J&J in focus, stocks mixed as bond yields retreat - Fox Business

Villere & Co. partner and portfolio manager Sandy Villere on his investment strategy for today's market.

U.S. equity markets were mixed Friday morning as the 10-year yield pulled back from its highest level in a year.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	31125.51	-276.50	-0.88%
SP500	S&P 500	3819.1	-10.24	-0.27%
I:COMP	NASDAQ COMPOSITE INDEX	13130.580262	+11.15	+0.09%

The Dow Jones Industrial Average was trading down 47 points, or 0.15%, while the S&P 500 and the Nasdaq Composite were higher by 0.39% and 0.89%, respectively.

10-Year Treasury in focus

The mixed trade comes as the 10-year yield has retreated 4 basis points to 1.47%, a day after closing at 1.51%, its highest level in a year. The recent rise in bond yields has caused panic among investors worried about a return of inflation. Strategists have suggested the 10-year’s move above the 1.5% level, which equates to the dividend yield of the S&P 500, could put more pressure on equities.

Ticker	Security	Last	Change	Change %
JNJ	JOHNSON & JOHNSON	159.41	-3.44	-2.12%

Looking at stocks, Johnson & Johnson’s one-shot COVID-19 vaccine is expected to receive approval from a Food and Drug Administration panel, paving a way for distribution to begin next week.

Ticker	Security	Last	Change	Change %
GME	GAMESTOP	117.49	+8.34	+7.64%

GameStop Corp. shares were indicated to open higher after soaring 142% over the previous two sessions. However, other stocks that have been subject to heightened volatility, like AMC Entertainment Holdings Inc., Bed Bath & Beyond Inc. and Koss Corp., were experiencing more muted trading activity.

Ticker	Security	Last	Change	Change %
AMC	AMC ENTERTAINMENT HOLDINGS INC	7.98	-0.30	-3.68%
BBBY	BED BATH & BEYOND INC.	25.79	-0.50	-1.90%
KOSS	KOSS	17.69	-3.84	-17.84%

Elsewhere, Twitter Inc. outlined plans to double revenue by 2023 with features such as tipping and paid subscriptions to “super follow,” or access exclusive content, from some accounts.

Ticker	Security	Last	Change	Change %
TWTR	TWITTER INC.	75.85	+1.14	+1.53%

In earnings, Salesforce.com Inc. reported earnings and revenue that outpaced expectations but raised its full-year revenue forecast to below what Wall Street had been anticipating.

Ticker	Security	Last	Change	Change %
DKNG	DRAFTKINGS	59.40	+1.59	+2.76%
PENN	PENN NATIONAL GAMING	113.03	+3.34	+3.04%

DraftKings Inc. reported pro-forma revenue, rose 98% year over year in the three months through December, supported by a favorable sports calendar and strong customer engagement. The sports-betting platform raised its 2021 revenue forecast to between $900 million and $1 billion, up from $750 million to $800 million. Other gaming stocks in focus.

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In commodities, West Texas Intermediate crude oil slid 97 cents to $62.56 per barrel and gold sank $16 to $1,759.40.

In Europe, Britain’s FTSE 100 was trading lower by 1.72% while France’s CAC 40 and Germany’s DAX 30 were weaker by 0.89% and 0.31%, respectively.

Markets were hit hard across Asia with Japan’s Nikkei 225 plunging 3.99%, Hong Kong’s Hang Seng index losing 3.64% and China’s Shanghai Composite declining 2.12%.

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