What to look at at the moment: Inventory futures combined after Dow, S&P 500 closed at report highs once more

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BY THE NUMBERS

U.S. stock futures had been combined Tuesday, with the Dow and S&P 500 little modified after they both closed again at record highs to start out the week. Nasdaq futures rose Tuesday, including to Monday’s 1.1% achieve, which moved the tech-heavy index to only 4.5% away from final month’s report excessive shut. (CNBC)

Shares had been in a position to shake off the 10-year Treasury yield holding around 1.6% on Monday and Tuesday, after hitting a greater than one-year excessive of 1.642% on Friday. Quickly rising bond yields have just lately been a drag on progress shares as larger rates of interest erode the worth of future earnings and compress market valuations. (CNBC)

The Federal Reserve, which begins its two-day March meeting Tuesday, can be watching bond yields and the most recent studying on retail gross sales. The Commerce Division mentioned before-the-bell that February retail gross sales fell 3%, a surprisingly weak quantity. Estimates had referred to as for a 0.4% enhance. Nonetheless, January’s studying was revised larger to a powerful 7.6%, getting a bump from the December Covid bundle. (CNBC)

* Why this week’s Fed meeting could be ‘March madness’ for markets (CNBC)

Economists anticipate February industrial production figures, launched at 9:15 a.m. ET, to point out a 0.3% enhance following January’s 0.9% rise, with manufacturing facility capability utilization unchanged at 75.6%. At 10 a.m. ET, the Nationwide Affiliation of House Builders releases its month-to-month housing market index and the federal government will challenge January enterprise inventories. (CNBC)

IN THE NEWS TODAY

Moderna (MRNA) has began testing its Covid vaccine in youngsters ranging in age from 6 months to less than 12 years old. The mid-to-late stage examine intends to enroll about 6,750 youngsters within the U.S. and Canada. In a separate examine, which started in December, Moderna can be testing its vaccine in adolescents between 12 and 18 years previous. The 2-shot vaccine has already been licensed for emergency use in U.S. adults. (Reuters)

Sweden and Latvia on Tuesday joined a fast-growing list of European nations suspending use of AstraZeneca‘s Covid vaccine as well being regulators proceed with a brand new evaluate into its unwanted effects after experiences of blood clots. Germany, France, Italy and Spain on Monday mentioned they might all cease administering it. Nonetheless, the WHO and Europe’s drug regulator have really helpful that international locations proceed to make use of AstraZeneca’s two-shot routine. (CNBC)

The FAA mentioned it could proceed to crack down on unruly passengers, extending the zero-tolerance policy it carried out in January. Airways have reported greater than 500 instances since late December, in response to the company. (CNBC)

* Schools weighing whether to seat students closer together (AP)

President Joe Biden is joining top messengers already crisscrossing the nation to focus on the advantages of his huge Covid rescue plan. Biden promotes help for small companies in suburban Philadelphia at the moment. “Hope is right here in actual and tangible methods,” Biden mentioned Monday on the White Home. (AP)

* Senate Democrats say stimulus plan makes it easier for Biden to cancel student debt (CNBC)
* Democratic-controlled U.S. House to vote on citizenship path for ‘Dreamers’ (Reuters)

OxyContin maker Purdue Pharma is proposing a $10 billion plan to emerge from chapter safety. These efforts would come with a big enhance, greater than $4 billion, from members of the Sackler household who personal the Connecticut-based firm. Sophisticated litigation is enjoying out in courts throughout the nation in efforts to carry the pharmaceutical business accountable for the nation’s opioid disaster. (AP)

The Nationwide Freeway Site visitors Security Administration is investigating what it calls a “violent” crash involving a Tesla sedan and a tractor trailer final week in Detroit. Authorities haven’t but mentioned whether or not the electrical automotive maker’s Autopilot, Full Self-Driving or FSD beta could have contributed to the accident. (CNBC)

Dick’s Sporting Goods (DKS) is getting into a hotly contested market for males’s athletic attire with the launch of its personal model referred to as VRST, which debuts on-line at the moment and in shops within the coming weeks. VRST is extra much like Lululemon (LULU) than the sweat-wicking efficiency gear bought by Under Armour (UAA) and Nik (NKE). (CNBC)

* Walmart taps ‘Project Runway’ judge to elevate its fashion labels (CNBC)

STOCKS TO WATCH

Starbucks (SBUX): The espresso chain’s inventory rose 1.6% within the premarket after BTIG upgraded it to “purchase” from “impartial.” BTIG mentioned a restoration by Starbucks is gaining steam and that stimulus checks might present an extra enhance.

Designer Brands (DBI): The footwear and equipment retailer previously often called DSW reported a quarterly lack of 53 cents per share, smaller than the 68 cents a share loss that analysts had been anticipating. Income was under consensus, though comparable-store gross sales fell barely lower than anticipated. The corporate mentioned the sequential enchancment in efficiency continued in the course of the quarter.

Fintech Acquisition (FTCV): The particular objective acquisition firm will mix with buying and selling platform eToro and take the Robinhood rival public. The mix may have an estimated worth of $10.4 billion. Shares of Fintech Acquisition surged 14.7% in premarket buying and selling.

DraftKings (DKNG): Shares of the sports activities betting firm rose 1.2% in premarket motion after it priced an upsized debt providing of $1.1 billion in convertible senior notes. DraftKings had initially deliberate a $1 billion providing.

Walgreens (WBA): Walgreens was sued by the Arkansas legal professional normal, who accused the pharmacy and pharmacy operator of serving to gasoline the opioid disaster within the state. Walgreens mentioned well being and security have all the time been the first focus of its pharmacists and that it could defend itself vigorously towards the go well with.

Nikola (NKLA): Nikola fell 2.9% in premarket buying and selling after it filed to lift $100 million by way of a secondary inventory providing. The electrical car maker mentioned it intends to make use of the proceeds for normal company functions.

AbbVie (ABBV): The drugmaker is in talks to promote a portfolio of ladies’s medicine price roughly $5 billion, in response to sources aware of the matter who spoke to Reuters. The remedies had been acquired final yr by way of AbbVie’s $63 billion buy of Allergan.

News Corp (NWSA): The media firm signed a content material provide take care of Facebook (FB) in Australia, resolving a dispute that had seen Fb withhold all media content material in Australia for per week in February. Information Corp shares jumped 1.9% within the premarket.

Alibaba (BABA): The e-commerce large is being pressured by the Chinese language authorities to eliminate its media belongings, in response to folks aware of the matter who spoke to The Wall Road Journal. The federal government is claimed to be involved with Alibaba’s sway over public opinion. Shares fell 1% in premarket buying and selling.

Ulta Beauty (ULTA): The cosmetics retailer’s inventory fell 1% premarket after Guggenheim downgraded it to “impartial” from “purchase.” Guggenheim cites revenue margin uncertainty amid rising aggressive strain on digital platforms.

Avis Budget (CAR): The automotive rental firm’s inventory was downgraded to “equal-weight” from “obese” at Morgan Stanley. The agency notes a greater than 90% enhance within the inventory year-to-date, which it mentioned costs within the enhancements in Avis Funds’s earnings efficiency. Shares had been down 1.2% in premarket buying and selling.

WATERCOOLER

Proper now, there is a $1 million Mega Tens of millions prize whose winner should come ahead by tomorrow or the successful ticket, bought in Rhode Island a yr in the past, will expire. The quantity is a second-tier prize for matching 5 out of the six numbers drawn on St. Patrick’s Day 2020. Consider or not, even greater prizes have gone unclaimed. (CNBC)