SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

DJ Pinterest, Activision Blizzard, Peloton: What to Watch When the Stock Market Opens Today

· 02/05/2021 07:00
By James Willhite

Here's what we're watching before Friday's trading gets underway.

-- U.S. stock futures rose, putting the S&P 500 on track for its best week in three months, on investors' bets that a fresh coronavirus-relief spending package will bolster the economy.

Futures tied to the S&P 500 ticked up 0.5%, contracts linked to the technology-heavy Nasdaq-100 advanced 0.4% and Dow futures edged 0.5% higher. Read our full market wrap.

What's Coming Up

-- U.S. nonfarm payrolls, due at 8:30 a.m. ET, are expected to increase by 50,000 in January from a month earlier and the unemployment rate is expected to hold steady at 6.7%.

-- Earnings are due before the open from Estee Lauder, Spectrum Brands and Linde.

The Baker Hughes rig count, a proxy for activity in the oil sector, is out at 1 p.m. U.S. consumer credit data for December is out at 3 p.m.

Market Movers to Watch

-- Robinhood lifted its trading restrictions on GameStop, up nearly 9% premarket, and AMC Entertainment, up 2.3%. But they'll have to move a lot further to overcome yesterday's drops of 42% and 21%, respectively. For our live blog of the action, follow this link.

-- Pinterest and Snap are jumping in opposite directions after the platforms added millions more new users than expected in their latest quarters, showing strong growth in social-media use during the pandemic. Pinterest shares surged 11% ahead of the bell, while Snap shares slumped more than 6%.

-- Johnson & Johnson got a premarket booster shot after it asked regulators to authorize emergency use of its Covid-19 vaccine. Its shares added 2.2%.

-- Activision Blizzard's results offered more evidence of people killing time through the pandemic playing videogames. The game makers shares shot up more than 8% premarket to $100.35 a share after its holiday sales and revenue outlook topped expectations. KeyBanc raised its price target on the stock to $120 from $102.

-- Pandemic favorite Peloton's stock dropped 6.6% after it reported sales and subscriptions more than doubled in the latest quarter despite long shipping delays that the company has promised to address as would-be customers vent their anger online.

-- T-Mobile US shares lost more than 3% premarket after the wireless provider said its nearly year-old merger with Sprint will saddle the combined company with more costs this year as its engineers shift more subscribers onto a single network.

-- Ford shares nudged up 0.5% before the open after the Detroit auto maker said its fourth-quarter earnings were dented by lower truck output, and it vowed to nearly double its investment in electric and driverless cars.

-- Shares of Gilead Sciences added 2.1% premarket after the drug maker said demand for Veklury, its treatment for some Covid-19 patients, helped to drive fourth-quarter sales higher.

Market Fact

Average daily trading volume on Tradeweb's online bond-trading platform topped $1 trillion in January, the company said Thursday. That marks the busiest month on record, beating March 2020 when plunging stock markets pushed investors into the safety of government debt.

Chart of the Day

Alibaba Group sold $5 billion of bonds, showing investors remain eager to back the Chinese e-commerce giant despite its recent run-ins with authorities.

Must Reads Since You Went to Bed

Credit Suisse Was Alerted to Banker's Misconduct Years Before Charges

TikTok Rival's Stock More Than Doubles in Hong Kong Debut

Chobani Eyes 2021 Public Listing

23andMe to Go Public With Richard Branson-Backed SPAC

(END) Dow Jones Newswires

February 05, 2021 07:00 ET (12:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.