Okta, Splunk, Marvell: What to Watch When the Stock Market Opens Today – The Wall Street Journal

Here’s what we’re watching ahead of Thursday’s opening bell.

Stock futures are wobbling between small gains and losses suggesting major indexes will open on an uneven footing.

Futures tied to the S&P 500 were flat, while contracts linked to the technology-heavy Nasdaq-100 edged down 0.1%. Yields on 10-year U.S. government bonds are climbing again. Read our full market wrap here.

—Labor market watch: Data from the Labor Department showed the number of people filing for jobless benefits rose to 745,000 in the week to Feb. 27. That’s an increase of 9,000 from the previous week.

What’s Coming Up

—Earnings are due from Costco, COST -1.58% Gap GPS -8.02% and Smith & Wesson SWBI -3.16% after markets close. 

—Wall Street Journal Jobs Summit: Federal Reserve Chairman Jerome Powell is due to discuss the state of the economy at 12:05 p.m. ET. Investors are keen to hear Mr. Powell’s views on bond yields after a jump in government borrowing costs that has rattled stocks. Livestream here.

—On the conference circuit: The BMO Capital Markets metals and mining get-together continues, as does Morgan Stanley ‘s technology, media and telecom conference.

Market Movers to Watch

Okta OKTA -5.17% dropped about 10% in premarket trading. The identity-management company agreed to buy Auth0, a software provider that helps businesses manage customers online, for $6.5 billion in stock.

Okta co-founders Todd McKinnon, left, and Frederic Kerrest stand in Times Square after the company’s initial public offering at the Nasdaq stock exchange on April 7, 2017.

Photo: Charles Sykes/Associated Press

Marvell Technology Group MRVL -6.13% posted fourth-quarter net income of $16.5 million, down from $1.77 billion a year before. Shares of the chipmaker dropped 4.8% ahead of the bell.

BJ’s Wholesale Club’s quarterly profit more than doubled, but the warehouse club said said it wouldn’t provide guidance due to the pandemic. Shares slipped 2.9%.

Splunk SPLK -2.99% shares rose 4.1% after the software firm said it expects revenue to rise in the first quarter compared with a year ago.

DraftKings DKNG -4.32% is up 4.7% premarket. The online-betting company’s shares had gained ahead of the bell on Wednesday after it announced a deal to provide its content to DISH Network DISH -3.83% customers, only to be dragged lower again during the tech rout in the regular session.

American Eagle Outfitters forecast higher revenue in the first quarter, after profits dropped 26% in the fourth. The retailer’s shares are up 6.4% ahead of the bell.

Market Fact

The value of stock trades matched on exchanges in Shanghai and Hong Kong more than doubled in January from a year earlier, to $1.37 trillion and $517 billion respectively, World Federation of Exchanges data show. Stock trading has surged across Asia, with many younger individual investors piling into shares for the first time.

Chart of the Day

ARK Investment Management’s winning bets on disruptive technology companies cemented Cathie Wood’s status as Wall Street’s hottest fund manager since Peter Lynch or Bill Gross. Now, those gambits threaten to make ARK a high-profile casualty of the recent shift in investor sentiment away from tech stocks.

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