Nasdaq Futures Sink on Bond Yields, Jobless Data

Jobless claims have been under 200,000 for seven consecutive weeks

Digital Content Manager
Mar 2, 2023 at 9:07 AM
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Bond yields are still on their way higherwith the 2-year Treasury yield hitting its highest level in 10 years this morning. Tesla's (TSLA) lackluster investor day is not helping sentiment, while traders digest yet another wider-than-expected drop in jobless claims, which have now held below 200,000 for seven consecutive weeks. 

At last check, Dow Jones Industrial Average (DJIA) futures are pointed modestly higher, while futures on both the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are eyeing sharp losses.

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

OV 0302

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 995,899 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.97 and the 21-day moving average stayed at 0.79.
  2. JP Morgan and Barclays downgraded Nio Inc (NYSE:NIO) to "neutral" and "equal weight" from "overweight," respectively, and cut their price targets to $10. The former noted high expectations around the electric vehicle (EV) maker, with two other firms cutting their price targets as well. Nio just announced worse-than-anticipated fourth-quarter losses, pushing shares 3.3% lower ahead of the open. NIO is down 59.6% year-over-year.
  3. The shares of Macy's Inc (NYSE:M) are up 6.2% in premarket trading, after the massive retailer's fourth-quarter profits beat estimates, while revenue was in line with expectations. Macy's stock carries a 16.7% year-over-year, deficit, though.
  4. Disappointing current-quarter revenue guidance is weighing on Snowflake Inc (NYSE:SNOW) stock, which was last seen down 9% before the bell. The cloud computing company's fourth-quarter earnings and revenue were better than Wall Street expected, but that hasn't stopped a slew of bear notes. SNOW is down 41.3% in the last 12 months.
  5. Check out what other economic indicators are due out this week.

OV Buzz March 2

European Markets Mostly Lower on Inflation Data

Markets in Asia closed mostly in the red Thursday, as investors kept a close watch on Fed speakers over in the U.S. Suppliers for Tesla (TSLA) were also at the forefront of market buzz, after the electric vehicle (EV) maker’s Investor Day brought lackluster details for new products. Japan’s Nikkei and China’s Shanghai Composite both closed just below breakeven, while Hong Kong’s Hang Seng settled with a 0.9% deficit. South Korea’s Kospi was the only winner, up 0.6%.

Euro zone inflation came in at 8.5% for the month of February, more than the anticipated 8.2%. France and Spain, meanwhile, saw an unexpected surge in inflation, and Germany welcomed a flash estimate rate of 9.3% for last month. At last glance, London’s FTSE 100 is down 0.1%, Germany’s DAX is off 0.4%, and France’s CAC 40 is sitting at breakeven.


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