Connect with us

Hi, what are you looking for?

Stock

Futures jump on calmer bonds as inflation worries ease

Economic Indicators41 minutes ago (Mar 11, 2021 07:40AM ET)

(C) Reuters. FILE PHOTO: Dividers are seen inside a trading post on the trading floor as preparations are made for the return to trading at the NYSE in New York

By Medha Singh and Shashank Nayar

(Reuters) – Futures tied to the Nasdaq 100 index jumped on Thursday as U.S. bond yields retreated to one-week lows on ebbing concerns over a strong pick up in inflation, while investors awaited data that is likely to show a dip in weekly jobless claims.

Mega-cap stocks Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) Inc gained between 1.5% and 4.3% premarket as the benchmark Treasury yields dipped below the key 1.5% mark after shooting to a one-year high above 1.6% last week.

High-growth tech stocks, which are attempting to regain their footing after a recent pullback, are sensitive to increasing interest rates as they are valued on earnings expected years into the future.

The Nasdaq is now about 7% below its Feb. 12 record close after falling as much as 12% last week.

The Dow on Wednesday hit a record closing high for the first time since February as tepid inflation numbers allayed fears that the economy is running too hot.

A sweeping $1.9 trillion COVID-19 relief bill, which includes $1,400 direct payments, received a final nod from Congress on Thursday and is expected to surpercharge the economic recovery from a pandemic that has killed more than 528,000 people and thrown millions out of work.

The Labor Department’s data at 8:30 a.m. ET is expected to show the number of Americans filing for jobless benefits fell to 725,000 in the latest week from 745,000, amid an improving public health environment.

At 6:35 a.m. ET, Dow E-minis were up 67 points, or 0.21%, S&P 500 E-minis were up 26.5 points, or 0.68% and Nasdaq 100 E-minis were up 233 points, or 1.83%.

Investors will now eye an auction of U.S. 30-year debt later in the day. A weak seven-year auction in late February fuelled inflation concerns and sent yields higher.

JD (NASDAQ:JD).com Inc climbed about 8% premarket after the Chinese e-commerce company reported a jump in fourth-quarter revenue as it benefited from a broader shift to online shopping triggered by the COVID-19 pandemic.

Bumble Inc jumped about 10% after it reported a bigger-than-expected rise in fourth-quarter revenue and said it expected pent-up demand from people who had been avoiding dating in person due to the pandemic.

A so-called “meme” stock AMC Entertainment (NYSE:AMC) Holdings Inc gained 7.5% as the cinema chain said the roll-out of COVID-19 vaccines and the release of major movies, including “Black Widow”, would boost sales this year.

Futures jump on calmer bonds as inflation worries ease

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved