Futures Mixed Ahead Of Tech Earnings

U.S. equity futures traded sideways down ahead of a huge week in earnings. Fed’s rate hikes, inflation and growth concerns hurt sentiment.

Traders keep earnings in focus as the Federal Reserve’s impending rate hikes continue to hurt valuations. So far, the dual fear of rate hikes and slow growth weighs on stocks.

That is especially true for tech stocks, but perhaps not for the major players. Major tech companies are due to report earnings this week, which is something that traders will keep in focus.

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These include giants like Amazon, Google and Facebook. Their strong profits will likely shield them from a major market selloff. Smaller and more speculative companies will probably fare much worse.

Level Chg. Chg. %
DOW Futures 34,410.00 -167 -0.48%
S&P 500 Futures 4,406.50 -14.5 -0.33%
Nasdaq Futures 14,438.00 13.5 0.09%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury rose three basis points. The dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 97.18 -0.09 -0.09%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.782% 0.039 0.743%
U.S. 5 Year Treasury Note 1.646% 0.030 1.616%
U.S. 10 Year Treasury Note 1.804% 0.032 1.771%

 

Stocks To Watch

Citrix Systems dropped 3.7% in premarket trading, due to an update on the acquisition by Elliott and Vista. The two companies are near a deal to take the cloud-computing company private at $104 per share.

Shares of Tesla were up after rising 2.8% on Friday, as Credit Suisse raised its rating on the stock to “outperform.” The company is still far below its all-time high of $1,243.

Novavax was up in premarket trading, after surging 13.71% on Friday. Shares were up after Israel’s Health Ministry announced a purchase of its COVID-19 vaccine.

Netflix rose after the stock received a rating upgrade from Citigroup. The investment bank now considers the streaming giant’s stock a “buy.”

Meta (formerly Facebook) dropped slightly in premarket trading, ahead of its earnings report.

Commodities To Watch

Oil rose to $89 a barrel on geopolitical risk, supply shortage. Gold futures were slightly up, but still below $1,800. Last week, the precious metal had its worse performance since November, due to the perception of imminent rate hikes. 

Resource Price Chg. %
WTI Crude Oil $87.28 0.53%
Brent Crude Oil $89.08 0.63%
Natural Gas $4.89 5.41%
Gold $1,792.50 0.33%
Silver $22.61 1.39%
Copper $4.33 0.48%

 

Crypto

The global crypto market cap is $1.68T, a 2.76% decrease over the last day. Bitcoin’s dominance is currently 41.79%, an increase of 0.21% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $37,013.28 -2.36% 701.21b
Etherium ETH $2,533.09 -3.20% 301.46b
Binance coin BNB $371.40 -3.47% 55.21b
Solana SOL $90.82 -4.84% 28.62b
Cardano ADA $ 1.018 -3.75% 31.67b

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