- U.S. stock futures rose on Thursday
- 10-year rate below 1.5%
- Jobless claims data In focus
U.S. stock futures rose on Thursday after the market’s blue-chip average set another record high a day earlier.
Futures contracts for the Dow Jones Industrial Average added 96 points, or 0.3%. S&P 500 futures climbed 0.7%.The big winner, however, was the tech-heavy Nasdaq 100 with futures jumping 1.6%.
A rotation back into tech shares appeared to be happening early Thursday. Tesla was up 4% in premarket trading. Nvidia and Apple shares were also higher.while GameStop Corp. sank 4% in the premarket after a wild day of volatility.
The 10-year Treasury yield slide for a second day, helping sentiment. The 10-year yield was last down about 2 basis pints to 1.50%. (1 basis point is 0.01%)
Weekly jobless claims data is due out at 8:30 a.m. ET on Thursday, with economists surveyed by Dow Jones expecting 725,000 new claims.
Data showing the number of job openings in January is expected to be released at 10 a.m. ET.
Stocks making the biggest moves premarket
AMC Entertainment(AMC) – AMC stock jumped 6% premarket after it said the Covid-19 vaccine rollout and upcoming major releases would boost movie theater ticket sales this year. That followed a quarterly loss that nonetheless saw better-than-expected revenue. AMC said 8 million patrons returned to its theaters during the most recent quarter.
JD.com(JD) – The China-based e-commerce company saw its shares rise 7.9% premarket after it reported better-than-expected profit and revenue for its latest quarter. It gained shoppers even as China largely emerged from coronavirus lockdowns.
Bilibili(BILI) – The China-based online entertainment platform's shares jumped 7.5% premarket following news that it won approval from the Hong Kong Stock Exchange to list its shares.
Roblox(RBLX) – The videogame platform company’s shares rose another 10.2% today, following gains during its Wednesday Wall Street debut that raised its total market valuation to about $45 billion.The $7.1 billion ARK Next Generation Internet exchange-traded fund (ticker ARKW) purchased more than 500,000 Roblox shares, according to the latest data on Ark’s website. The New York-based firm lists the market value of the stake as a little over $36 million.
Oracle(ORCL) – Oracle reported an adjusted quarterly profit of $1.16 per share, 5 cents above estimates, and the business software giant’s revenue was slightly above Wall Street forecasts. However, revenue in Oracle’s cloud division fell short of analyst projections, and Oracle shares fell 5.4% premarket. Oracle also increased its dividend by 33% and increased its share buyback program by $20 billion.
Boeing(BA) – Boeing is close to finalizing a multi-billion dollar order for its 737 MAX jets from Southwest Airlines(LUV), according to people familiar with the matter who spoke to Reuters. It would be the largest order for the MAX since it was ungrounded, and also would stave off a possible defection to rival Airbus by Southwest, which had been the largest customer for the 737 MAX prior to the grounding. Boeing rose 2.1% premarket.
Bumble(BMBL) – Bumble beat Wall Street’s revenue estimates in its first quarter as a public company, and gave an upbeat projection for the current quarter. The dating service company said it expects pent-up demand from people who had been reluctant to date during the pandemic. Bumble shares surged 9% premarket.
Cloudera(CLDR) – Cloudera beat estimates by 4 cents with adjusted quarterly earnings of 15 cents per share, and revenue above estimates as well. However, the data cloud company also gave weaker-than-expected forecasts for both profit and revenue, and its shares tumbled 7% premarket.
AstraZeneca(AZN) – Denmark temporarily suspended the use of AstraZeneca’s Covid-19 vaccine following reported cases of blood clots formed in patients. The suspension will last for 14 days while regulators investigate. AstraZeneca said it maintains strict quality controls and that there had been no serious adverse events associated with the vaccine. AstraZeneca lost 1.9% in premarket trading.
Coupang(CPNG) – Coupang makes its Wall Street debut today after the South Korean e-commerce company priced its initial public offering of 130 million shares at $35 per share, above the expected range of $32 to $34. Coupang raised $4.6 billion in the largest U.S. IPO so far this year.
Vir Biotechnology(VIR),GlaxoSmithKline(GSK) – Vir and Glaxo said their Covid-19 antibody treatment reduced hospitalizations and death from the disease by 85% in a clinical trial. The drug makers said they will immediately seek emergency use authorization for the drug in the U.S. and other countries. Vir shares soared 60% premarket.
MSG Networks(MSGN) – MSG Networks is considering merging withMadison Square Garden Entertainment(MSGE), according to people familiar with the matter who spoke to Bloomberg. Such a deal would reverse a prior split of the two entities. MSG Networks jumped 4.6% premarket, while Madison Square Garden Entertainment jumped 7.4%.
Party City(PRTY) – Party City shares tumbled 10% premarket after the party supplies retailer reported quarterly earnings of 25 cents per share, missing forecasts by 6 cents. Party City’s revenue matched Wall Street forecasts, but its same-store sales decline of 5.9% was slightly larger than the Refinitiv consensus estimate of a 5.2% decline.
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