Stock Futures Flat With Infrastructure in Focus

Bond yields are cooling off this morning, too

Assistant Editor
Jun 28, 2021 at 9:23 AM
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Dow Jones Industrial Average (DJI) futures are pointed marginally higher this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures also sit in the black -- looking to build on last week's stellar gains. Today's waffling price action comes as bond yields slide, with investors watching for updates on the bipartisan infrastructure deal. U.S. President Joe Biden said over the weekend that he doesn’t plan to veto a bipartisan infrastructure bill if it comes without a reconciliation package. 

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

  • Last week's movement in the cannabis sector
  • Two traders debate the top five mistakes options traders make.
  • Plus, a red-hot gene-editing stock; NRG receives analyst praise; and Etsy's new acquisition. 

Futures Chart 0628

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts traded on Thursday, and over 1.1 million put contracts. The single-session equity put/call ratio rose to 0.48 and the 21-day moving average stayed at 0.44.
  2. Intellia Therapeutics Inc (NASDAQ:NTLA) is soaring ahead of the open this morning, up 55.4%, after positive data from the drugmaker's early-stage trial of its genome-editing treatment for transthyretin amyloidosis, in collaboration with Regeneron (REGN). In response, no fewer than five analysts hiked up their price targets. 
  3. Goldman Sachs added NRG Energy Inc (NYSE:NRG) to its "Conviction Buy" list from "Buy," and raised its price target to $57 from $46. NRG is up 2.6% in pre-market trading. 
  4. Etsy Inc (NASDAQ:ETSY) is in the spotlight before the bell, after news that the e-tailer is acquiring Brazilian marketplace Elo7 for $217 million in cash, adding to Etsy's e-commerce reach in Latin America. This deal follows Etsy's recent purchase of Depop, and ETSY is up 1.2% in electronic trading.
  5. No economic data is in focus today. 

BuzzJune28

Stocks Lower in Asia, Europe

Asian markets fell slightly lower on Monday. Trading in Hong Kong was paused for a portion of the day due to a black rainstorm warning, with the Hong Kong Hang Seng Settling 0.07% lower, once trading resumed. Meanwhile, the Shanghai Composite in China shed 0.03%, as investors went over the country’s National Bureau of Statistics reading, which showed a 36.4% year-over-year (YoY) rise in industrial firms in May, compared to its 57% YoY rise in April. Rounding out the region, the Nikkei in Japan shed 0.06%, and the South Korean Kospi saw a 0.03% drop.

Markets in Europe are mostly lower, as rising Covid-19 cases globally drove the World Health Organization (WHO) to ask people who are fully vaccinated to continue to wear a mask, sparking anxiety throughout the region. At last check, the German DAX is up 0.01%, the French CAC 40 is 0.3% lower, and the London FTSE 100 is down 0.4%, weighed by shares of luxury fashion brand Burberry, which is spiraling downward following news of its CEO’s departure.

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