Update: Selling pressure in tech has finally abated as big tech bounces and the Nasdaq leads the indices higher. The Nasdaq is up 2%, Dow up 1%, and S&P up 1.3%. The market's inflation fears have calmed, risk is back on and stimulus checks are anticipated to flow into equities. The S&P just sets another new record high, it only had to wait a month!
Sectoral performance: Tech, Communications, and Consumer Discretionary are all up nearly 2% while Utilities and Consumer Staples lag showing gains of 0.2%.
Winners and Losers: NIO up 5%, Square up 4%, Moderna up 4%, ETSY up 8%, CCIV up 6%, GME up 2%, RBLX up 3%, MGM Resorts up 6%. GE down 7%, Oracle down 6%, HSBC down 4%, AZN down 1.8%.
Here is what you need to know on Thursday, March 11:
Markets maintained bullish sentiment on Wednesday with some struggles seen in the tech sector. The Nasdaq was the only major index to finish in the red yesterday as inflation worries were pushed to one side after benign US CPI and a calm US 10 year bond auction. Roblox took its time but eventually opened on the NYSE yesterday. The reference price had been set at $45 but this was quickly dismissed as Roblox gamers/investors! pushed the price to a high of $74.83.
Thursday sees more green in evidence with overnight Asian market strength helping. A sliding US 10 year yield, now under 1.5%, further stimulus checks imminent and continued ECB money printing have all helped calm inflation fears. The Dollar is weaker at 1.1966 versus the Euro and Oil rose to $66 on the back of falling US inventories and Gold rose to $1730 as yields fell.
European markets are mixed with the FTSE again the laggard, down 0.2%. the Dax is up 0.3% and EuroStoxx up 0.2%
US futures are nice and green with Dow up 0.3%, S&P up 0.7% and the Nasdaq leading the charge, up nearly 2%.
Stay up to speed with hot stocks' news!
S&P 500 Top News
ECB leaves rates unchanged as expected. Signals more money printing, bond purchases to keep yields low.
US Jobless claims 712k versus 725 expected.
US stimulus bill to be signed by President Biden on Friday.
1 year anniversary of WHO declaring a global pandemic.
Coupang launches its IPO today, Thursday. Ticker CPNG. Priced at $35.
AstraZeneca: Denmark and Norway temporarily suspend AZN's covid-19 vaccine. Italy and Austria suspend the use of a certain batch of AZN's covid vaccine. Italy says move precautionary no link between the vaccine and reported events, Spain continues use says no issues reported. The UK says reports of blood clots not greater than the number that would have occurred naturally in a vaccinated population. EMA says no specific issue. See more.
JNJ: EU medicines agency approves JNJ covid 19 vaccines. Dutch regulator says JNJ vaccine works against all known variants.
Eli Lilly: EU to begin rolling review of its antibodies treatment for covid 19.
Baidu: Launches Hong Kong listing on Friday
AMC results were obviously well down but slightly better than feared. Outlook positive on the conference call. Shares up 7% in pre-market. See more.
Roblox: kicked off trading yesterday on the NYSE. Shares are up 11% in pre market at $77.25. See more.
JD.com: revenue beats, shares up 5% in pre-market.
British American Tobacco: Buys 20% stake in Canadian cannabis producer Organigram.
Boeing and Southwest Airlines: close to agreeing a deal for 737 Max jets according to Reuters, citing sources.
Walt Disney: Reaches deal with NHL on a 7 year TV, streaming and media deal.
Oracle: beats EPS estimate, cloud revenue misses, increases dividend. Shares down 5% in pre-market.
Ups and Downs
NIO: Mizuho starts as a buy.
GE: Oppenheimer downgrades. RBC raises price target.
Costco: Wells Fargo upgrades.
Oracle: JP Morgan raises price target. SocGen downgrades.
Bumble: Jefferies raises price target.
Sources: Reuters, CNBC, Benzinga.
Economic Releases (see all)
-637510672597899160.png)
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds steady near 0.6250 ahead of RBA Minutes
The AUD/USD pair trades on a flat note around 0.6250 during the early Asian session on Monday. Traders brace for the Reserve Bank of Australia Minutes released on Monday for some insight into the interest rate outlook.
USD/JPY consolidates around 156.50 area; bullish bias remains
USD/JPY holds steady around the mid-156.00s at the start of a new week and for now, seems to have stalled a modest pullback from the 158.00 neighborhood, or over a five-month top touched on Friday. Doubts over when the BoJ could hike rates again and a positive risk tone undermine the safe-haven JPY.
Gold price bulls seem non-committed around $2,620 amid mixed cues
Gold price struggles to capitalize on last week's goodish bounce from a one-month low and oscillates in a range during the Asian session on Monday. Geopolitical risks and trade war fears support the safe-haven XAU/USD. Meanwhile, the Fed's hawkish shift acts as a tailwind for the elevated US bond yields and a bullish USD, capping the non-yielding yellow metal.
Week ahead: No festive cheer for the markets after hawkish Fed
US and Japanese data in focus as markets wind down for Christmas. Gold and stocks bruised by Fed, but can the US dollar extend its gains? Risk of volatility amid thin trading and Treasury auctions.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.