Dow Jones Industrial Average (DJI) futures signal more than 600 points higher in today’s trade as Wall Street unzips former Vice President Joe Biden’s big wins on Super Tuesday, ahead of Senator Bernie Sanders in the count delegates for the Democratic primaries. The healthcare sector – especially UnitedHealth (UNH) – is targeting big pre-market victories. Meanwhile, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also looking at noticeable upward openings.
Read on to learn more about the current market, including:
- Why Forty-seven actions attracted so much attention.
- A rediving eep in last week’s historic trading volume, from CEO and founder Bernie Schaeffer.
- In addition, The Home Depot receives a bullish note; Stock ZGNX inches higher; and Nordstrom’s prospects for 2020 are missing the target.
5 things you should know today
- The Cboe Options Exchange (CBOE) saw 1.03 million purchase contracts traded Tuesday, against 752,813 sale contracts. The single session sales-to-sale ratio rose to 0.73 and the 21-day moving average was 0.60.
- Home Depot Inc (NYSE: HD) is once again trying to clear last week’s liquidation this morning after a bullish note from Instinet. The analyst upgraded HD to “buy” from “neutral”, and raised his price target to $ 251 from $ 240. The blue chip is up 2.5% in trade before marketing.
- Pharmacist Zogenix, Inc. (NASDAQ: ZGNX) was initially weaker after offering 8.5 million common shares for $ 23.50 a share – a discount of almost 6% until the close of last night. The company will put the profits in development and with a view to a possible marketing towards several experimental drugs including Fintepla, its treatment for patients with Dravet syndrome. However, stocks offset some of these earlier losses with a modest gain of 0.3% early in the morning.
- Retailer Nordstrom, Inc. (NYSE: JWN) is on a slippery slope this morning, following its report on fourth quarter results. Shares are down 7.3% in ecommerce and are looking to open up to six-month lows after forecasting full-year profits and posting earnings that have missed analysts’ estimates. Barclays has already demoted JWN, while three others have released target price reductions.
- Calendar of the day will bring the ADP employment report, the Markit services PMI, the ISM non-manufacturing index and the Fed’s beige book. The results register includes the reports of Abercrombie & Fitch (ANF), American Eagle (AEO), Bilibili (BILI), Baozun (BZUN) and Campbell’s Soup (CPB).
Asian and European markets strengthened by the action of the US Fed
Asian markets reacted favorably to the Fed’s lower emergency rates yesterday, and were generally higher across the board. South Korean Kospi punctuated the region with a 2.2% victory, after the country proposed an additional budget of 11.7 trillion Korean won, or 9.86 billion dollars, to help fight the COVID-19 epidemic. Shanghai’s Chinese composite rose 0.6%, despite the fact that its Caixin / Markit services purchasing managers index (PMI) fell to record levels last month. The Nikkei of Japan gained about 0.1%, while the Hang Seng of Hong Kong lost 0.2%.
In Europe, stocks are also being lifted by the Fed’s emergency actions, in the hope that they will act as a catalyst for other central banks. At the last check, the London FTSE 100 was up 1.3%, the French CAC 40 by 1% and the German DAX by 1.1%.