramped up Covid-19 vaccination efforts.
Continue reading for more on today's market, including:
- Founder and CEO Bernie Schaeffer breaks down why bond yields popped last week.
- Consider this retail stock ahead of its earnings report.
- Plus, PENN to join S&P 500; airline sector tailwinds; and a big move in the biotech sphere.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.94 million call contracts traded on Friday, and 864,000 put contracts. The single-session equity put/call ratio stayed at 0.44 and the 21-day moving average rose to 0.46.
- The shares of Penn National Gaming, Inc (NASDAQ:PENN) are up 5.8% ahead of the open, after it was announced the casino stock would join the S&P 500 as part of the quarterly rebalancing. PENN is fresh off a record high of $132.76 on Friday, and is up 745% year-over-year.
- American Airlines Group Inc (NASDAQ:AAL) is up 4.1% before the bell, as the entire airline sector enjoys tailwinds from a Transportation Safety Administration (TSA) report that said airline screenings are at 12-month highs. AAL scored an annual high of $23.54 on Friday, and has already tacked don 48% in 2021.
- GenMark Diagnostics, Inc (NASDAQ:GNMK) is up an absurd 29% in electronic trading, after the biotech firm announced the acquisition of Swiss drugmaker Roche for $1.8 billion in cash. GNMK is up 208% in the last 12 months.
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Investors will ease into the week, with the Empire State Manufacturing Index due out.
U.S. Fed Meeting in Focus Overseas
Markets in Asia closed mixed on Monday, as investors kept a close watch on the U.S. ahead of its Fed meeting, slated for later this week. Also of note is a surge in Tokyo-based Rakuten (RKUNY) stock, following its $2.2 billion sale of new shares. In response, Japan’s Nikkei jumped 0.2%, Hong Kong’s Hang Seng added 0.3%, while China’s Shanghai Composite and South Korea’s Kospi shed 1% and 0.3%, respectively.
A leap in travel stocks and focus on the aforementioned Fed meeting stateside had European indexes mostly flat in afternoon trading. The shares of Danone (DANOY) are seeing a notable lift, however, after Chairman and CEO Emmanuel Faber was pressured by investors to step down. At last check, London’s FTSE 100 and Germany’s DAX are both down 0.01%, while France’s CAC 40 inches 0.08% higher.