Dow Futures Heat Up to Jump-Start May

"Sell in May and Go Away" will have to wait until Tuesday, it seems

Digital Content Manager
May 3, 2021 at 9:21 AM
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'Sell in May and Go Away' is getting a late start to 2021. Stock futures are pointed confidently higher to kick off May, fresh off the major benchmarks securing solid monthly wins last Friday. Futures on the Dow Jones Industrial Average (DJI) are eyeing a 210-point burst, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are firmly in the black as well. In other news, business mogul Warren Buffet said Vice Chairman Greg Abel is set to replace him when he is no longer in charge of Berkshire Hathaway (BRK).

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

  • 10 pot stocks that smoked the last week of April.
  • Can Hyatt Hotels stock thrive after the pandemic?
  • Plus, lofty upgrade for DKNG; unpacking Moderna's latest deal; and Tilray completes merger.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts traded on Friday, and 842,568 put contracts. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.46.
  2. DraftKings Inc (NASDAQ:DKNG) is up 1.4% before the bell, after the company earned an upgrade from Cowen to "outperform" from "market perform." The analyst in question noted the gambling industry's path to legalization, as well as the stock's potential for growth and market share increases.
  3. Pharmaceutical name Moderna Inc (NASDAQ:MRNA) is up 3.6% ahead of the open. The company recently reached a deal with a program backed by the United Nations to supply 500 million dosed of its Covid-19 vaccine to countries with lower income levels.
  4. The shares of Tilray Inc (NASDAQ:TLRY) were last seen up 2.3% in electronic trading, after reports that the cannabis concern completed a high-profile merger with Aphria (APHA). TLRY is up 122% in 2021.
  5. There will be no shortage of economic indicators today, as investors look ahead to the final Markit manufacturing purchasing managers' index (PMI), as well as the ISM manufacturing index. Plus, construction data and motor vehicles sales (SAAR) are set to come out.

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European Markets Rise Amid Upbeat Economic Data

Most markets in Asia were closed today for holiday, with the exception of Hong Kong's Hang Seng and the South Korean Kospi, which dropped 1.3% and 0.7%, respectively. India's surge in Covid-19 cases is putting pressure on the stocks, as the country posted a daily record rise in cases on Saturday.

In Europe, shares are higher midday. The German DAX is up 0.8% at last check, amid data that the country's retail sales for March came in at a pandemic high year-over-year. Elsewhere, the French CAC 40 is up 0.6%, while London's FTSE 100 is closed for a bank holiday.

 

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