Villere & Co. partner and portfolio manager Sandy Villere on his investment strategy for today's market.
U.S. equity markets remained under pressure Friday morning as the 10-year yield held near its highest level in a year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 31172.2 | -229.81 | -0.73% |
| SP500 | S&P 500 | 3831.73 | +2.39 | +0.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13202.899644 | +83.47 | +0.64% |
The Dow Jones Industrial Average pared some of its losses after falling 450 points, while the S&P 500 was little changed and the Nasdaq Composite rose 0.6%.
10-Year Treasury in focus
The selling comes as the 10-year yield remained near a one-year high of 1.51%. The recent rise in bond yields has caused panic among investors worried about a return of inflation. Strategists have suggested the 10-year’s move above the 1.5% level, which equates to the dividend yield of the S&P 500, could put more pressure on equities.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 159.38 | -3.48 | -2.14% |
Looking at stocks, Johnson & Johnson’s one-shot COVID-19 vaccine is expected to receive approval from a Food and Drug Administration panel, paving a way for distribution to begin next week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP | 123.26 | +14.11 | +12.93% |
GameStop Corp. shares were indicated to open higher after soaring 142% over the previous two sessions. However, other stocks that have been subject to heightened volatility, like AMC Entertainment Holdings Inc., Bed Bath & Beyond Inc. and Koss Corp., were experiencing more muted trading activity.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.07 | -0.22 | -2.60% |
| BBBY | BED BATH & BEYOND INC. | 26.13 | -0.16 | -0.61% |
| KOSS | KOSS | 18.47 | -3.06 | -14.21% |
Elsewhere, Twitter Inc. outlined plans to double revenue by 2023 with features such as tipping and paid subscriptions to “super follow,” or access exclusive content, from some accounts.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 76.42 | +1.72 | +2.30% |
In earnings, Salesforce.com Inc. reported earnings and revenue that outpaced expectations but raised its full-year revenue forecast to below what Wall Street had been anticipating.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DKNG | DRAFTKINGS | 60.03 | +2.23 | +3.85% |
| PENN | PENN NATIONAL GAMING | 114.50 | +4.81 | +4.39% |
DraftKings Inc. reported pro-forma revenue, rose 98% year over year in the three months through December, supported by a favorable sports calendar and strong customer engagement. The sports-betting platform raised its 2021 revenue forecast to between $900 million and $1 billion, up from $750 million to $800 million. Other gaming stocks are in focus.
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In commodities, West Texas Intermediate crude oil slid $1.59 to $61.94 per barrel and gold sank $45.30 to $1,730.10 an ounce.
In Europe, Britain’s FTSE 100 was trading lower by 2.3% while France’s CAC 40 and Germany’s DAX 30 were weaker by 1.39% and 0.65%, respectively.
Markets were hit hard across Asia with Japan’s Nikkei 225 plunging 3.99%, Hong Kong’s Hang Seng index losing 3.64% and China’s Shanghai Composite declining 2.12%.
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