/Nasdaq futures slammed as bond yields climb after Senate passes $1.9T coronavirus relief – Fox Business

Nasdaq futures slammed as bond yields climb after Senate passes $1.9T coronavirus relief – Fox Business


U.S. equity markets opened mixed Monday morning as bond yields climbed after the Senate passed12 President Biden’s $1.9 trillion COVID-19 relief package.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES31700.29+203.99+0.65%
SP500S&P 5003849.66+7.72+0.20%
I:COMPNASDAQ COMPOSITE INDEX12874.602608-45.55-0.35%

The Dow Jones Industrial Average gained 148 points, or 0.47%, while the S&P 500 advanced 0.09% and the Nasdaq Composite fell 0.3%.

In a 50-49 vote, the Senate passed its own version of Biden’s $1.9 trillion bill, which limits $1,400 checks to those making $75,000 a year or less and strips out a $15 minimum wage, among other things. The U.S. House of Representatives will vote on the measure as early as Tuesday.

The bill’s passage through the upper chamber reignited worries of inflation, sending the 10-year Treasury yield briefly above 1.60% before pulling back to 1.58%.

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In stocks, mega-cap technology shares fell as rising bond yields threatened their growth outlooks.

TickerSecurityLastChangeChange %
QQQINVESCO QQQ NASDAQ 100307.51-1.17-0.38%

Elsewhere, Microsoft Corp. shares were in focus after a cyberattack on its Exchange email software, believed to be carried out by Chinese hackers, infected tens of thousands of customers.

TickerSecurityLastChangeChange %
MSFTMICROSOFT CORP.230.75-0.85-0.37%

Walt Disney Co. will reopen its California theme park at reduced capacity beginning April 1.

TickerSecurityLastChangeChange %
DISTHE WALT DISNEY CO.194.60+4.76+2.51%

Meanwhile, GameStop Corp. shares rallied after Chewy founder Ryan Cohen has been tasked with leading the company’s e-commerce shift.

TickerSecurityLastChangeChange %
GMEGAMESTOP152.60+15.66+11.44%

In mergers and acquisitions, General Electric Co. is nearing a deal worth more than $30 billion deal to combine its aircraft-leasing business with Ireland’s Aercap Holdings NV, according to The Wall Street Journal, citing people familiar with the matter.

TickerSecurityLastChangeChange %
GEGENERAL ELECTRIC CO.13.96+0.38+2.80%

Apollo Global Management agreed to retirement services company Athene Holdings for $11 billion in stock. The deal, which pays a 17% premium to Athene’s closing price on Friday, gives shareholders 1.149 Apollo shares for each Athene share they own.

TickerSecurityLastChangeChange %
ATHATHENE HOLDING LTD52.99+4.09+8.36%

In commodities, Brent crude oil reached $71.38 per barrel overnight after Yemen’s Houthis launched a drone attack on Saudi Arabia’s oil facilities. Prices have since pulled back with Brent trading down 48 cents at $68.88 per barrel. West Texas Intermediate crude oil, meanwhile, slid 40 cents to $65.69 per barrel.

TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.43.90-0.56-1.26%

Elsewhere in the commodities complex, gold fell $5.40 to $1,693.10 per ounce.

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Overseas markets were mixed.

In Europe, Germany’s DAX 30 was trading higher by 1.69%, France’s CAC 40 gained 1.12% and Britain’s FTSE 100 advanced 0.23%.

Asian markets, meanwhile, were under pressure with China’s Shanghai Composite index declining 2.3%, Hong Kong’s Hang Seng index falling 1.92% and Japan’s Nikkei 225 losing 0.42%

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