What to Watch Today: Stocks Set to Dip After S&P 500's Best Day Since June

Source: NYSE


U.S. stock futures dipped Tuesday after starting March with a broad rally. Shaking off the late February rough patch, the S&P 500 on Monday gained 2.4% for its biggest one-day advance since June. Covid vaccine optimism and the 10-year Treasury yield off its one-year high spurred stocks. (CNBC)

The Dow Jones Industrial Average on Monday jumped 603 points, or 2%. The Nasdaq, which shed 4.9% in last week's tech sell-off, popped 3%. The Dow and Nasdaq had their best sessions since November. (CNBC)

Target (TGT) exceeded Wall Street's expectations for the fourth quarter, thanks to a strong holiday season and stimulus checks. Still, Target declined to provide a forecast for the year ahead. Target reported adjusted quarterly earnings of $2.67 per share on revenue of $28.34 billion, which jumped 21% year over year. Shares were little changed. (CNBC)

Shares of Kohl's (KSS) rose nearly 1% in premarket trading after the department store chain Tuesday delivered adjusted fourth-quarter earnings of $2.22 per share, more than double estimates. Revenue of $5.88 billion, which fell 10% year over year, was slightly better than expectations. Kohl's said it sees sales growth in 2021. (CNBC)

Shares of Zoom Video Communications rose 8% in Tuesday's premarket, the morning after the company reported adjusted fourth-quarter profit of $1.22 per share, crushing estimates by 43 cents. Revenue surged 369% year-over-year to $882.5 million, also beating forecasts. Zoom, which became all the rage during Covid, issued an upbeat current quarter forecast. (CNBC)


Democrats' hopes of including a federal minimum wage increase in their $1.9 trillion Covid relief bill seemed all but dead, four days after the nonpartisan Senate parliamentarian said the chamber's rules prohibited its inclusion. Senate Democrats hope to unveil their version of the House-passed package and begin debate as early as Wednesday. (AP)

Johnson & Johnson's (JNJ) Covid-19 vaccine can be used as a substitute for Pfizer's (PFE) or Moderna's (MRNA) second shot for those who had an allergic reaction to the first round of either company's vaccine, according to a scientist for the Centers for Disease Control and Prevention. (CNBC)

* Novavax expects FDA clearance for Covid vaccine as early as May (CNBC)

Sen. Elizabeth Warren revived the idea of a wealth tax, which was central to her failed bid to become the 2020 Democratic presidential nominee. The so-called Ultra-Millionaire Tax Act, unveiled Monday, proposes a 2% annual tax on wealth ranging from $50 million to $1 billion and a 3% annual tax on wealth over $1 billion. (CNBC)

FBI Director Chris Wray on Tuesday is set to testify for the first time since the deadly Jan. 6 riot at the U.S. Capitol, with lawmakers likely to press him on whether the bureau adequately communicated with other law enforcement agencies about the potential for violence that day. (AP)

* Senate to vet Biden’s choice for SEC head after GameStop stock drama (AP)

Apple (AAPL) rose modestly in Tuesday's premarket, one day after the stock soared over 5% in its best session since October. The strength came after Berkshire Hathaway's Warren Buffett said in his annual letter to investors that his company owns 5.4% of the iPhone maker. (CNBC)

Nike's (NKE) vice president and general manager of its North America division, Ann Hebert, has left the retailer, effective immediately. The departure follows a Bloomberg report that showed Hebert's son, Joe, had used a credit card in her name to buy sneakers for his resale business. (CNBC)


Nio (NIO): Nio fell 5.2% in premarket trading after it reported a larger-than-expected loss for its latest quarter. The China-based electric vehicle maker also issued a sales forecast for the current quarter that shows slower than expected growth.

Kontoor Brands (KTB): The company behind the Lee and Wrangler apparel brands earned $1.23 per share for its latest quarter, compared with a consensus estimate of 97 cents a share. Revenue came in above estimates as well, driven by strength in digital sales. Kontoor Brands also gave a better-than-expected full-year earnings forecast.

AutoZone (AZO): The auto parts retailer reported quarterly profit of $14.93 per share, beating the consensus estimate of $12.84 a share. Revenue came in above estimates as well. Comparable-store sales rose 15.2% compared to a consensus FactSet estimate of up 8.6%.

Beyond Meat (BYND): Shares of the plant-based food maker are up 1.2% in the premarket after Citi upgraded the stock to buy from neutral. Citi believes sales and cost issues that impacted the most recent quarter are temporary. The stock had initially fallen in off-hours trading Monday after Beyond Meat said it planned to raise $750 million in a convertible notes offering.

MercadoLibre (MELI): MercadoLibre fell 2.4% premarket, despite reporting record quarterly revenue and beating analyst forecasts. The Argentine e-commerce giant benefited from a surge in online shopping and digital payments in the Latin American market.

Roku (ROKU): Roku is buying Nielsen's (NLSN) digital advertising business for an undisclosed amount, allowing it to offer more targeted ads on its streaming platform. Roku gained 1.3% premarket, while Nielsen rose 6.8%.

Lemonade (LMND): Lemonade lost 60 cents per share for its latest quarter, 5 cents a share less than anticipated. The online insurance company's revenue came in above estimates, however Lemonade issued a weaker-than-expected outlook for the current quarter. Its shares fell 6% in the premarket.

Square (SQ): Square gained 4.4% in premarket trading after announcing that it began operations for its in-house bank, Square Financial Services. The digital payments company's bank will offer business loans to Square sellers.

Score Media and Gaming (SCR): Score Media rose 7.1% premarket after it said underwriters of its recent initial public offering fully exercised their over-allotment option. That brings the total money raised by the sports betting company's IPO to $186.3 million.

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