Here’s what we’re watching before Friday’s trading action gets underway.
—U.S. stock futures pulled back, led lower by the technology sector, signaling that the major indexes will retreat a day after notching fresh records.
Nasdaq-100 futures dropped 1.5%. Futures tied to the S&P 500 fell 0.5% and contracts linked to the Dow Jones Industrial Average were broadly flat.
What’s Coming Up
—The U.S. producer-price index for February, due at 8:30 a.m. ET, is expected to increase 0.5% from the prior month.
—The University of Michigan’s preliminary consumer sentiment index for March, due at 10 a.m., is expected to rise to 78.9 from 76.8 at the end of February.
Market Movers to Watch
shares shot 20% higher ahead of the bell after the biotech drug maker said after Thursday’s close that studies show its Covid-19 vaccine is highly effective.
—Major banks are on the rise.
were all up 1.5% premarket, another sign of an investor shift from growth to value.
sank 9.8% premarket after it announced a leadership change and set revenue guidance lighter than what analysts were expecting.
dropped 5% premarket. The electronic-signature company topped revenue and earnings expectations for its latest quarter while delivering a better-than-expected outlook. But it has also already been a big winner of the pandemic, with its stock up 200% over the past year.
was up more than 10% premarket. The resorts operator’s earnings report beat forecasts, and it said it has experienced some progress during the ski season in the U.S. and Canada.
The Nasdaq Composite is now just 4.9% from its Feb. 12 record high, after sliding into correction territory—a fall of at least 10% from a recent high—on Monday.
Chart of the Day
As the rollout of Covid-19 vaccines quickens and the economy bounces back from last year’s shutdowns, portfolio managers are snapping up shares of cyclical companies.
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