U.S. equity futures dropped Friday on concerns about a fourth wave of the coronavirus pandemic in Europe.
Austria has imposed a national lockdown, and Germany’s Chancellor Angela Merkel called the situation in the country “dramatic.”
At the same time, the political battle over Biden’s social spending bill is adding to uncertainty in the U.S.
Republican lawmaker Kevin McCarthy delayed the House vote on the bill that could add some $367 billion to the deficit. The filibuster delayed Joe Biden’s $1.75 trillion bill, for now.
Still, the tech-heavy Nasdax index was up in premarket trading, as lockdowns are considered bullish for tech stocks.
|S&P 500 Futures||4,705.25||-9.75||-0.21%|
U.S. Dollar and Treasuries
The yield on the 10-year Treasury fell 7 basis points. The dollar strengthened as investors were looking for a safe haven.
|U.S. Dollar Index (DXY):||96.01||+0.47||+0.49%|
|U.S. 1 Year Treasury Bill||0.150%||-0.008||0.157%|
|U.S. 5 Year Treasury Note||1.154%||-0.070||1.225%|
|U.S. 10 Year Treasury Note||1.524%||-0.084||1.608%|
Stocks To Watch
Wholesale mortgage lender UWM Holdings Corporation announced a share buyback program that would increase the company’s float by approximately 50%.
Shares of Carnival Corporation dropped after the cruize company refinanced a $2.3 billion debt that was due in 2023. The company announced selling a $1.5 billion “junk bond” at a high yield of about 6%, as business begins to restart.
Shares of oil companies, including Occidental Petroleum dropped with lower oil prices.
|Symbol||Company Name||Price||Chg. %||Volume|
|UWMC||UWM Holdings Corp.||$6.52||18.12%||1.43M|
|OXY||Occidental Petroleum Corp.||$29.37||-4.14%||197.33K|
Commodities To Watch
|WTI Crude Oil||$75.87||-3.24%|
|Brent Crude Oil||$78.47||-3.41%|
Bitcoin fell below $60,000, taking other cryptos with it. Most of the major cryptos were in the red.
|Currency||Symbol||Price||Chg. %||Market Cap.|