US STOCKS-Futures jump on calmer bonds as inflation worries ease

  • 3/11/2021
  • 00:00
  • 5
  • 0
  • 0
news-picture

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Futures up: Dow 0.2%, S&P 0.7%, Nasdaq 1.8% March 11 (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, Microsoft Corp, Amazon.com Inc and Tesla 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.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 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. (Reporting by Shashank Nayar in Bengaluru; Editing by Maju Samuel)

مشاركة :