Villere & Co. ‘s partner and portfolio manager Sandy Villere on its investment strategy for today’s market.
US stock markets were mixed on Friday morning as the 10-year yield retreated from its highest level in a year.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 31201.82 | -200.19 | -0.64% |
| SP500 | S&P 500 | 3823.32 | -6.02 | -0.16% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13139.772544 | +20.34 | + 0.16% |
The Dow Jones industrial average fell 47 points, or 0.15%, while the S&P 500 and the Nasdaq Composite were up 0.39% and 0.89%, respectively.
10-year Treasury in focus
The mixed trade comes as the 10-year yield fell by 4 basis points to 1.47%, a day after closing at 1.51%, the highest level in a year. The recent rise in bond yields has caused panic among investors worried about the return of inflation. Strategists have suggested that the ten-year move above the 1.5% level, which is equal to the dividend yield of the S&P 500, could put more pressure on equities.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 159.87 | -3.00 | -1.84% |
If we look at equities, Johnson & Johnson’s COVID-19 vaccine is expected to receive approval from a food and drug administration panel, paving the way for distribution to begin next week.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| GME | GAMESTOP | 128.99 | +19.84 | + 18.18% |
It has been indicated that GameStop Corp. shares would open higher after rising 142% over the past two sessions. Other stocks that were subject to increased volatility, such as AMC Entertainment Holdings Inc., Bed Bath & Beyond Inc. and Koss Corp., however, are experiencing more subdued trading activities.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.35 | +0.06 | + 0.78% |
| BBBY | BED BATH & BEYOND INC. | 26.20 | -0.09 | -0.34% |
| KOSS | KOSS | 19.26 | -2.27 | -10.54% |
Elsewhere, Twitter Inc. the plans set out to double revenue by 2023 with features such as fees and paid subscriptions for ‘super follow’, or access to exclusive content, from some accounts.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 76.69 | +1.98 | + 2.65% |
In earnings, Salesforce.com Inc. reported revenue and revenue that exceeded expectations, but its full-year revenue forecast increased to below what Wall Street expected.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| DKNG | CONCEPTS | 59.19 | +1.38 | + 2.38% |
| PENN | PEN NATIONAL GAMES | 113.24 | +3.55 | + 3.24% |
DraftKings Inc. reported pro-forma revenue, up 98% in the three months to December. It is supported by a favorable sports calendar and strong customer engagement. The sports betting platform has increased its revenue forecast for 2021 to between $ 900 million and $ 1 billion, compared to $ 750 million to $ 800 million. Other game shares in focus.
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In commodities, West Texas Intermediate crude slipped 97 cents to $ 62.56 a barrel and gold sank $ 16 to $ 1,759.40.
In Europe, Britain’s FTSE 100 traded 1.72% lower, while Germany’s French CAC 40 and DAX 30 were down 0.89% and 0.31%, respectively.
Markets were hit hard across Asia, with the Japanese Nikkei 225 down 3.99%, the Hong Kong Hang Seng index down 3.64% and China’s Shanghai Composite down 2.12%.