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Futures Flat As Traders Look For Buying Catalyst

For the fourth morning in a row, futures are barely changed – a stark reversal to the previous euphoria that would see a big jump in risk sentiment in the overnight session – with Emini futures flat ahead of data that is expected to show a decline in weekly jobless claims, while shares of vaccine makers tumbled further after President Joe Biden’s plan to back intellectual property waivers on COVID-19 shots. The dollar weakened amid unchanged Treasury yields even as Japan and China returned from holiday.

Among the premarket movers, Tesla shares gained on a report from its quasi-PR publication Electrek, that its second-quarter production capacity is already sold out.

  • Shares in Pfizer, Moderna, Johnson & Johnson and Novavax all involved in the making of COVID-19 vaccines, fell between 0.6% and 5.4% in premarket trading, after Biden said on Wednesday that he had backed a World Trade Organization waiver for vaccine intellectual property to enhance the fight against the pandemic.
  • FAAMG stocks rose on Thursday, with Microsoft, Apple, Alphabet and Amazon.com gaining between 0.1% and 0.3%.
  • In commodities, the surge continued with iron ore climbing to a record above $200/ton and steel futures hit fresh records amid renewed demand from China.
  • IBM rose 0.4% as it introduced what it says is the world’s first 2-nanonmeter chipmaking technology for faster computing.
  • Uber fell 3.6% as it signaled it would pay drivers more to get cars back on the road and disclosed a $600 million charge to provide UK drivers with benefits.

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