Stock futures poised to rally after Blue Chips earnings
The 10-year Treasury yield continues to rise, even though
Yesterday’s charges brutal beating, equity futures point to a cautious rally this morning. Futures contracts on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all up, even as the 10-year Treasury yield climbed to 1.9% earlier. Investors unveil the latest corporate reports, including encouraging revenue and bottom line figures from blue chip company Procter & Gamble (PG).
Keep reading to learn more about the current market, including:
- Schaeffer’s senior vice president of research, Todd Salamone, addresses the hot topic of 2022: Treasury yields.
- Buy the dip on this REIT.
- In addition, Morgan Stanley breaks the profit record; Sony stock dragged down by deal with Microsoft; and another blue-chip in sight after earnings.
5 things you need to know today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million buy contracts traded on Tuesday and 785,836 sell contracts. The single-session sell/buy ratio fell to 0.52 and the 21-day moving average rose to 0.50.
- Morgan Stanley (NYSE:MS) the stock is up 0.9% in e-commerce, after the banking giant’s fourth-quarter earnings beat analysts’ expectations. Revenue was in line with estimates thanks to advisory fees related to M&A transactions. MS is up 25% year over year to date.
Sony Corp. (NYSE:SONY) The stock is down 3.9% before today’s bell, which should add to yesterday’s 7.2% decline. The negative price action is in response to Microsoft’s (MSFT) surprise decision to buy Activision Blizzard (ATVI) yesterday morning. SONY is already down 14% in 2022.
- The actions of UnitedHealth Group Inc (NYSE: UNH) are in focus this morning, after the blue-chip company reported fourth-quarter earnings and revenue that beat Wall Street estimates. In response, Oppenheimer raised his price target to $550 from $475. UnitedHealth Stock increased by 31% in the last 12 months.
Building permit and housing starts updates are on deck, along with the Philadelphia Fed manufacturing survey.
Asian markets fall after US selloff
Asian markets fell on Wednesday, reflecting the selloff on Wall Street. Soaring oil prices to nearly eight-year highs also weighed on sentiment, after Yemen’s Houthi rebels said they were responsible for this week’s attack in Abu Dhabi. Japan’s Nikkei lagged with a 2.8% decline, weighed down by Sony’s nearly 13% drop after Microsoft (MSFT) announced it would acquire Activision Blizzard (ATVI). Elsewhere, South Korea’s Kospi lost 0.8% and China’s Shanghai Composite was down 0.3%. The Hong Kong Hang Seng settled slightly above balance with a gain of 0.06%.
European markets, on the other hand, are higher as investors ignore rising US bond yields. They’re also digesting new inflation data out of the UK, with rates hitting a 30-year high in December as energy costs and supply chain issues pushed prices higher. . Corporate earnings are also in focus, as reports from Burberry and WH Smith arrive. At last check, the French CAC 40 is up 0.7%, while the German DAX and the London FTSE 100 are up 0.5%.