Here’s what we observe as the markets kick in on Tuesday.
–U.S. equity futures have slipped as investors awaited testimony from Federal Reserve Chairman Jerome Powell to Congress on the health of the economy.
S&P 500 futures fell 0.5%. The benchmark stock gauge on Monday fell for a fifth straight day, its longest losing streak since last February. Contracts for the Nasdaq-100 fell 1.5%, suggesting tech stocks will continue to lead the market lower. Read our full market overview here.
What is coming
–Earnings de Toll Brothers and XP are due after market close.
—Fed Chairman Jerome Powell will testify before Congress at 10 a.m. ET, providing an overview of the economy and monetary policy. This is the start of a two-day testimony on Capitol Hill. Watch the livestream here.
—An American consumer confidence indicator for February is also expected to be released at 10 am by the Conference Board.
Markets to watch
– Tesla shares were down 5.4% in pre-market trading, and are expected to fall for the fourth consecutive trading session. It is currently below its S&P 500 entry price of $ 695.
– Palantir fell nearly 6%. The filings showed that one of its co-founders Stephen Cohen and two executives of the company jointly sold more than 2.7 million shares overnight.
—Share in online entertainment companies fell. Sports betting company DraftKings is down 3.5% and online bulletin board Pinterest is down 4.7%.
– Etsy is also down 4%. The online marketplace is expected to post revenue in two days.
—Shopify fell 8% after evaluating a public offering of 1.2 million shares. It is expected to raise $ 1.6 billion.
– Marathon Oil increased by 3.2%. He released his results on Monday evening, announcing a quarterly loss that was not as bad as analysts had expected.
—Macy’s rose 2% after the department store chain reported better-than-expected revenues and said its digital sales jumped more than 20%.
—Bitcoin fell more than 7%. It traded at around $ 48,350, up from nearly $ 57,000 at its peak on Monday, according to data from Coindesk. Cryptocurrency has largely been down since Sunday. Tesla CEO Elon Musk tweeted over the weekend: “Having said that, BTC and ETH seem really high lol.”
“Shares of companies that provide services for cryptocurrency and blockchain have also fallen. Riot Blockchain and Marathon Patent Group fell more than 15%. Online retailer Overstock.com shares,
which allows bitcoin payments, fell 8%. Silvergate Capital,
a La Jolla, Calif.-based bank that for several years served the crypto firms at the heart of its business, also saw its shares drop 8%. Square, a payments company that spent $ 50 million on bitcoin in the fall, fell 6%.
– The shares of tourism and hotel companies are increasing. Marriott International is up nearly 2%, MGM Resorts International is up 1.7%, Las Vegas Sands is up 2.2% and Wynn Resorts is up nearly 3% in pre-market commerce.
– Home Depot slipped nearly 3% after the company said it could not provide a forecast for the year 2021 given uncertainties related to the pandemic in its latest earnings report. It reported earnings and income that exceeded expectations and increased its dividend.
Made in the market
ICE Brent crude futures before the month for delivery in April rose more than 19% in February.
Chart of the day
The spread between the 2-year Treasury yield and a key interest rate set by the Federal Reserve is trading at historically low levels, a sign that many bond investors say indicates excess cash flowing through the system financial.
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