This is what we will be looking at before Friday’s trading action kicks off.
US stock futures were mixed, with technology stocks poised for losses and the Dow Jones Industrial Average on track for a new record.
Nasdaq-100 futures are down 1.6%. Futures linked to the S&P 500 were down 0.4% and contracts linked to the Dow Jones Industrial Average were down 0.2%.
What is coming
The University of Michigan Preliminary Index of Consumer Sentiment for March, expected at 10:00 am, is expected to rise to 78.9 from 76.8 in late February.
Market movers to keep an eye on
– Novavax NVAX 13.21%
Shares shot up 17% higher for the bell after the biotech drug maker said after Thursday’s close that studies show the Covid-19 vaccine is highly effective.
– Big banks are on the rise. Citigroup
C. 1.66%
JPMorgan Chase
JPM 1.78%
Bank of America BAC 1.91%
and Wells Fargo WFC 1.90%
were all up more than 1% premarket, another sign of an investor shift from growth to value.
– Ulta Beauty ULTA -10.95%
declined 9.6% premarket after it announced a leadership change and set revenue expectations lighter than analysts expected.
An Ulta beauty store on Chicago’s Magnificent Mile, November 19, 2020.
Photo:
Charles Rex Arbogast / Associated Press
– DocuSign DOCU -5.24%
fell 3.2% premarket. The electronic signature company exceeded last quarter sales and earnings expectations and delivered better than expected outlook. But it has also already been a big pandemic winner, with stock up 200% over the past year.
– Vail Resorts MTN 7.76%
was a 7% increase for the market. The resort operator’s revenue report exceeded expectations, saying it has made some progress during the ski season in the US and Canada.
Market fact
The Nasdaq Composite is now only 4.9% from its all-time high of Feb. 12, after hitting correction territory – down at least 10% from a recent high – on Monday.
Chart of the day
As the rollout of Covid-19 vaccines accelerates and the economy recovers from last year’s shutdowns, portfolio managers are acquiring stocks of cyclical companies.
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