Here’s what we look for before Friday’s trading action begins.
–US futures were mixed, with loss-making technology stocks and the Dow Jones industrial average on track for a new record.
Nasdaq-100 futures fell 1.6%. S&P 500 futures fell 0.4% and Dow Jones industrial average contracts rose 0.2%.
What’s next
–Preliminary index of consumer sentiment at the University of Michigan for March, which will take place at 10 a.m., it is expected to rise to 78.9 from 76.8 at the end of February.
Market Movers to watch
– Novavax NVAX 11.86%
Shares rose 17 percent before the bell after the biotech maker said after closing on Thursday that studies show its Covid-19 vaccine is extremely effective.
“Major banks are growing.” City Group,
C 1.39%
JPMorgan Chase,
JPM 1.75%
Bank of America BAC 1.68%
and Wells Fargo WFC 1.83%
all increased by more than 1% premarket, another sign of the change of investors from growth to value.
– Ulta Beauty ULTA -11.24%
it fell 9.6% premarket after announcing a change of leadership and set the income orientation easier than analysts expected.
An Ulta beauty store on Chicago’s Magnificent Mile, November 19, 2020.
Photo:
Charles Rex Arbogast / Associated Press
– DocuSign DOCU -5.19%
decreased by 3.2% premarket. The electronic signature company exceeded revenue and earnings expectations for the last quarter, while providing a better-than-expected outlook. But it has already been a big winner of the pandemic, with its stock growing by 200% in the last year.
– Vail Resorts MTN 8.02%
increased by 7% premarket. The resort operator’s earnings report exceeded forecasts and said it had made some progress during the US and Canadian ski season.
Market fact
Nasdaq Composite is now just 4.9% off the February 12 record, after slipping into correction territory – a drop of at least 10% from a recent high – on Monday.
Diagram of the day
As the launch of Covid-19 vaccines accelerates and the economy returns from last year’s closures, portfolio managers are recovering shares of cyclical companies.
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