Investors will watch how the Federal Reserve reacts to higher inflation.
Daniel Slim/AFP via Getty ImagesStocks were rebounding from Wednesday’s losses, with tech leading the way as bond yields stopped rising.
Dow Jones Industrial Average futures have advanced 31 points, or 0.1%, one day after the blue-chip benchmark tumbled 240 points. Futures for the S&P 500 gained 0.4%. Nasdaq futures were 0.7% higher, with the tech-heavy index on track to claw back some of its 1.7% loss Wednesday.
“Futures are enjoying a mild bounce following Wednesday’s losses as global yields are stable while U.S. bond markets are closed,” wrote Tom Essaye, founder of Sevens Report Research.
Wednesday’s drops were caused, in part, by spiking yields, but the bond market appears to have calmed down Thursday. The British 10-Year Gilt’s yield was down to 0.93% from a Wednesday high of 0.94%, while the yield on the German 10-year bund was down to negative 0.24% from a peak this morning of negative 0.22%. The U.S. bond market is closed for Veterans Day, but the move lower in global bond yields could signal the same for yields in the U.S. Falling global yields make the higher-yielding U.S. bond market even more attractive, which could push investors into U.S. bonds. Prices and yields move inversely.
With yields down a tick Thursday, tech stocks were getting a boost. Many tech companies are investing heavily now to produce big profits years down the line—and higher bond yields reduce the value of future profits.
Overseas, Hong Kong’s Hang Seng Index rose 1% and the pan-European Stoxx 600 was up 0.2%—moving further into record territory after closing at an all-time high Wednesday.
Here are six stocks on the move Thursday
Tesla (ticker: TSLA) stock was up 2.6% after Elon Musk sold about $5 billion of shares.
Tapestry (TPR) stock gained 5.4% after the company reported a profit of 82 cents a share, beating estimates of 70 cents a share, on sales of $1.48 billion, above expectations for $1.17 billion.
Walt Disney (DIS) stock fell 5.7% after the company reported a profit of 37 cents a share, missing estimates of 51 cents a share, on sales of $18.5 billion, below expectations for $18.8 billion. The company revealed that its movie and theme parks businesses weren’t rebounding from the depths of the Covid-19 pandemic as fast as investors want.
Beyond Meat (BYND) stock dropped 19% after the company reported a loss of 87 cents a share, wider than the 39 cent loss analysts expected, on sales of $106 million, below expectations for $109 million. The company blamed Covid-19, labor shortages, and shipping delays for the poor results.
Opendoor (OPEN) shot up more than 18% in the premarket, after the real estate company reported lower-than-expected quarterly losses and issued an upbeat outlook.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
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November 11, 2021 at 08:43PM
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Stock Market Today: Tech Stocks Rebound, Tesla Gains, Beyond Meat Plunges - Barron's
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