That’s what we’re seeing before Friday’s trading action begins.
–US equities futures were mixed, with technology stocks ready for losses and the Dow Jones Industrial Average on track to set a new record.
Nasdaq-100 futures fell 1.6%. Futures linked to the S&P 500 fell 0.4% and contracts linked to the Dow Jones Industrial Average rose 0.2%.
What’s going on?
–Preliminary University of Michigan Consumer Sentiment Index for March, scheduled for 10 a.m., it is expected to increase to 78.9, from 76.8 at the end of February.
Market Movers to Watch
– Novavax NVAX 10.55%
shares shot up 17% more ahead of the bell after the biotech drug maker declared after the close on Thursday that studies show its Covid-19 vaccine is highly effective.
—Large banks are increasing. Citigroup,
C 1.23%
JPMorgan Chase,
JPM 1.42%
Bank of America BAC 1.44%
and Wells Fargo WFC 1.53%
all rose more than 1% before the market, another sign of a change in investors from growth to value.
– Ulta Beauty ULTA -11.58%
it sank 9.6% ahead of the market after announcing a change in leadership and set a lighter-than-expected revenue orientation.
An Ulta beauty shop on the magnificent mile of Chicago on November 19, 2020.
Photo:
Charles Rex Arbogast / Associated Press
– DocuSign DOCU -5.37%
fell 3.2% before the market. The electronic signature company exceeded last quarter’s revenue and profit expectations, although it offered a better-than-expected outlook. But it has also been a big winner of the pandemic, with its shares up 200% over the past year.
– Vail Resorts MTN 7.83%
rose 7% before the market. The resort operator’s earnings report exceeded forecasts and said it has experienced some progress during the ski season in the United States and Canada.
Market fact
The Nasdaq Composite is now only 4.9% off the record high on February 12, after sliding into correction territory (a drop of at least 10% from the recent high) on Monday.
Table of the day
As the deployment of Covid-19 vaccines accelerates and the economy withdraws from last year’s shutdowns, portfolio managers are recovering shares of cyclical companies.
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