| What to watch today: Stocks to start new month higher after late-February selloff | | |  | MON, MAR 01, 2021 | | | | AS OF MON, MAR 01, 2021 • 08:21 ET | | Dow Jones Fut | | 30,932.37 | | Current: | 31,239.00 | | Change: | 327.00 | | Impl. Open: | 342.63 | | | S&P 500 Fut | | 3,811.15 | | Current: | 3,851.25 | | Change: | 42.00 | | Impl. Open: | 43.10 | | | NASDAQ 100 Fut | | 12,909.44 | | Current: | 13,067.75 | | Change: | 156.75 | | Impl. Open: | 162.31 | | | Russell 2000 Mini | | 2,201.05 | | Current: | 2,241.50 | | Change: | 42.30 | | Impl. Open: | 42.65 | | U.S. stock futures started the new month moving sharply higher Monday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq indicated to rise more than 1% each, trying to put a dent in the late February decline. While rapidly rising bond yields pressured stocks last week, the 10-year Treasury yield dropped Monday from a one-year high, trading around 1.43%. (CNBC)
The Dow lost 1.8% and the S&P 500 fell nearly 2.5% for the week. The Nasdaq took the brunt of the tech sell-off, with a weekly loss of 4.9%. February's strong start, however, was enough to carry the Dow, S&P 500 and Nasdaq higher by nearly 3.2%, 2.6% and almost 1%, respectively, for the month. (CNBC) | | | | On today's economic calendar, the Institute for Supply Management releases its manufacturing index for February at 10 a.m. ET. At the same time, the government issues its January report on construction spending. 3D Systems (DDD), Novavax (NVAX) and Zoom Video (ZM) are out with quarterly numbers after today's closing bell. (CNBC) | | | | Activist investor Jeff Ubben will join Exxon Mobil's board of directors, sources told CNBC's David Faber. Mike Angelakis, chairman and CEO of Atairos and former CFO of Comcast, is also joining the board, sources said. The moves come as Exxon has faced pressure from shareholders to reshuffle its board due to the company's languishing stock price. Exxon jumped 4% during premarket trading. | | AstraZeneca (AZN) sold its stake in Moderna (MRNA) for more than $1 billion, according to the London Times. The paper said the sale occurred after Moderna shares soared following approval of its Covid-19 vaccine, although the exact timing was unclear. (Reuters) | | | | Biden is planning a virtual meeting Monday with Mexican President Andres Manuel Lopez Obrador, a chance for the two leaders to talk more fully about immigration, confronting the coronavirus and how to cooperate on economic and national security issues. (AP) | | | | Warren Buffett, the 90-year-old "Oracle of Omaha," remains a firm believer in the U.S., saying in Saturday's release of his closely watched Berkshire Hathaway annual shareholder letter to "never bet against America." On the markets, Buffett said ultralow interest rates around the world diminished the appeal of bonds. (CNBC) | | | | Walmart (WMT) dropped its $35 minimum charge for its two-hour express delivery service. However, the $35 minimum will still apply for regularly delivery, curbside pickup and Walmart+ delivery services. Dow stock Walmart rose 1% in the premarket. (BusinessWire) | | Hilton Grand Vacations (HGV): The timeshare company posted a wider-than-expected loss for its latest quarter, while revenue was also below Wall Street forecasts. Hilton Grand Vacations said the pandemic has created a challenging environment but said 85% of its properties are now open and operating. Its shares fell 2.3% in premarket trading. | | | | NRG Energy (NRG): The energy provider reported better-than-expected profit and revenue for its latest quarter, and also said the financial impact of the extreme weather in Texas is expected to be within NRG's current guidance range. The company's shares jumped 5.5% in the premarket. | | | | Perrigo (PRGO): Perrigo shares initially jumped 4.1% in premarket action after the drugmaker announced a deal to sell its Generic Rx Pharmaceuticals business to private-equity firm Altaris Capital for $1.55 billion in cash and other considerations. The gains disappeared, however, after Perrigo reported lower-than-expected earnings for its latest quarter as sales fell. | | | | Twitter (TWTR): Twitter rose 1% in premarket trading after it announced its intention to sell $1.25 billion in convertible notes due in 2026, subject to market conditions. | | | | L3Harris Technologies (LHX): The defense contractor struck a deal to sell its military training division to Canadian aerospace company CAE (CAE) for $1.05 billion. The deal will enhance CAE's defense business. | | | | Twilio (TWLO): Twilio is in talks to invest up to $750 million in messaging company Syniverse Technologies, according to people familiar with the matter who spoke to The Wall Street Journal. They said that the expected investment by the cloud communications company would value Syniverse, currently owned by private-equity firm Carlyle Group (CG), at $2 billion to $3 billion. Twilio rose 2.3% in premarket action. | | | | Citigroup (C): Citigroup shares rose 2.1% in premarket trading as Jane Fraser takes over as Chief Executive Officer of the bank today, becoming the first woman to run a major U.S. bank. | | The biggest winners of last night's 78th Golden Globes were "Nomadland" for best drama and "Borat Subsequent Moviefilm" for best comedy or musical. On the TV side, "Schitt's Creek," "Queen's Gambit" and "The Crown" dominated across acting and best series categories. Netflix (NFLX) won 10 awards, the most of any studio. (CNBC) | | |
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