US OPEN: Nasdaq climbs as the bond market steadies

• US stocks lack direction
• US 10-year treasury yield retreats slightly
• Beyond Meat (BYND.US) has struck deals with McDonald's and Yum 

US  indices launched today's session mixed, following a sharp sell-off in the previous session. The Dow Jones is trading lower while both the S&P 500 and the Nasdaq rose 0.4% and 1% respectively, while the yield on the benchmark US 10-year Treasury note retreated to 1.46% on Friday after touching an over 1-year high of 1.61% the day before. Meanwhile, the House will vote today on President Biden's stimulus bill worth $1.9 trillion. The US Senate said that Biden's $15 minimum wage proposal cannot be part of the economic relief package. On the data front, The PCE index rose 0.3% for the month, slightly ahead of the 0.2% expectation but was up just 1.5% year over year, slightly above market expectations. Personal spending and income surged in January. The MNI Chicago Business Barometer in the US fell by 4.3 points from the previous month to 59.5 in February, missing market expectations of 61.1.

US2000 broke below the long-term trendline however sellers failed to uphold momentum and index bounced off the 200 SMA ( redline). Currently index is approaching major resistance at 2220 pts which previously acted as support. Should break above occur, upward move towards all-time high at 2317 pts may accelerate. On the other hand, if sellers will manage to regain control and break below the aforementioned moving average, then bigger downward correction may be on the cards. In such a scenario the next support to watch lies at 2062 pts. Source: xStation5

Beyond Meat (BYND.US) stock jumped more than 7% in premarket after the company became the preferred supplier for the McDonald’s (MCD.US) “McPlant” plant-based burger, and also struck an exclusive supply deal with Taco Bell parent Yum Brands (YUM.US). Investor enthusiasm over the deals helped erase losses that the stock had seen earlier after Beyond Meat reported a larger than expected quarterly loss. 

Beyond Meat (BYND.US)  - yesterday sellers failed to break below the upward trendline which is additionally strengthened by the 50 SMA (green line) and the 200 SMA (red line). Stock launched today’s session higher and is currently testing local resistance at $154.15. If the current sentiment prevails, then upward move could be extended to the $184.00 handle. Source: xStation5

Foot Locker (FL.US) stock plunged 12.1% in premarket after the company posted disappointing quarterly revenue figures as comparable-store sales unexpectedly declined. On the other hand, the athletic apparel and footwear retailer earned $1.55 per share well above analysts' expectations of $1.35 per share.

DraftKings (DKNG.US) stock rose more than 3.0% in the premarket after the company posted better-than-expected quarterly revenue and raised its full-year revenue forecast. The online sports gambling company expects substantial increase in user activation due to marketing expenditures and further legalization of sports gambling.

Etsy (ETSY.US) shares rose 6% in premarket after the online crafts marketplace posted better than expected quarterly figures. Company earned $1.08 per share, well above analysts' expectations of 59 cents a share. Revenue also surprised on the upside. Etsy also provided a positive current-quarter forecast.