Dow futures rise more as Boeing shares rise, but technology stocks falter by the end of the week

The stock index futures index was largely lower on Friday, with technology stocks leading the way as bond yields continue to rise, a day after the Dow Jones and S&P 500 industrial averages closed at records.

What do the main landmarks do?
  • Dow Jones YM00 Industrial Media Futures,
    + 0.16%
    increased by 63 points, or 0.2%, to 32,431.

  • S&P 500 futures ES00,
    -0.39%
    decreased by 9.30 points, or 0.2%, to 3,918.

  • Nasdaq-100 futures NQ00,
    -1.58%
    decreased by 151.75 points, or 1.2%, to 12,887.25.

The Dow DJIA,
+ 0.38%
on Thursday it rose 188.57 points, or 0.6%, to close at 32,485.59, based on the previous session’s record closed, while the S&P 500 SPX,
-0.36%
recorded its first record since February 12, up 1% to 3,939.34. Nasdaq Composite,
-1.44%
jumped 2.5%.

What drives the market?

A rebound in technology-related stocks led to a rise in stocks on Thursday, but a renewed increase in Treasury yields early on Friday, with the rate on the 10-year TMUBMUSD10Y note,
1.612%
jumping more than 8 basis points to trade above 1.61%, it was set to send growth-oriented stocks back to the downside in the last session of the week.

I need to know: Here’s how far the Nasdaq could fall if bond yields reach 2%

It was a volatile week for equities, including the Nasdaq, which recorded gains or losses of over 2% in three sessions.

“We believe that recent stock volatility is likely to continue as investors try to balance growing optimism with higher inflation concerns,” Mark Haefele, chief investment officer of UBS Global Wealth Management, said in a statement. .

“But while we expect conditions to remain volatile, the latest developments on three of the main market factors – stimulus, pandemic news and inflation data – indicate an increase in equity,” he said.

President Joe Biden on Thursday signed a $ 1.9 trillion COVID-19 aid package into law. In a televised speech on Thursday night, Biden pledged to make all adults eligible for vaccines by May 1.

The combination of aggressive tax spending and progress in vaccine launches is seen as boosting economic growth, but it can also cause inflation, at least in the short term.

Analysts said the technology stocks could also be vulnerable to pressure after the market regulator said on Friday it had imposed fines on some of the country’s largest technology firms.

Bloomberg also reported that the Biden administration informed some Huawei Technologies Co. suppliers. from China that it will impose stricter conditions for previously approved export licenses, except for items for use in or with 5G devices.

Meanwhile, a US inflation at the wholesale level for February, the index of producer prices came up by 0.5%, as expected. Excluding volatile food and energy prices, it rose 0.2% for the month compared to expectations for a 0.3% increase, according to Econoday. On an annualized basis, the core PPI rose by 2.2% from last year compared to 2% in the previous month.

The preliminary index of consumer sentiment at the University of Michigan for March is scheduled for 10 a.m. Eastern Time. It is expected to rise to 78.9 from a February reading of 76.8.

Which companies are concentrated?
  • Actions of Ulta Beauty Inc.
    ULTA,
    -10.79%
    fell more than 8 percent in premarket trading after reporting lower sales and profits in the fourth quarter of last year late Thursday. He also announced that CEO Mary Dillon will be replaced by the company’s president, David Kimbell.

  • GoodRx Holdings Inc.
    GDRX,
    -12.22%
    shares fell 4.8% after the healthcare company reported adjusted earnings that exceeded Wall Street expectations but led to lower sales in the first quarter.

  • DocuSign
    DOCU,
    -5.33%
    were under pressure in the premarket trade even after the electronic authentication company issued a better quarterly outlook than expected in the most recent quarterly report.

  • Novavax
    NVAX,
    + 10.63%
    says his COVID vaccine is effective against deadly virus variants.

  • Actions of GameStop Corp.
    GME,
    + 5.16%
    gathered 3.9% in premarket trading on Friday, after a 1.9% drop in the previous session, on an otherwise mixed morning for other meme shares.

  • Boeing Co.. BA,
    + 1.81%
    received an order from a private investment firm 777 Partners to buy 24 737 MAX aircraft with the option to purchase another 60, according to a Reuters report.

How are other assets doing?
  • The ICE US Dollar DXY index, a measure of the currency against a basket of six major rivals, rose 0.5%.

  • Oil futures traded slightly lower, with the US benchmark CL.1 slipping less than 01% to $ 65.97 a barrel. GC00 gold futures fell $ 18.70, or 1.1%, to trade at $ 1,703.90 an ounce on Comex.

  • The pan-European Stoxx 600 Europe SXXP index traded 0.4% lower and the FTSE 100 UKX in London was barely in positive territory, rising by less than 0.1%.

  • In Asia, HSI in Hong Kong fell by 2.2%, SHCOMP in Shanghai Composite by 0.5%, CIS in China by 300,000,300,
    + 0.35%
    rose 0.4%, while the Japanese Nikkei 225 NIK rose 1.7%.

  • Bitcoin BTCUSD Prices,
    -3.23%
    they were down 4% when trading $ 55,506 on CoinDesk.

.Source