Investing.com - The number of cases of COVID-19 diseases around the world last week for the first time increased over eight weeks, and the World Health Organization stated that people are "losing vigilance"; The chief regulatory authority of China cooled the fervor of markets, warning about "bubbles"; Target (NYSE: TGT) and Ross Stores (NASDAQ: ROST) and ROSS Stores (NASDAQ: ROST) are leading in retail sectors; Oil prices took a breather, having departed from minima after the data showing that oil production in Russia was reduced last month. That's what you need to know about the stock market on Tuesday, March 2.
1. Last week, the number of diseases COVID-19 has grown for the first time eight weeks
Pandemic returned. More precisely, her end is tightened slightly: the World Health Organization warned that last week the number of diseases in the world for the first time in seven weeks rose.
Registered cases of infection have become frequent in four of the six regions controlled by WHO - North and South America, Europe, Southeast Asia and Eastern Mediterranean - due to the weakening of restrictive measures, the dissemination of new virus mutations, and, according to the head of WHO, Tedros Adanom Gebreisus, Due to the fact that "people are losing vigilance."
This data was received at a time when the states and cities of the United States gradually remove quarantine restrictions, as the National Vaccination Campaign is gaining momentum, which will now receive Johnson & Johnson's vaccine (NYSE: JNJ).
Europe's largest economy is Germany, as reported, also plans to re-open stores of secondary importance in areas with a low level of infections, weakening quarantine acting from December. However, most restrictions will be valid until March 28. France President Emmanuel Macron said that his country would need 4-6 weeks before weakening quarantine regime.
2. Profit of retailers in the spotlight
The retail sector will dominate in the day list of income reports, and the data for the quarter will be presented target (NYSE: TGT), Nordstrom (NYSE: JWN), Ross Stores (NASDAQ: ROST) and AUTOZONE INC (NYSE: AZO).
A lot expected from Target, which has already announced the growth of sales by 17% for the period from November to December due to flexibility and a variety of trading tactics in a pandemic.
On the eve of the evening, Mercadolibre (NASDAQ: MELI) published its quarterly results after repeated delays, saying an unexpected loss of more than $ 1 per share instead of the expected profit in 16 cents per share. The Latin American e-commerce site is one of the highest ratings after the "star" rally last year. Its shares on the premark fell 2.5%.
3. The market in the US will open with a small correction down
Fund indices in the United States will open a little lower, losing a part of the profits achieved as a result of an explosive rally on Monday caused by the approval of the J & J vaccine and passing in the ward of representatives of the bill on incentives.
By 06:30 in the morning East time (11:30 GRINVICHI) Dow Jones futures fell 64 points, or 0.2%, while S & P 500 futures fell by 0.3%, and futures on NASDAQ - 0.4%.
Shares that are likely to be today in the spotlight is Zoom Video Communications (NASDAQ: ZM), which published a report on surprisingly high income after the Exchange is closed on Monday. Its shares fell over three months by almost 40% after the peak in October, but since then has been restored by more than 25%. At the premark, they rose by 8.6%.
4. The Chinese regulator warned about the "bubble" in the markets
The chief banking regulator of China stated that he was concerned about the risk of "bubbles" in foreign markets. He also acknowledged that China's housing sector also looks bloated.
Go Schutsin, Chairman of the Commission for the Regulation of Banking and Insurance Works of China and the Communist Party, said that European and American markets are moving in the opposite direction from their economies and should be adjusted.
His comments were caused by a sale in the Chinese market. Analysts Saxo Bank note that Chinese shares are currently trading with a record premium compared to world counterparts, although for most of the last 10 years they traded with a discount.
5. Oil prices have moved away from minima; All attention to the data API on oil reserves
The prices of crude oil fell along with prices for other commodities, which still seems correction from excessively high levels after sharp growth in recent weeks.
By 06:35 in the morning East time (11:35 Greenwich) WTI oil futures fell by 0.1%, and Brent oil futures fell by 0.3%. The prices of both futures were recovered after the data showed that in February, mining both in OPEC and in Russia decreased: in the first due to publicly announced Saudi Arabia reduction in production by 1 million barrels per day, and in the second - For long cold weather.
The Wall Street Journal reported that the American Oil Institute (API) is going to approve the principle of pricing for carbon dioxide emissions, refusing from its long-time resistance. The API will also publish its weekly data on oil reserves at 4:30 pm east time (21:20 in Greenwich).
Author Jeffrey Smith
Read Original Articles on: Investing.com