Nasdaq Futures Eye Comeback While Dow Dips

The Nasdaq is pointed higher on the back of weakening bond yields

Deputy Editor
Mar 22, 2021 at 9:09 AM
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Stock futures are mixed on Monday, with the Dow Jones Industrial Average (DJI) set for a modest 30-point drop, while the S&P 500 Index (SPX) is pointed marginally higher. Futures on the Nasdaq-100 Index (NDX) are set for sizeable gains, with the index up roughly 80 points ahead of the bell, as yields recede. The 10-year Treasury yield dropped 4 basis points and was last seen sitting at 1.68%, leading investors back to tech. In vaccine news, AstraZeneca (AZN) released trial data showing its jab is 79% effective in stopping Covid-19 symptoms, and 100% effective in preventing hospitalization at the hands of the illness. Vaccine rollouts are gaining momentum too, though several states in the U.S. are still seeing a growing number of cases. 

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

  • Can Movado stock tick higher after this week's earnings report?
  • 2 retail giants ready to roar higher, per founder and CEO, Bernie Schaeffer. 
  • Plus, SunRun stock sprints higher after bull note; RCL to bring back some cruises; and the buyout buzz surrounding BX. 

futures chart march 22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.98 million call contracts traded on Friday, and 1 million put contracts. The single-session equity put/call ratio rose to 0.51 and the 21-day moving average stayed at 0.46.
  2. Susquehanna just initiated coverage on SunRun Inc (NASDAQ:RUN) with a "positive" rating. The brokerage firm said growth in the solar power market would bode well for the company. The shares of RUN are up 4% before the open. 
  3. The shares of Royal Caribbean Cruises Ltd (NYSE:RCL) are down 0.9% ahead of the bell, despite the company's announcement that it will bring back some of its cruises, starting in June. RCL said both adult passengers and staff will need to be fully vaccinated in order to board, while children under 18 will require a negative Covid-19 test. 
  4. Blackstone Group Inc (NYSE:BX) is off 0.8% this morning, after the company offered to buy Australia-based casino operator Crown Resorts for $6.2 billion. Blackstone is currently the second-biggest shareholder on Crown Resorts, with a nearly 10% stake in the company. 
  5. Existing home sales are due out today. 

OV Buzz Chart March 22

Turkish Central Bank Drama Weakens Asian Markets 

Stocks in Asia were mostly lower Monday, as investors eye the Turkish lira’s drop of more than 8%. The drop comes in the wake of embattled President Recep Tayyip Erdogan’s decision to replace its central bank chief mere days after an interest rate hike. In response, Japan’s Nikkei shed 2.1%, also weighed down by chipmaker Renesas Electronics. Elsewhere, Hong Kong’s Hang Seng and South Korea’s Kospi lost 0.4% and 0.1%, respectively. China’s Shanghai Composite added 1.1%, however, after China’s one-year and five-year loan prime rates (LPR) were left unchanged.

European markets are mixed this afternoon, as investors in the region also respond to the news coming out of Turkey. Additionally, travel and leisure stocks are struggling as the threat of a third wave of Covid-19 infections impacts the likelihood of a smooth economic reopening. At last check, the German DAX and London FTSE 100 are up 0.3% and 0.1%, respectively, while France’s CAC 40 is down 0.3%.

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