Energy Stocks, Treasury Yields Push Stock Futures Higher

10-year Treasure Yields are snapping back

Managing Editor
Dec 1, 2021 at 9:20 AM
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Stock futures are indicating a higher open to start off December, with the omicron variant sending Wall Street on a roller coaster ride this week. Dow Jones Industrial Average (DJI) futures are up triple digits this morning, while futures on the S&P 500 (SPX) and Nasdaq-100 (NDX) are also indicating a confident move into the black. After yesterday's selloff, 10-year Treasury yields are snapping back, last seen up around 1.5%. Elsewhere, energy stocks are in focus, as January-dated crude futures signal a rebound, up 3.1% at $68.22 per barrel, at last check.

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

  • Schaeffer's Senior Quantitative Analyst has a fundamental stock signal to watch.
  • Don't turn your back on this mining stock just yet.
  • Plus, AMBA's top-line beat; 2 equities surging on analyst bull notes.

Stock Futures Chart Dec 1

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Tuesday, compared to 938.394 put contracts. The single-session equity put/call ratio rose to 0.48, and the 21-day moving average stayed at 0.47.
  2. Ambarella Inc (NASDAQ:AMBA) stock is up 16.6% before the open, after the semiconductor company reported a top-line third-quarter beat. In response, no fewer than eight analysts have hiked their price targets already this morning. AMBA was up 95% year-to-date heading into today.
  3. Homebuilder Lennar Corporation (NYSE:LEN) is up 3.7% in electronic trading, enjoying an upgrade from Goldman Sachs to "buy" from "neutral." The brokerage cited the demand for countryside homes remaining steady. So far, LEN has tacked on 37.8% in 2021. 
  4. Food delivery name DoorDash Inc (NYSE:DASH) is up 2.9% ahead of the bell, surging on the heels of a bull note from Gordon Haskett. The analyst upgraded DASH to "buy" from "hold," naming concern surrounding the new Covid-19 variant an avenue for a potential rebound in stay-at-home names. DASH has jumped 25% year-to-date.
  5. The Markit manufacturing purchasing managers' index (PMI), the Institute for Supply Management's (ISM) manufacturing index, and construction spending data are due out today. Plus, the Beige Book will be released.
buzzdec1

Asian Markets Make a Comeback 

Asian markets bounced back from yesterday’s rout, caused by concerns over the omicron Covid-19 variant. The Nikkei in Japan and Shanghai Composite both added 0.4%. A contracting Caixin/ Markit manufacturing Purchasing Managers’ Index (PMI) of 49.9 may have capped further gains for the Chinese market. Meanwhile, the Hang Seng in Hong Kong rose 0.8%, and the South Korean Kospi saw a 2.1% surge, as oil prices also rose during Asian trading hours.

European markets are enjoying a midday boost, in attempt to recover some of this week’s earlier losses. Investors are also monitoring factory data, after the euro zone’s November final manufacturing PMI rose to a slightly worse-than-anticipated 58.4. In response, the French CAC 40 is 1.7% higher, the London FTSE 100 is up 1.4%, and the German DAX is up 1.8%.

 

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