Stocks Moving Premarket: Exxon Mobil, Chevron, Darden Restaurants - Barron's

Buyers showed up on Wall Street, with all major stock indexes poised to open in the green, following the Federal Reserve’s move late Thursday to offer dollars to central banks at near-zero rates, easing the strain of dollar shortages.

But even with Friday’s expected gains, investors can expect the volatility that has roiled markets to continue. The so-called “quadruple witching” in markets—the expiration of options and futures on stocks and stock indexes—could add an extra dose.

Futures on the Dow Jones Industrial Average were up 427 points, or 2.2%, while futures for the S&P 500 and Nasdaq Composite were up 1.8% and 3.2%, respectively. Oil continued its rebound with West Texas Intermediate, or WTI, climbing 5.3% to $26.56 on hopes of large-scale government purchases, and in response to a Wall Street Journal report that the U. S. government could intervene in the fight for market share between Russia and Saudi Arabia that has led to increased production, just as the virus hits demand.

Still, despite those positive moves in the market, investors continued to seek safety. The yield on the 10-year ticked down 12 basis points to 1.011% and gold climbed 2% to $1,509.40 an ounce.

Stocks continued to make big moves premarket Friday, following chaotic trading Thursday in which several names notched double-digit gains.

Exxon Mobil (ticker: XOM) and Chevron (CVX) were up more than 3% as oil prices rose.

Bed Bath & Beyond (BBBY) shares were up 3.2% following a 17.3% jump Thursday. The company said it was closing more than 50% of its stores amid the coronavirus pandemic while also working to make sure it can offer customers the housing supplies they need.

Darden Restaurants (DRI) climbed 8.5% following a 24% rally Thursday after its fiscal third-quarter results topped analysts’ expectations. The company, owner of the Olive Garden chain, also said it was suspending its dividend and withdrawing its financial forecasts in light of restrictions on restaurants amid the coronavirus outbreak.

Write to Carleton English at carleton.english@dowjones.com

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https://www.barrons.com/articles/stocks-moving-premarket-exxon-mobil-chevron-darden-restaurants-51584708582

2020-03-20 13:49:00Z
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