The 10-year Treasury yield continues to pull back
Stock futures are slightly below fair value this morning, unable to build off of yesterday's upbeat economic data. At last check, futures on the Dow Jones Industrial Average (DJI) are eyeing a 50-point drop, while both Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are poised to open in the red as well.
Investors are looking ahead to the Federal Open Market Committee (FOMC) meeting minutes from March that will be released later this afternoon. While the central bank has decided to leave interest rates unchanged, the minutes could offer insight into when the Fed may raise them. Meanwhile, the 10-year Treasury yield sits at 1.65%, its lowest level since March 26.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White dives into the 10-year Treasury yield.
- These 2 travel stocks are historical outperformers in April.
- Plus, Sunrun stock upgraded; Beyond Meat expands in China; and Qiagen touts new Covid-19 technology.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Tuesday, and 721,315 put contracts. The single-session equity put/call ratio rose to 0.41 and the 21-day moving average stayed at 0.45.
- Alternative energy name Sunrun Inc (NASDAQ:RUN) is up 2.8% before the bell, after RBC initiated coverage of the security with an "outperform" rating. The analyst in question said the company is a leading player in the rooftop solar market sector, which is quickly growing.
- Beyond Meat Inc (NASDAQ:BYND) is 1.9% higher ahead of the open, after the plant-based meat name announced it opened its first manufacturing facility outside of the U.S., which is based in China. The company said the new location will enable it to deliver goods in that region.
- The shares of Qiagen NV (NYSE:QGEN) are up 1.3% in electronic trading, thanks to its new technology that will reduce the time it takes for researchers to identify new Covid-19 variants.
- Wall Street will keep an eye on February's trade deficit data and consumer credit data today.
European, Asian Markets Mixed on Heels of IMF Meeting
Stocks in Asia were mixed on Wednesday, as the World Bank/International Monetary Fund (IMF) spring meeting gets underway. The organization upped its forecast for the global economy, expecting growth of 6% this year as paths out of the pandemic become “increasingly visible.” In response, South Korea’s Kospi added 0.3%, while Japan’s Nikkei turned in a 0.1% win. Mainland stocks weren’t so lucky, with China’s Shanghai Composite losing 0.1%, and Hong Kong’s Hang Seng dipping 0.9%, in its first session since Friday.
European markets are similarly mixed this afternoon, as investors in the region react to the IMF meeting as well as overnight losses stateside. Meanwhile, the IHS Markit’s final euro zone composite purchasing manager’s index (PMI) showed business activity improving in March. At last check, London’s FTSE 100 is up 0.7%, France’s CAC 40 has added 0.03%, and the German DAX is off 0.1%.