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
facebook X logo linkedin


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.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI