Dow Set For Triple-Digit Pop as Stocks Bounce Back

Stocks tied to the reopening of the economy are taking a hit this morning

Deputy Editor
Mar 24, 2021 at 9:19 AM
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Futures on the Dow Jones Industrial Average (DJI) are eyeing triple-digit gains today, last seen 110 points higher, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures also look to be in recovery mode. The blue-chip index is getting a boost from Intel (INTC), while stocks tied to the economic reopening are also bouncing back, brushing off a continued rise in Covid-19 cases in some U.S. states and around the world. Vaccination rollout is quickening however, with one in five adults in the U.S. now vaccinated. 

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

  • Social media stock set to bounce, if past is precedent.
  • Schaeffer's Senior Quantitative Analyst Rocky White examines the SPX 1 year after the Covid-19 bottom
  • Plus, INTC to build 2 billion-dollar plants; WGO revs higher after earnings; and new Amazon Web Services CEO named. 

futures chart march 24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.56 million call contracts traded on Tuesday, and 684,114 put contracts. The single-session equity put/call ratio rose to 0.44 and the 21-day moving average stayed at 0.46.
  2. Intel Corporation (NASDAQ:INTC) said it will spend $20 billion on the construction of two new plants at two pre-existing Arizona facilities, as it works to fulfill demand for semiconductors, which have been in short supply globally. The plants are projected to be finished by 2024, and INTC is up 3.7% before the bell as a result. 
  3. Winnebago Industries, Inc. (NYSE:WGO) is up 3.9% in pre-market trading following the company's fiscal second-quarter earnings report. WGO posted earnings of $2.12 per share, which bested analysts' estimates, while its revenue also topped expectations. 
  4. The shares of Amazon.com, Inc. (NASDAQ:AMZN) are up 0.7% before the bell after the e-tail giant named Adam Selipsky as its new CEO of its Web Services business. Selipsky, who has previously served as an executive for the company's Web Services unit, will take over the role when current Amazon chief Andy Jassy replaces Jeff Bezos as CEO later in 2021. 
  5. Today's economic calendar will bring core durable goods orders, core capital goods orders, the manufacturing PMI, and the Markit composite PMI. 

OV Buzz Table March 24

Surge in Covid-19 Cases Dampens Overseas Markets 

Markets in Asia were lower across the board today, in response to the global uptick in coronavirus cases. Hong Kong’s Hang Seng paced the region with a 2% drop into correction territory. Japan’s Nikkei matched that with a 2% loss of its own, while China’s Shanghai Composite and South Korea’s Kospi shed 1.3% and 0.3%, respectively.

Over in Europe, stocks are in the red, as investors weigh the dimming prospects of a swift economic recovery. London’s FTSE 100 is off by 0.2%, despite the U.K.’s IHS Markit’s composite Purchasing Managers’ Index (PMI) outpacing expectations. Elsewhere, the French CAC 40 has dipped 0.2%, and the German DAX is down 0.6%.

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