Stock market news live updates: Stock futures trade mixed after reaching record highs

Emily McCormick
·Reporter
·3 min read

Stock futures pointed to a mixed open Thursday morning following another record-setting session on Wall Street, after the Federal Reserve signaled it would retain its dovish monetary policy tilt as the economy emerges from the coronavirus pandemic.

Contracts on the S&P 500 fell by about 0.4%, while those on the Nasdaq dropped 1%. The Dow pointed to a slightly higher open, holding above 33,000. A day earlier, both the S&P 500 and Dow jumped to record closing highs. Treasury yields extended recent gains, and the benchmark 10-year yield added another nearly 10 basis points to a more than one-year high of 1.74%.

The quick moves higher in equities Wednesday afternoon came after the Federal Reserve telegraphed that rates would remain at their current near-zero levels through at least 2023, even as Federal Open Market Committee members upgraded their forecasts for economic growth and inflation over the next several years. Federal Reserve Chair Jerome Powell reiterated that the central bank would tolerate some overshooting of its inflation and employment targets as the economy makes strides in recovering, and would keep monetary policy loose until more data confirms the economy is back on track.

These comments helped to assuage a market that had grown increasingly nervous over a near-term tightening of monetary policy. Economic data has largely topped expectations, nearly $2 trillion in additional fiscal stimulus has been injected into the economy and the COVID-19 vaccine roll-out has accelerated in recent days, with more than 20% of the U.S. population receiving at least one dose to date. All of these factors have raised the specter that economic growth might overshoot even economists' recently raised targets and lead to a quick rise in inflation, warranting a faster pivot from central bankers.

But the Fed "left all of its policy levers on a maximally accommodative setting. This occurred even as it acknowledged both better incoming data and an improved growth outlook," JPMorgan economist Michael Feroli said in a note Wednesday. "Of note, while seven Committee participants now look for a hike by the end of ’23—up from five in December—that wasn’t enough to move the closely-watched median forecast, which still looks for unchanged policy rates for the next three years.

"With policy rates on hold for a long time, tapering will be the next important development for monetary policy, though the Committee and Chair Powell gave no indication of when that will happen or what the 'substantial further progress' criteria means in more detail," he added, referring to the Federal Reserve's crisis era, $120 billion per-month asset purchase program.

—

7:20 a.m. ET Thursday: Stock futures trade mixed, Nasdaq futures drop 

Here's where markets were trading as of 7:21 a.m. ET Thursday morning: 

  • S&P 500 futures (ES=F): 3,955.5, down 18.5 points or 0.47%

  • Dow futures (YM=F): 33,054.00, up 37 points or 0.11%

  • Nasdaq futures (NQ=F): 13,041.5, down 160 points or 1.21%

  • Crude (CL=F): +$0.02 (+0.03%) to $64.62 a barrel

  • Gold (GC=F): +$6.20 (+0.36%) to $1,733.30 per ounce

  • 10-year Treasury (^TNX): +9.7 bps to yield 1.737%

—

6:02 p.m. ET Wednesday: Stock futures roughly flat

Here were the main moves in markets as of 6:02 p.m. ET:

  • S&P 500 futures (ES=F): 3,977.5, up 3.5 points or 0.09%

  • Dow futures (YM=F): 33,048.00, up 31 points or 0.09%

  • Nasdaq futures (NQ=F): 13,214.00, up 12.5 points or 0.09%

NEW YORK, NEW YORK - MARCH 09: The New York Stock Exchange (NYSE) stands in lower Manhattan on March 09, 2021 in New York City. The Dow Jones Industrial Average rallied more than 300 points Tuesday as tech stocks surged and optimism over the recently passed Covid relief bill cheered investors. (Photo by Spencer Platt/Getty Images)
NEW YORK, NEW YORK - MARCH 09: The New York Stock Exchange (NYSE) stands in lower Manhattan on March 09, 2021 in New York City. The Dow Jones Industrial Average rallied more than 300 points Tuesday as tech stocks surged and optimism over the recently passed Covid relief bill cheered investors. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

Read more from Emily:

Recommended Stories

  • Jobless claims: Another 770,000 Americans filed new unemployment claims

    The Department of Labor released its weekly report on new jobless claims on Thursday

  • Google will spend $7 billion and add 10,000+ jobs in 2021: Alphabet CFO Ruth Porat

    The investment defies concerns over a potential tech pullback in 2021 as widespread vaccination allows Americans to spend more time outside their homes, and it positions Google as a major private sector contributor to the economic recovery from the COVID-19 downturn.

  • CFOs optimistic but expect fewer workers, less office space in 2021: Deloitte survey

    Chief financial officers are far more optimistic about 2021 than they were last quarter, according to a new survey by Deloitte, which revealed how certain work trends associated with the COVID-19 pandemic may persist.

  • Dow Jones Futures: Tech Futures Tumble As Treasury Yields Spike On Inflation Fears; Two Stocks Breaking Out

    Tech futures tumbled as Treasury yields jumped on inflation fears in a second-day Fed reaction. Williams-Sonoma and Upstart were earnings movers.

  • Stock market news live updates: Stocks reach records after Fed raises economic outlook, but suggests near-zero rates through 2023

    Stocks were mixed Wednesday morning as investors awaited a key monetary policy decision and updated economic outlook from the Federal Reserve

  • 2 “Strong Buy” Stocks From Oppenheimer’s Top Analysts

    Both the S&P 500 and the Dow Jones average have closed at record highs, and the NASDAQ has reversed the brief foray it took into correction territory in the second week of March. The market gains reflect several factors: relief that the $1.9 trillion COVID aid bill passed Congress and was signed by the President; a general optimism that the ongoing vaccination program will allow a normal economic environment sooner rather than later; and a growing sense that recent inflationary indicators will remain low-grade. In short, the sentiment among investors is generally positive, and looks to remain so, despite a rally by Treasury bonds that saw the 10-year note reach its highest yield in over a year and the 30-year note yield hit a year-to-date high. As Oppenheimer’s chief investment strategist John Stoltzfus points out in a recent macro note, “…government bond prices tend to suffer as economies exit a recession while equities tend to benefit from an improvement in economic growth…” Per Stoltzfus’s reminder, what we’re seeing should be expected: rising equities, falling bond prices – and rising bond yields. The Oppenheimer strategy chief goes on to outline his view of the right investment stance given current conditions, saying, “We continue to favor equities in the current transitionary environment…. We persist in favoring information technology and cyclicals over defensive sectors as well as exposure across large, mid and small capitalizations.” Keeping that in mind, we’re taking a look at two stocks recommended by some of Oppenheimer’s top analysts. These are analysts who stand tall among their peers, ranking the Top 25 out of more than 7,300 Wall Street pros covered by TipRanks, and their recommendations command respect. Running the tickers through TipRanks’ database, we learned that the stocks they’ve tagged as winners have earned a “Strong Buy” consensus rating from the rest of the Street. Let's take a closer look. ChargePoint Holdings (CHPT) The first stock we’ll look at, ChargePoint, operates the necessary infrastructure in the background of the electric car industry. EVs are the ‘in’ thing, and as adoption grows they will change the way that we view our motor transport. ChargePoint works to make that possible, and has a leading position as the largest EV charging station operator in North America, and with a growing position in Europe. The company went public this month in a SPAC transaction. The SPAC merger that took the company public saw ChargePoint start trading as CHPT on the NASDAQ on March 1. After the transaction, ChargePoint had $615 million in available cash, for use in paying down debt and funding business operations. Those business operations are extensive. ChargePoint boasts over 70% market share in the North American EV charging infrastructure segment, and more than 4,000 commercial and fleet customers. The company’s network includes over 132,000 charging stations in North America and Europe. Among the fans is Oppenheimer analyst Colin Rusch, ranked #4 overall in the TipRanks database. Rusch sees a bright future for CHPT and an opportunity for investors. “We view CHPT as the leading play on electric vehicle charging infrastructure... As a pioneer in electric vehicle charging, ChargePoint is building a highly defensible business by designing smart charging infrastructure… We believe this product design is crucial for enabling functionality driven through ChargePoint’s cloud-based platform," Rusch opined. The analyst added, "We believe that ranks CHPT among the largest EV charging networks globally and positions the company for accelerating growth given its technology leadership.” To this end, Rusch gives ChargePoint an Outperform (i.e. Buy) rating, along with a $39 price target that suggests a 62% one-year upside. (To watch Rusch’s track record, click here) This stock, new to the public markets, has already picked up three analyst reviews – and all are to Buy, making the Strong Buy consensus rating unanimous. CHPT shares are selling for $24.01, and their $42.67 average price target – even more bullish than Rusch allows – implies a robust upside of ~78%. (See CHPT stock analysis on TipRanks) Purple Innovation, Inc. (PRPL) EVs are not the only realm where high tech innovation can impact consumers’ daily lives. Purple, a company founded in 2015, offers a new technological twist on products that we are all intimately familiar with: mattresses, seat cushions, and pillows. The company uses a ‘hyper-elastic polymer’ technology to create soft, heat-dissipating mattresses and cushions. All of Purple’s products are made in the USA, and the product line includes, in addition to mattresses and cushions, bedding, pajamas, and even pet beds. Through Q3 of 2020, Purple saw a strong, multi-year run of growth. The stock more than tripled in value (248% growth) over than time period, while sales revenue has showed consistent growth for over two years. That hit a snag in 4Q20, when the company missed expectations on revenues and earnings. The top line in that quarter, at $173.89 million, was down 7% sequentially (although up 39% year-over-year), while EPS, at 7 cents, was below the forecast of 11 cents. On the positive side, the company’s full-year revenue for 2020, $648.5 million, was up 51% from 2019 – and was a company record. Purple finished 2020 with an annual EPS of 78 cents, up from 16 cents in the prior year, and grew its cash holdings by $89.5 million. Still, the stock lost 33% when the Q4 report was released, and has not yet regained that ground. Oppenheimer’s Brian Nagel, however, is not put off by this recent downturn in the stock. The 5-star analyst, rated #2 overall on TipRanks, describes Purple “as a disruptor within the market for premium mattresses and bedding products and one of the most exciting growth stories in consumer, broadly.” Turning to the company’s prospects, Nagel says, “…while over the past several quarters, market share figures for the company have improved significantly, PRPL still controls just 3% of the overall mattress sector and only 6% of the market for premium mattresses. This suggests still meaningful sales expansion opportunities going forward.” Nagel gives PRPL shares an Outperform (i.e. Buy) rating, along with a $45 price target that indicates confidence in a 42% upside for the next 12 months. (To watch Nagel’s track record, click here) Purple mattresses maybe comfortable, but Wall Street’s analysts are not sleeping on this stock. They’ve given it a unanimous 9 recent Buy reviews, for a Strong Buy consensus rating. The shares have an average price target of $36.78, which suggests a 16% one-year upside from the trading price of $31.67. (See PRPL stock analysis on TipRanks) To find good ideas for stocks recommended by top-performing analysts, visit TipRanks’ Analysts' Top Stocks. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • 3 Biotech Stocks That Could Double In 12 Months

    Biotech stocks are risky investment bets that can swing an investor's fortunes in a big way. An investment decision backed by careful scrutiny and analysis — of a company's pipeline, collaborations, fundamentals, key make-or-break events and cash runway — can fetch disproportionate returns. Here are three biopharma stocks that have the potential to more than double from current levels: Immatics (NASDAQ: IMTX) FibroGen, Inc. (NASDAQ: FGEN) Replimune Group, Inc. (NASDAQ: REPL) Immatics: Immatics is a clinical-stage biopharma engaged in the discovery and development of T cell directing cancer immunotherapies. The shares of the German biotech were listed on the Nasdaq in July 2020 following its business combination with Arya Sciences Acquisition Corp, a SPAC sponsored by Perceptive Advisors. The Pipeline: The company's T cell receptor (TCR)-based immunotherapies offer a targeted therapy to patients with high medical need. It has two lead product classes, namely engineered Adoptive Cell Therapies, or ACTengine, and antibody-like TCR Bispecifics, or TCER. See also: Best Biotech Stocks Right Now ACTengine is based on genetically engineering patients own T cells — a type of blood cells that are key to the immune system — with a TCR to recognize the cancer target. This would program the T cells to attack the tumor. These engineered T cells are then multiplied in labs and reinfused into the patients to treat the tumor. The product candidates belonging to the class ACT are IMA201, IMA 202 and IMA203, which are in Phase 1 trials, as well as IMA204, which is in preclinical development. IMA301 is preclinical stage ACT allo product candidate. IMA401 and IMA402 are two preclinical TCR bispecifics candidates. The company has a string of partnerships with large biopharma companies such as Amgen Inc. (NASDAQ: AMGN), Bristol-Myers Squibb Company (NYSE: BMY) and GlaxoSmithKline plc (NYSE: GSK). "Overall, we view TCR approaches as potentially transformational for the solid tumor therapeutic space, with the ability to target a wide range of antigens not accessible by CAR-T or classical antibody approaches," SVB Leerink analyst Jonathan Chang said in a note. Although competition is steadily increasing, Immatics' comprehensive TCR-based immunotherapy approach will expand the potential utilization of TCRs across a broad range of tumor types and stages, the analyst said. Cash and cash equivalents as well as other financial assets stood at $303.6 million as of Sept, 30, 2020, providing cash runway into 2023. Upcoming Catalysts: Combined initial data readout from its ACTengine product candidates, IMA201 and IMA 202, in solid tumors and IMA203 in hematologic malignancies and solid cancers in the first quarter. Investigational new drug application filing for IMA204 in solid cancers in 2021. IND filing for IMA301 in hematological and solid cancers in 2022. IND filing for IMA-401 in solid cancers by year end 2022. FibroGen: FibroGen focuses on advancing treatment options for anemia, fibrotic disease and cancer, leveraging its expertise in fibrosis and hypoxia-inducible factor biology. HIF is a protein complex that plays a key role in the body's response to low oxygen concentrations and inflammation. The Pipeline: FibroGen's anemia drug roxadustat is being developed along with AstraZeneca PLC (NASDAQ: AZN). It is approved in China and Japan for chronic kidney disease-induced anemia, and awaits clearance in the U.S. and Europe for the same indication. It is also being evaluated for anemia in myelodysplastic syndrome patients and chemotherapy-induced anemia. FibroGen's fibrotic portfolio consists of pamrevlumab, which is being evaluated for multiple indications such as pancreatic cancer, Duchenne muscular atrophy, idiopathic pulmonary fibrosis and COVID-19. The company's announcement March 1 regarding the FDA's decision to hold an Adcom meeting ahead of the roxadustat PDUFA date of March 20 led to a sell-off in shares. The stock has pulled back over 30% since the start of March. "At this reduced share price we believe that the market is still undervaluing FibroGen's anti-CTGF antibody pamrevlumab, which is in phase 3 studies for three large indications, as well as roxadustat in China and Japan," SVB Leerink analyst Geoffrey Porges said in a note. Even in the bear-case scenario of no approval for roxadustat in the U.S. and EU, FibroGen shares are worth $52/share, according to the analyst. This, the analyst said, is an unlikely scenario. Approval for the drug in both dialysis-dependent and non-dialysis-dependent patients could push the stock value up to $85, he said. The company recently initiated a Phase 3 study of pamrevlumab in combination with systemic corticosteroids in patients with ambulatory Duchenne muscular dystrophy. FibroGen expects to end 2021 with cash in the range of $660 to $670 million. Upcoming Catalysts: Phase 2 data for roxadustat in chemotherapy-induced anemia in the second-half of 2021. Data from the Phase 3 study of roxadustat in anemia of myelodysplastic syndromes in the first half of 2022. Resection data from the Phase 3 study of pamrevlumab in locally advanced pancreatic cancer in the second half of 2022. Data from the Phase 3 study of pamrevlumab in DMD in the second half of 2022. Related Link: Attention Biotech Investors: Mark Your Calendar For March PDUFA Dates Replimune: Replimune is a pursuing a novel approach in taking on cancer with its oncolytic immunotherapy. It uses viruses that have been modified to selectively replicate in tumor cells and kill them. In a two-pronged strategy, oncolytic viruses kill tumors at the site of injection and also activate immune system to kill cancer cells anywhere in the body. The company's lead candidate RP1 is being evaluated as a monotherapy as well as in combination with anti-PD1 antibodies such as Bristol-Myers Squibb's Opdivo and the Sanofi (NASDAQ: SNY)-Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) combo's Libtayo for multiple cancer types such as melanoma, non-melanoma skin cancer, micro instability-high cancers, non-small cell lung cancer, or NSCLC, and cutaneous squamous cell carcinoma, or CSCC. RP2 and RP2 are being studied as monotherapy option and in combination with anti-PD1 antibodies against solid tumors. "While the oncolytic virus landscape is competitive, we believe REPL has a lower risk profile given similarities between REPL's approach and the clinically validated T-Vec approach and the fact that REPL is being led by the same team that developed T-Vec," SVB Leerink analyst Chang said. The cash balance of $493.3 million as of Dec. 31, the company said, will fund its operating expenses and capital expenditure requirements into the second half of 2024. Upcoming Catalysts: Initial data for RP1 in new indications such as anti-PD1 failed NSCLC, anti-PD1 failed CSCC and CSCC solid organ transplant recipient patients due in 2021. Updates across all RP1 programs anticipated in 2021. Initial Phase 1 data for RP2 in combination with Opdivo due in 2021. Initial single-agent data for RP3 in 2021. Screening Criteria Used: Market cap of over $300 million. Average trading volume of over 100,000. Cash runway of two-plus years. Sell-side rating of Buy or above. Key upcoming catalysts. See more from BenzingaClick here for options trades from BenzingaWeek Ahead In Biotech (March 14-20): Update On Fibrogen-AstraZeneca's Anemia Drug, Earnings and Presentations© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • U.S. stock futures point to renewed pressure on tech as bond yields jump

    U.S. stock-index futures trade mixed Thursday, with the Nasdaq-100 contract under pressure as a jump in Treasury yields following the previous day's Federal Reserve policy meeting appeared set to fuel another round of rotation into more cyclically sensitive sectors.

  • Stock market news live updates: Stocks mixed after Dow and S&P 500 set records, retail sales miss estimates

    Traders digested a weaker than expected report on U.S. retail sales and looked ahead to a Federal Reserve policy meeting later this week.

  • Warren Buffett says do this with your $1,400 stimulus check

    The billionaire isn't getting a payment, but he has a strong opinion on how to use yours.

  • 'A very well-kept secret': Women doctors detail widespread sexism in medicine

    Yahoo Finance spoke to several women in the medical field about their experiences with gender discrimination and the culture in medicine.

  • Goldman Sachs is investing $10 billion in 'the best bet you can make in America'

    Goldman Sachs recently committed $10 billion in direct investment capital to advance economic opportunity in the U.S.

  • Tech Stocks Are Getting Crushed Again Because Yields Won’t Stop Rising

    Americans get an extra month to file their 2020 taxes, Fed paints brighter economic outlook, demand for gasoline may never reach pre-pandemic highs, and other news to start your day.

  • Will lockdown spending habits will continue post COVID?

    Lockdown has seen people buy their groceries from the comfort of their own home and replace a night at the theater with Netflix on the couch - and that's likely to continue post pandemic, according to a new report released Thursday (March 18) by McKinsey.The analysis is based on surveys of consumers in China, France, Germany, the UK, and the United States.Online grocery shopping was one big winner, with its share of total grocery spend doubling in some countries over the past year, rising to around 10% in the United States.McKinsey also found that older shoppers, once hesitant to use e-grocery shopping, were forced to do so out of necessity – and are likely to keep the habit after the pandemic.It's a similar story for at-home entertainment services, with more than 60% of consumers across the five countries saying they intended to maintain some subscriptions they started during lockdown.That could signal a longer term drop in demand for cinemas and theaters.Over one in five consumers surveyed said leisure travel was one of the top activities they were excited about restarting post-pandemic - but whether routes and prices they were used to will still be available is an unknown.McKinsey expects business travel to drop by 20% after the pandemic, pressuring airlines which previously subsidized leisure seats with profits from business class.While leisure travel demand will not drop, airlines may be forced to offer fewer direct routes, and bump up prices to recoup the shortfall from business.

  • Russia recalled its ambassador to the US, a major snub, after Biden said he believed Putin is a 'killer'

    Biden this week agreed when asked during an ABC News interview whether Putin is a "killer," prompting a furious reaction from Moscow.

  • U.S. Defense Secretary visits Seoul's national cemetery

    Austin and U.S. Secretary of State Antony Blinken are traveling in Asia this week for foreign policy and security talks with allies in Japan and South Korea, in a first overseas trip by top level members of President Joe Biden's administration.After his arrival on Wednesday (March 17), Austin and Suh discussed the security situation on the Korean Peninsula and regional cooperation, Seoul's defense ministry said.Earlier on Thursday, Austin and Blinken held a meeting with South Korean counterparts and issued a joint statement, vowing to work together on regional issues including climate change, the coronavirus pandemic, trade and North Korea.

  • New Jersey district pays $325K in Trump yearbook censorship

    A New Jersey school district is paying $325,000 to a former New Jersey teacher who claimed she was forced to digitally edit a Donald Trump T-shirt worn by a student in a yearbook photo. The Wall Township school board approved the settlement agreement with Susan Parsons on Tuesday, NJ Advance Media reported. The money will be paid by the district's insurance carrier.

  • China slams US plan to expel phone carriers in tech clash

    China’s government on Thursday called on Washington to drop efforts to expel three state-owned Chinese phone companies from the United States in a new clash over technology and security. The Federal Communications Commission voted Wednesday to begin revoking the companies' U.S. licenses. The United States should “stop the wrong practice of generalizing the concept of national security and politicizing economic issues” and “stop abusing state power to unreasonably suppress Chinese enterprises,” said a ministry spokesman, Zhao Lijian.

  • China accuses outspoken scholar on Xinjiang of fabrication

    China on Thursday accused a scholar and outspoken critic of its policies toward Muslim minorities of fabricating charges that have helped bring sanctions against Chinese officials and companies operating in the Xinjiang region. The ruling Communist Party’s deputy head of propaganda, Xu Guixiang, made the accusations against Adrian Zenz in the latest of a series of news conferences aimed at deflecting criticism over China’s detention of more than 1 million Uyghurs and other Muslims in reeducation camps. Zenz has also used government documents to detail the mistreatment of Muslim women in such facilities and the coercive use of birth control that has radically cut the birthrate among such groups.

  • Democrats will have only themselves to blame if they let Republicans make voting harder

    Ensuring people can vote and guarding against voter discrimination are necessities, not just priorities. And Democrats have the power to get them done.