Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Futures Mixed; February CPI Data Eyed

Stock MarketsMar 10, 2021 07:02AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Peter Nurse   

Investing.com - U.S. stocks are seen opening mixed Wednesday, with tech stocks struggling to hold on Tuesday’s strong gains ahead of key inflation data.

At 7:05 AM ET (1205 GMT), the Dow Futures contract was up 70 points, or 0.2%, S&P 500 Futures traded 2 points, or 0.1%, lower, and Nasdaq 100 Futures dropped 35 points, or 0.3%.

The Nasdaq Composite closed sharply higher Tuesday, up 3.7%, with large tech stocks back in favor following a correction of over 10% in the last three weeks in the wake of a jump in Treasury yields. The Dow Jones Industrial Average ended only 0.1% higher, while the S&P 500 rose 1.4%.

However, investors remain on edge amid uncertainty over whether this reprieve in growth stocks has staying power, or is merely a relief rally that will soon peter out.

Key to which direction these stocks move is likely to be fluctuations in U.S. Treasury yields. The benchmark 10-year yield traded around 1.56%, below Friday’s 1.62% peak, after Tuesday's auction of $58 billion in U.S. 3-year notes was well received.

There are further government debt auctions this week, including a mammoth $38 billion sale of 10-year notes at 1 PM ET. In addition, Wednesday will see the release of consumer price data for February, at 08:35 AM ET (1330 GMT), which is expected to show a slight acceleration in the overall inflation.

Some investors see a real risk of an overheated U.S. economy and higher inflation, particularly on the back of the Biden’s administration proposed $1.9 trillion stimulus plan, which could be passed by the House of Representatives later Wednesday.

In the corporate sector, attention is likely to be on Tesla (NASDAQ:TSLA) after the electric car manufacturer jumped 20% on Tuesday, while GameStop (NYSE:GME) continues to be in demand as activist investor Ryan Cohen shakes up its online operations. 

Also in the spotlight will be General Electric (NYSE:GE) after the conglomerate announced a deal to combine its jet-leasing business with rival AerCap in a deal valued at $30 billion. 

Oil prices edged higher Wednesday, ahead of the release of official crude inventories from the Energy Information Administration later in the session.

U.S. oil stocks rose by 12.8 million barrels in the week to March 5, according to data from the American Petroleum Institute, released Tuesday.

U.S. crude futures traded 0.4% higher at $64.28 a barrel, while the international benchmark Brent contract rose 0.2% to $67.78.  

Elsewhere, gold futures fell 0.5% to $1,709.30/oz, while EUR/USD traded 0.1% lower at 1.1888.

 

U.S. Futures Mixed; February CPI Data Eyed
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Todd Gray
Todd Gray Mar 10, 2021 8:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think they've got Mr. Wizard at the helm of the NDX future's. Look at a daily chart. Thor's inverted hammer.
Mitchel Pioneer
Mitchel Pioneer Mar 10, 2021 7:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
With the predictability of the rising sun, the pre-market fraud commences.
Rob DeMass
Rob DeMass Mar 10, 2021 7:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pete, can you explain what outcomes of the 10 year auction would help/hurt the market? Is massive buying of 10 years today going to be good or bad for the market, and which which outcome points to higher inflation and lower future stock valuations. Loaded question, but these are the answers the little people need ;)
Deborah Sbeghen
Deborah Sbeghen Mar 10, 2021 7:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
usually, when they buy the 10 year, they are looking for hedge of their overvalued, full of unprofitable little IPO garbage portfolios. when the usd rises in synth with the TY 10year that is hedge. the indices may still rally but certainly not as clean. these are times of strong volatility, confusion and mkt manipulation
Rob DeMass
Rob DeMass Mar 10, 2021 7:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Any inflation implications that would results from the bond sale? Buying to me would indicate a hedge, but doesn’t that also remove money from the market and give it back to the fed?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email