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Sports

Anthony Davis returns for Los Angeles Lakers with 4 points, 4 rebounds ‘while getting his legs back under him’

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There were 67 days, 30 missed games and five missed shots for Anthony Davis before he could finally officially stamp his return from injury with a bucket Thursday against the Dallas Mavericks.

After the Los Angeles Lakers star’s 19-foot step-back jump shot fell through the net with 4 minutes, 51 seconds remaining in the first quarter to put L.A. up by one, Davis furrowed his brow and shook his head as if to say, “About time.”

Davis, playing for the first time since Feb. 14 after needing nearly nine weeks to recover from a calf strain and Achilles tendinosis in his right leg, started for the visiting Lakers and was finished by halftime of L.A.’s 115-110 loss.

Lakers coach Frank Vogel had told reporters before the game that Davis would play only in the first half and his playing time would be restricted to the 15-minute range.

Davis finished with four points on 2-for-10 shooting, four rebounds, one assist, one block and one steal. He also missed both of his free throw attempts, and L.A. was outscored by 13 points in the 16 minutes he played.

While the numbers suggested it was an inauspicious return for the Lakers big man, Vogel had set expectations low for Davis when asked about him before the game.

“He still needs to get his legs under him, as to be expected,” Vogel said. “You can’t simulate NBA action on a practice court, so that’s what tonight is going to be about. That’s what the next few games are gonna be about.

“So we anticipate him having some rust and working out some timing while getting his legs back under him. But this is an important first step for sure.”

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Business

Dow futures jump more than 100 points after blowout jobs report

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Traders on the floor of the New York Stock Exchange.

Source: CNBC

Stock futures climbed in overnight trading on Sunday as investors cheered a strong bounce in U.S. job growth last month amid accelerating vaccine rollout.

Futures on the Dow Jones Industrial Average jumped 136 points. S&P 500 futures rose 0.4% and Nasdaq 100 futures edged up 0.2%.

The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones were expecting an increase of 675,000 and a jobless rate of 6%.

“This reflects the lifting of restrictions, ramp-up in vaccinations and boost provided by the fiscal stimulus,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. “Faster jobs and wage growth can have an upward pressure on prices and test the Fed’s patience with easy monetary policy.”

Wall Street kicked off the month of April with a strong rally. The S&P 500 jumped more than 1% to top the 4,000 threshold for the first time on Thursday, bringing its 2021 gains to 7%.

Last week’s strength came after President Joe Biden introduced his multitrillion-dollar infrastructure proposal, which focuses on rebuilding roads, bridges and airports, expanding broadband access and boosting electric vehicle use and updating the country’s electric grid. The plan will be funded partly by a hike in the corporate tax rate to 28%.

However, the plan faces opposition among Republicans as the $2 trillion plan includes initiatives that they say extend beyond traditional infrastructure issues.

Republican Sen. Roy Blunt of Missouri on Sunday urged the Biden administration to pare back the package to roughly $615 billion and concentrate on physical infrastructure such as roads and airports.

Senate Minority Leader Mitch McConnell, R-Ky., said last week that Biden’s plan would not receive Republican support and vowed to oppose the broader Democratic agenda.

On the pandemic front, the U.S. reported another daily record of new Covid vaccinations Saturday, pushing the weekly average of new shots per day above 3 million.

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Business

Dow Jones Futures: Google, Microsoft Flash Buy Points As Nasdaq Joins Stock Market Rally; Jobs Report, Tesla On Tap

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Dow Jones futures will start trading Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally showed strong action last week, with the S&P 500 hitting a new high and the Nasdaq moving back to some key areas.




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Friday’s jobs report will come with the stock market closed, though fixed-income markets will be active. Tesla (TSLA) delivery figures also are expected over the long weekend.

Google parent Alphabet (GOOGL), Microsoft (MSFT), Apple (AAPL) iPhone supplier Qorvo (QRVO) and Diamondback Energy (FANG) all flashed new buy points Thursday. Google stock and Microsoft reflect bullish action among tech titans. Qorvo stock is the latest chip player to blast out. Diamondback stock is one of many oil plays looking strong as crude oil prices trend higher.

Breakouts are among the many reasons to be more optimistic about the stock market rally. The S&P 500 topped 4,000 for the first time while the Nasdaq and Russell 2000 reclaimed their 50-day lines. The Nasdaq still has one last test before investors can feel that the split market is turning into a broad market rally.

Google stock and Microsoft are on IBD Leaderboard. Google and FANG stock are on SwingTrader. MSFT stock is on IBD Long-Term Leaders. Tesla stock is on the IBD 50. Google and Qorvo stock are on the IBD Big Cap 20.

Big Picture: Nasdaq Surges As Market Tone Improves

Jobs Report

The Labor Department will release the March jobs report at 8:30 a.m. ET. Economists expect to see nonfarm payrolls up 625,000 for the month, revving higher as easing coronavirus restrictions and multiple stimulus packages spur a hiring boom that’s expected to continue for several months. Wall Street sees the jobless rate sinking to 6% from 6.2%.

Tesla Deliveries

Analysts expect Tesla deliveries of 163,000 in the first quarter, with some cutting estimates just ahead of Tesla’s report. The report could come Friday or as late as Monday.

Tesla Model Y sales launched in China in January. Model Y sales reportedly were strong in the U.S.

However, competition is building for the newest Tesla model. Ford (F) sold 6,614 Mach-E crossovers in the U.S. last quarter, with nearly all of that in February and March. Volkswagen (VWAGY) began selling its much-cheaper ID.4 crossover in the U.S. in late March.

The VW ID.4 also began deliveries in China late last month. The Ford Mach-E has begun China production.

The Biden infrastructure plan calls for expanded EV credits and a big expansion of charging stations. Tesla, which has hit the cap on federal tax credits, could be a big winner from that. But it could be months for such credits to be approved and go into effect.

Tesla stock jumped 7% last week to 661.75. But on Thursday, shares dipped 0.9%, sinking back below the 21-day exponential moving average.

Meanwhile, Tesla’s China rivals Nio (NIO) and Xpeng (XPEV) reported strong March deliveries on Thursday. Li Auto (LI) is due in the next few days. Nio stock rose 1.7% on Thursday while Xpeng advanced 1.2% and Li Auto 1%, all closing near session lows.

Dow Jones Futures Today

Dow Jones futures will open at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 130.13 million. Covid-19 deaths topped 2.83 million.

Coronavirus cases in the U.S. have hit 31.23 million, with deaths above 566,000.

Stock Market Rally Last Week

The stock market rally improved significantly, with Russell 2000 and Nasdaq stepping up and the S&P 500 clearing 4,000 for the first time.

The Dow Jones Industrial Average edged up 0.25% in last week’s stock market trading, holding near record highs. The S&P 500 index climbed 1.1% to a new high. The Nasdaq composite popped 2.6%. The Russell 2000 advanced 1.5%.

The 10-year Treasury yield hit a pandemic high of 1.77% during the week, but then tumbled Thursday to close at 1.676%. Rising Treasury yields have pressured the Nasdaq and growth stocks in recent weeks.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 1.9% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) edged up 0.1%. The iShares Expanded Tech-Software Sector ETF (IGV) rallied 3.3%, with Microsoft stock the No. 1 component. The VanEck Vectors Semiconductor ETF (SMH) jumped 4.7%, with Qorvo stock and many others fueling strong gains.

SPDR S&P Metals & Mining ETF (XME) climbed 1.25% and Global X U.S. Infrastructure Development ETF (PAVE) gained 1.1%. U.S. Global Jets ETF (JETS) ascended 1.4%.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) jumped 6% and ARK Genomics ETF (ARKG) 5.8%. But both pared Thursday’s gains to close below their 21-day lines. Tesla stock is the top holding across ARK Invest’s ETFs.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Qorvo Breaks Out

Qorvo stock rose 5.6% to 192.90 on Thursday, clearing a 185.96 handle buy point and hitting a new high. The buy zone runs to 195.15. The 5G and Apple iPhone play is one of several chip stocks to break out in recent days.

Apple stock rose 1.5% last week, finding support just above its 200-day line and reclaiming its 21-day. But it’s still far below its 50-day line.

Microsoft Stock

Microsoft stock rallied 2.8% on Thursday to 242.35, rebounding bullishly from its 21-day and 10-week lines and finally closing above 240. Investors could buy MSFT stock here. The Dow Jones tech titan has a flat base with a 246.23 buy point.

Google Stock Flashes Buy Signals

Google stock rallied 3.3% to 2,129.78 on Thursday, capping a 5.2% weekly gain. The internet giant rebounded from its 10-week line and retook its 21-day line before clearing a downtrend and a three-weeks-tight entry around 2,114. Thursday also marked a record high for GOOGL stock. So there are multiple buying opportunities already.

Alphabet stock has an official flat-base buy point of 2,145.24, according to MarketSmith analysis.

Alphabet was this week’s New America feature.

Diamondback Stock Rebounds Bullishly

Diamondback stock leapt 10.5% to 81.22 on Thursday, making it the day’s best S&P 500 performer. The bullish bounce from the 10-week line also reclaimed the 21-day line and broke a downtrend. That offered multiple buy signals. FANG stock ended the week 12% above its 10-week line, so it’s getting extended. However, with the 10-week line rising to start next week, FANG stock may look better.

FANG stock was Thursday’s IBD Stock Of The Day.

Market Rally Analysis

The stock market rally had an encouraging week. The S&P 500 is at a new high, reflecting the broadening market rally. The Dow Jones is hovering at record levels. The Russell 2000 is back above its 50-day and 21-day moving averages after looking weak in the prior couple of weeks.

The Nasdaq rebounded above its 21-day on Wednesday in what was arguably a follow-through day. On Thursday, the tech-heavy index moved above its 50-day line. The final test is moving above its short-term March highs. The big-cap Nasdaq 100, with Apple, Google and Microsoft major weights, reclaimed its 50-day line and its March peak.

After a few weeks of tough trading, a number of stocks are breaking out and are holding up. The chip sector has come to the fore while tech titans such as Microsoft and Google are stepping up. Meanwhile, a number of oil names are looking strong. A few more steel names broke out last week, despite some declines Thursday. The broader housing sector, from builders to home improvement to home furnishing plays, is healthy. Travel stocks are consolidating after a healthy run-up.

One market segment remains sluggish: highly valued growth, including Tesla stock. While several rebounded for the week, most are well below their 50-day lines and usually their 21-day lines. They may need an extended period of rest, while some may not recover for years, if ever. The stock market looks forward, so don’t look back to old winners. Wait for them to form bullish bases and prove themselves all over again.

Game Plan

Investors should have stepped up exposure somewhat in the past week. The major indexes are looking healthier while breakouts are working. Don’t feel the need to rush in heavily. Let the market draw you in.

Have some diversity in the leading stocks that you own or watch. Focus on the very best stocks, but make sure you have names from a variety of groups. That will alert you to bullish moves in specific groups or sectors while limiting your risk of a group-specific sell-off. In others, don’t buy every chip stock that’s breaking out.

Always have an exit strategy. With the stock market rally at a key juncture and still prone to big swings, you have to have a plan for exiting a stock.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Business

Dow Jones Futures: Why This Stock Market Rally Is So Tricky, Facebook, Google, Apple Supplier Near Buy Points

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Dow Jones futures will begin trading Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had a modestly down week, but the Nasdaq showed the most technical damage. Facebook (FB), U.S. Steel (X), Wayfair (W), Google parent Alphabet (GOOGL) and Apple supplier Qorvo (QRVO) are among notable stocks near buy points.




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While investing can get complicated, there are some simple concepts too. You want to invest when the stock market is living above its 21-day exponential moving average and 50-day line. That goes for the major indexes as well as the leading stocks. Right now the stock market is deeply split: The Dow Jones and S&P 500 are living above those levels while the Nasdaq is not.

The split market rally is especially difficult to make progress in.

Facebook stock, Dick’s Sporting Goods (DKS) and Element Solutions (ESI) are above buy points or early entries. Meanwhile, Google stock, Qorvo, U.S. Steel and Wayfair are near buy points.

Google and Dick’s stock are on IBD Leaderboard. Wayfair stock is on the IBD 50.

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

Dow Jones Futures Today

Dow Jones futures will open at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 122.88 million. Covid-19 deaths topped 2.71 million.

Coronavirus cases in the U.S. have hit 30.42 million, with deaths above 554,000.

Stock Market Rally Last Week

U.S. Stock Market Today Overview
Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 32628.04 -234.26 -0.71
S&P 500 (0S&P5) 3912.81 -2.65 -0.07
Nasdaq (0NDQC ) 13215.24 +99.07 +0.76
Russell 2000 (IWM) 227.01 +1.77 +0.79
IBD 50 (FFTY) 46.77 +0.42 +0.91
Last Update: 4:06 PM ET 3/19/2021

The stock market rally looked promising early in the week, with the Dow Jones and S&P 500 hitting new highs and the Nasdaq above its 50-day moving average. But late in the week, with Treasury yields soaring and crude oil prices tumbling, the major indexes erased gains and then some.

The Dow Jones Industrial Average dipped 0.5% in last week’s stock market trading. The S&P 500 index retreated 0.8%, but held above its 21- and 50-day lines. The Nasdaq composite lost 0.8%, but Thursday’s 3% tumble pushed it below the 21-day and 50-day lines.

The 10-year Treasury yield rose 12 basis points to 1.73%, with nearly all of that on Thursday.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) retreated 0.5% last week while the Innovator IBD Breakout Opportunities ETF (BOUT) sank 1%, but both held above their 50-day lines. The iShares Expanded Tech-Software Sector ETF (IGV) skidded 2.5%, falling further from its 50-day. The VanEck Vectors Semiconductor ETF (SMH) rose 1.2%, but was unable to hold above its 50-day. Qorvo stock is part of SMH.

Reflecting more-speculative story stocks, Ark Innovation ETF sank 3.1% and Ark Genomics ETF 1%, both hitting resistance at their 21-day lines.

Dick’s Stock

Dick’s Sporting Goods stock rose 3.8% to 80.58 on Friday, just moving above an 80.42 buy point. It was a short consolidation that was one day from being a cup base. The volume was light on the breakout, which isn’t great. But the relative strength line, which tracks a stock’s performance vs. the S&P 500 index, is at a new high. Earnings are out of the way.

Facebook Stock

FB stock popped 4.1% on Friday to 290.11 in heavy volume as CEO Mark Zuckerberg downplayed the impact of Apple‘s (AAPL) new privacy rules on Facebook’s ad business. Facebook stock cleared a 286.89 early entry in heavy volume and is getting close to a 304.77 official buy point. Investors could start a position here, though after a recent run FB stock could pull back and form a handle.

The RS line for FB stock has been lagging for months, but it’s now at a 2021 high.

Element Solutions Stock

The specialty chemicals maker with some tech exposure fell nearly 5% last week to 19.75, just holding above a 19.50 buy point from a breakout earlier this month. ESI stock did find support Friday near that entry and just above the 21-day line. Investors could buy Element Solutions stock at current levels, or perhaps if it broke a trend line in a short consolidation just above the buy point. Clearing that high handle would offer another buy point at 21.09.

Google Stock

Google stock fell 1.1% last week to 2,2026.96, closing slightly below its 21-day line. The FANG stock now has a flat base with a 2,145.24 buy point, according to MarketSmith analysis. But GOOGL stock could rebound from just above its 10-week line. If it clears last week’s high and gets to 2,114, that could provide an early entry from the 10-week.

U.S. Steel Stock

U.S. Steel tumbled 7.3% to 22.41 last week, but that was still constructive action after running up to near the top of a cup base. On a weekly chart, X stock now has a cup-with-handle buy point with a 24.56 buy point. The daily chart shows a 24.81 cup-without-handle entry, but U.S. Steel is on track to have a handle after Monday.

Wayfair Stock

On Friday, Wayfair stock rose 2.9% to 335.36. Intraday, shares hit 348, briefly clearing a 343.09 handle entry. The RS line for Wayfair stock is right at consolidation highs, though off its August peak.

Wayfair stock was Friday’s IBD Stock Of The Day.

The online furniture retailer is in a hot pocket of market strength.

Upscale furniture retailer RH (RH) jumped 6.1% on Friday and 9.2% for the week to 515.64. RH stock has an official buy point of 524.32 but cleared a downtrend and set a closing high. RH stock would be actionable, but earnings are due Wednesday.

Meanwhile, upscale home furnishings and housewares retailer Williams-Sonoma (WSM) surged 29% last week on strong earnings and guidance. WSM stock gapped out of a base Thursday and kept rising Friday.

Qorvo Stock

Qorvo stock rose 4.2% to 179.85 last week, regaining its 50-day line. During the week, the 5G and iPhone chipmaker got as high as 185.96, clearing a couple of early entries, before pulling back. Now clearing last week’s high would serve as an early entry. One upside from using this entry is that if QRVO stock clears it, the Nasdaq stock will likely be retaking its 21-day line, if not its 50-day.

The official buy point is 191.92.

Qorvo earnings growth has accelerated for three straight quarters while revenue growth has picked up for two quarters in a row.

Several other chip stocks are near buy points, including Applied Materials (AMAT), MKS Instruments (MKSI) and Entegris (ENTG).

As for Apple stock, the Dow Jones tech titan dipped 0.9% to 119.99, falling back below its 21-day line and well below its 50-day. AAPL stock hasn’t bounced back much from its March low.

Market Rally Analysis

In general, you want the major indexes and the leading stocks to be living above their 21-day and 50-day moving averages. On Friday, the S&P 500 index and small-cap Russell 2000 found support around their 21-day lines, slightly above their 50-day lines. The Dow Jones never came close to either line.

But the Nasdaq remains below its 21-day and 50-day lines, with Friday’s bounce recovering only part of Thursday’s 3% tumble. Investors should likely wait until the Nasdaq gets back above those moving averages as well as last week’s highs before stepping up tech exposure.

It’s still unclear if the Dow and S&P 500 will pull the Nasdaq up above key levels or whether the Nasdaq will drag down the broader stock market rally. In a market uptrend, stocks are likely to trend higher. But in a half-rally, half-correction environment, it’s hard to get any sense of the true market direction.

As for the leading stocks, real economy and reopening plays made solid gains over the past several weeks. Tech stocks have struggled, with a recent rebound faltering. Many also are stuck below their 21-day and 50-day lines.

But in the past week or so, recent breakouts of all stripes have had a bit more trouble, either sluggishly rising, testing buy points or retreating below buy points.

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What To Do Now

An investor needn’t make money on half her trades if her winners are big and her losses small. In the current market climate it’s hard to make progress with a low win percentage and those winners achieving slim-to-modest gains.

Investors may want modest exposure, a couple of long-term winners and a couple pilot positions in different sectors, to stay in tune with the market.

But you likely don’t want to be heavily invested, even outside of tech. A choppy market is very difficult. It’s just strong enough to tempt investors to buy — usually at short-term peaks — but weak enough to force stop losses.

In addition to preserving your capital, you want to preserve your psyche. Taking a series of losses in a bad market can make you gun shy when the market shows a clear uptrend and you want to be aggressive.

If you’ve held onto stocks that are living below their 21-day and 50-day lines, you may want to exit, especially if they’ve wedged higher in light volume. If you’re sitting on a stock or two like that with huge gains, you can try to weather the storm, but don’t do that with the bulk of your portfolio.

All that being said, a lot of stocks aren’t far from buy points, such as Wayfair, Qorvo or Google stock. A few good days for the market rally and those stocks may be actionable. So work on your watchlists. Find quality stocks above their key moving averages. Make sure to include stocks in a variety of sectors to be sure you’re staying on top of this shifting market.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Sports

50 Points from Damian Lillard Fuel Blazers Comeback over Pelicans

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CJ McCollum returned for the Portland Trail Blazers tonight against the New Orleans Pelicans, causing Blazers fans to burst into strains of “Ode to Joy” at the sight of their star guard in uniform. As it turned out, “Easy to be Hard” by Three Dog Night would have been a more appropriate anthem. The Blazers struggled on the defensive end against Brandon Ingram and Zion Williamson all night long. Everything they tried looked like calculus done blindfolded in a windstorm. No amount of three-point shooting could overcome the difficulty. The Pelicans scored at a rate of 30 per quarter and played good enough “D” to prevent the Blazers from doing same. Damian Lillard fueled a huge, 16-0 run midway through the fourth to give his team life. Since New Orleans was up 17 at that point, the comeback seemed all but impossible. But impossible and Damian Lillard don’t belong in the same sentence together. 50 points from the superstar gave the Blazers an incredible 125-124 victory after defeat was all but guaranteed.

McCollum scored 10 in his return. Williamson had 28 and Ingram added 30. The Blazers scored 43 points in the final, decisive frame.

First Quarter

CJ McCollum wasted no time in making his presence known, hoisting up four three-point attempts in the first quarter. He hit two, and the Blazers were in business. They worked the high screen and roll to exhaustion, trying to take advantage of the relative lack of mobility in the New Orleans frontcourt. It worked, too. The problem was, Brandon Ingram went nuclear on the other end, sinking everything from threes to layups. Portland’s defense, especially inside, couldn’t live up to the offense. The ball movement from the Pelicans showed that they understood Portland’s weakness and were ready to exploit it. Every field goal the Pels hit in the first quarter was assisted. A dunk from Zion Williamson staked them to a 23-15 lead midway through, but Lillard led a charge back near the end of the period. He was draining threes and taking names, and he forgot his notepad to take names on. Gary Trent, Jr. added to the chorus with one of his own. As it has so many times, the triple brought Portland back. Ingram had 13 in the period, Williamson 10, but the Blazers hit 6 threes to stay within shouting distance. New Orleans led 34-28 after one.

Second Quarter

The Pelicans massacred the Blazers in the paint to start the second quarter. Williamson had no pity; his teammates followed suit. The lead got to 43-32 before Terry Stotts called a “Wait a Minute” timeout. Portland shut off the constant flow of dunks for New Orleans, but their own offense went quiet at the same time. They couldn’t eat into the lead. When the Pelicans hit a couple jumpers, the margin ballooned to 51-35 and Stotts called another timeout, this time with likely-unprintable intentions. Lillard helped his team string together a couple buckets, but by this time it felt like the Blazers were giving up as many points after turnovers as they were scoring themselves. Portland played man-to-man; the Pelicans passed for layups. Portland switch to zone; the Pelicans hit threes. Whatever “it” was, it just wasn’t working. New Orleans led 64-50 at the half.

Third Quarter

If the Blazers planned to turn the game at the start of the second half. their defense didn’t show it. New Orleans went inside again. Portland countered with threes. In a reversal of fortune, though, the Pelicans started turning over the ball. Those were the only possessions in which they didn’t score, but the sheer volume of TO’s started to add up. Portland got the margin back to single-digits and the comeback was on. But you can’t make a comeback without defense and the Blazers never played any, at least not for sustained periods. Derrick Jones, Jr. hit the occasional three—an unexpected boost—but New Orleans easily matched his production. The Pelicans maintained a 9-12 point lead for most of the period. The more Portland hustled, the more imbalanced their defense became and the easier New Orleans found it to pass around them. Pels point guard Lonzo Ball had a career-high 16 assists by the end of the third quarter. New Orleans led 95-82 entering the fourth.

Fourth Quarter

The Blazers needed the rally flag at the start of the fourth. It looked an awful lot like a surrender flag instead, They hit even more threes, but allowed just as many. And they still couldn’t counter the Pelicans’ inside game. The situation just didn’t get any better until the 6:00 mark when Portland made a 16-0 run to close within 1, 117-116. Lillard was at the heart of it with two threes, a layup, and an assist to Trent, Jr. for another three. Eric Bledsoe closed them down again with a revenge three and the game was on, 2:00 remaining. Carmelo Anthony and Zion exchanged buckets, then Lillard drove for a conventional three-point play. Then Williamson scored again. Lillard missed a three, leaving Portland down 124-121.

With less than 24 seconds left, the Blazers fouled intentionally. Incredibly, Ingram missed two free throws with 7 seconds left on the clock. The Blazers had a chance to tie with the final possession. Instead, the Pelicans fouled Lillard before he could shoot. Dame sunk both, and now New Orleans led by 1 with 5 seconds remaining.

As the parade of the improbable continued. the Pelicans muffed the inbounds pass. The ball fell out of bounds, leaving Portland a chance to win with any shot.

As Lillard pulled up for a long two with 1.2 seconds remaining, Bledsoe fouled him on the arm. Lillard calmly sank both free throws. New Orleans got a long pass to Williamson, but he missed the defended turn-around at the buzzer. After a lousy game for 42 minutes, the Blazers won in the most astounding way possible.

Stay tuned for our Extended Recap with analysis from Marlow Ferguson, Jr.!

Boxscore

Portland will face the Pelicans once again on Thursday night, at 7:00 PM, Pacific.

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Sports

Brooklyn Nets’ Kyrie Irving ties season high with 40 points in ‘vintage’ game, embraces ex-Boston Celtics teammates afterward

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NEW YORK — Kyrie Irving tied his season high of 40 points on Thursday night against the Boston Celtics, notching his fifth game with 40 or more points since joining the Brooklyn Nets prior to the 2019-20 season. Only two players — Vince Carter and John Williamson — have had more such games for the franchise.

After the Brooklyn Nets’ 121-109 win over Boston, Irving hugged his former teammates before walking off the floor.

“Big surprise to a lot of people,” Irving said in jest. “All that s— talking about me and all the relationships I have with every former teammate of mine.”

Irving played for the Celtics from 2017 to 2019. The Nets’ guard has scored a combined 77 points against Boston this season. Still, Irving said facing his former team didn’t necessarily add extra fuel to his game, but that he expected to see the Celtics in the playoffs.

“I’m just waiting for the main stage,” Irving said. “Playing in front of millions of people and it actually mattering in terms of win or lose or go home. I’m looking forward to that, but games like this in the middle of the season against guys that you know well, that’s always a blessing.”

Irving’s former teammate Marcus Smart called Irving’s performance “vintage Kyrie,” but added that the sharpshooters around Irving made the Nets particularly tough to guard. Landry Shamet had 18 points for Brooklyn off the bench, while Joe Harris added 12 points and Jeff Green finished with 11.

James Harden had 22 points and 10 rebounds for the Nets, who have now won 11 of their past 12 games. After the game, Harden said that early on, he could feel the team was shaking off a bit of post-All-Star rust, but that Irving helped carry them to a win.

“He’s a different breed,” Harden said of Irving. “He has that killer mentality in a sense of, no matter who we play or where we’re playing, he is going to go out there and try to destroy the opponent, and that’s something that you’d want on your team at all times. That mentality is what sets him apart from a lot of guys in this league.”

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Business

Stock futures jump after Senate passes $1.9 trillion Covid relief bill, Dow futures up 200 points

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Traders work on the floor of the New York Stock Exchange.

NYSE

U.S. stock futures jumped on Sunday evening as a new stimulus package from Washington headed toward final passage this week.

Futures contracts tied to the Dow Jones Industrial Average jumped 219 points, or 0.7%. Those for the S&P 500 and the Nasdaq 100 composite gained 0.5% and 0.6%, respectively.

The move in futures came after the Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.

The fresh round of government spending could cause ripples in the U.S. Treasury market, where the benchmark 10-year yield has risen sharply in recent weeks. The yield rose as high as 1.62% on Friday after starting the calendar year below the 1% mark.

The rapid move in the bond marked has unnerved equity investors as well, contributing to weakness in stocks with high valuations.

Futures contracts tied to the 10-year Treasury price fell 0.2% on Sunday night at the open of trading, implying higher yields.

“10-year yields finally caught up to other asset markets. This is putting pressure on valuations, especially for the most expensive stocks that had reached nosebleed valuations,” Mike Wilson, the chief U.S. equity strategist at Morgan Stanley, said in a note.

The stock market is coming off an afternoon rally on Friday that took some of the sting out of a rough week for high-flying momentum names. The tech-heavy Nasdaq finished with a week-to-date loss of 2.1%, while the S&P 500 gained 0.8%. The Dow, more reliant on cyclical stocks, rose 1.8%.

The Friday turnaround doesn’t signal that the recent weakness for the market is over, but the divergence between tech and cyclical plays shows that the bullish story remains intact, Morgan Stanley’s Wilson said.

“The bull market continues to be under the hood, with value and cyclicals leading the way. Growth stocks can rejoin the party once the valuation correction and repositioning is finished,” Wilson said.

On the economic front, investors will get a look at wholesale inventory data from January on Monday. Several economic measures in recent weeks have shown a recovery that is picking up steam, including a better-than-expected February jobs report released on Friday.

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Business

Dow futures fall 200 points after a steep sell-off on Wall Street amid surging bond yields

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Stock futures fell in overnight trading Thursday following a tech-led rout on Wall Street amid a surge in bond yields.

Futures on the Dow Jones Industrial Average dipped 200 points, while S&P 500 futures slid 0.8%. The Nasdaq 100 futures fell 1%.

All eyes will be on February jobs report, which is set to be released Friday morning. Economists expect to see that 210,000 payrolls were added in February, compared to just 49,000 in January, according to Dow Jones.

The move in futures followed a sharp sell-off triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. He said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected the Fed chair to signal his willingness to adjust the Fed’s asset purchase program.

The economic reopening could “create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.

“The market’s translation of ‘patient’ is that patient doesn’t mean ‘never,’ and that Powell is indicating that easy money will at a certain point come to an end,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial. “So while the verbiage isn’t too far away from the Fed’s previous stance, it’s enough to move a jittery market south.”

The 10-year Treasury yield jumped back above 1.5% following Powell’s comments. The benchmark rate had stabilized earlier this week after a spike to 1.6% last week amid higher inflation expectations.

Tech stocks led the market decline as growth-oriented companies tend to be more vulnerable to higher interest rates. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.

The S&P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.

“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”

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Business

Dow futures up 180 points as stocks look to add to record levels

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Pedestrians walk in snow past the Wall Street subway station near the New York Stock Exchange.

Michael Nagle | Bloomberg | Getty Images

Futures contracts tied to the major U.S. stock indexes rose in extended trading Monday evening after finishing strong last week.

Dow futures rose 180 points, suggested an implied open of about the same magnitude, while S&P 500 contracts added 19.25 points, or 0.5%. Nasdaq 100 futures gained 67.5 points, or 0.5%.

The U.S. stock market was closed on Monday for Presidents Day.

The major averages finished last week with decent gains even as February’s rally appeared to cool off somewhat. The blue-chip Dow Jones Industrial Average posted two little changed days, while the S&P 500 swung within 0.2% for three days in a row.

Still, the S&P 500 finished the week with a gain of 1.2%, while the Dow added 1%. The tech-heavy Nasdaq Composite rose 1.7%. All three closed at record levels on Friday.

Stock strategists say the rollout of the Covid-19 vaccine, economic reopening and expectations for more fiscal stimulus are key to the market’s buoyant February thus far.

“Covid is far from defeated, but the path toward economic normalization is clearer as more vaccines that reduce hospitalizations and eliminate fatalities are approved,” Dennis DeBusschere, strategist at Evercore ISI, said in an email.

“Treasury Secretary [Janet] Yellen’s forceful arguments for additional stimulus followed by Fed Chair [Jerome] Powell describing maximum employment as ‘our national goal’ helped lift bond yields, inflation expectations, and oil prices last week,” he added.

The Dow has gained 4.9% in February, while the S&P 500 and the Nasdaq have rallied 5.9% and 7.8%, respectively. The S&P 500 has raked in ten record closes in 2021.

Pedestrians walk past a snow covered bull sculpture during a late season nor’easter in New York.

Lucas Jackson | Reuters

Still, DeBusschere warned that rising interest rates and an uncertain policy outlook could keep trading from growing too frothy in the near term and recommended investors stick to cyclical stocks that could see the most upside as the U.S. economy recovers.

Those so-called cyclical sectors, those most sensitive to an economic rebound, have led the rally in February. Energy is up more than 13% month to date, with financials and materials also among the leading sectors.

Freezing weather in regions across the U.S. sparked another rally in energy futures on Monday and put West Texas Intermediate crude contracts above $60 a barrel for the first time since the early days of the coronavirus pandemic.

In corporate news, CVS Health, Occidental Petroleum, Palantir and others will report earnings on Tuesday.

Executives from Robinhood, Melvin Capital and Citadel are scheduled to testify before the House Financial Services Committee on Thursday. Lawmakers are likely to grill the group on the wild trading in GameStop and other heavily shorted equities.

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Science

Early humans in China: DNA analysis points to later arrival than previously thought

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It suggested that Homo sapiens were in China at least 20,000 years earlier than early modern humans had been previously believed to have left Africa and spread around the world. It also tantalizingly hinted at the possibility that a different group of early humans could have evolved separately in Asia.

Not so fast, says the science in 2021. New research published Monday has suggested perhaps we shouldn’t be so eager to rewrite the time line on human origins.

DNA analysis of two human teeth found in the same cave, called Fuyan, plus teeth and other fossilized remains from four other caves in the same region, suggested that it was unlikely early modern humans were in China so early.

“Our new research means it is very unlikely that Homo sapiens reached China before 50,000 years ago. It is always possible that our species reached the region more than 100,000 years ago, but we would have to say that there is no convincing evidence in favor of this at present,” said Darren Curnoe, an associate professor at the Australian Museum Research Institute in Sydney and coauthor of the paper that published in the journal PNAS on Monday.

The researchers were able to extract DNA from 10 human teeth and establish the age of other materials in the caves, such as charcoal and animal teeth, using a range of different methods. The team found that the teeth were at least 16,000 years old, while the other materials were less than 40,000 years old.

“The 2015 study relied heavily on the results of a single dating method which determined the age of cave materials (flowstone) lying above and below the sediments containing the human teeth,” he said via email. Flowstone is a sheetlike deposit of rock formed by flowing water.

“It is well understood that the most reliable dates come directly from the materials of interest to archaeologists, in this case, the human teeth. Our new (dates), including direct ages, are far younger than previously suggested.”

The 2015 study measured the radioactive decay of uranium within cave deposits, not DNA.

Chris Stringer, research leader for human evolution at the Natural History Museum in London, said that the dates of Chinese fossilized teeth had always stood out and it was right to investigate them further using different methods.

However, he said the study, while interesting, didn’t definitively rule out early modern humans in China before 50,000 years ago.

Complex family tree

Untangling human ancestry is a complicated business, and recent research has indicated the human family tree is much more bushy and less linear than the traditional “Out of Africa” narrative, which suggested modern humans originated in Africa and made their first successful migration to the rest of the world in a single wave between 50,000 and 70,000 years ago.

Many different ancient hominins existed and coexisted before Homo sapiens emerged as the lone survivor, and there was interbreeding between different groups of early humans.

Some of these groups — like Neanderthals — are easily identified through the fossil record and archaeological remains, but others — like the Denisovans — have been largely identified by their genetic legacy.

Maria Martinón-Torres, director of the National Research Center on Human Evolution in Spain and an author of the 2015 study, said she welcomed the new data on the early presence of modern humans in China.

However, she noted that the two teeth from Fuyan Cave were uncovered in 2019 and didn’t belong to the original sample her team studied and published in 2015.

“The precise data about the location and morphology of the sample is crucial, but it is not provided in the paper,” she said.

“I agree that we should be working in improving the dates of all sites of interest, especially with direct dating when possible. However, at the moment, there is an increasing number of samples that would support the presence of H. sapiens outside Africa before 50 ka (50,000 years ago),” she said via email.

She noted that there are other discoveries in Saudi Arabia, Israel, Sumatra and Laos, and another site in China where a jawbone has been found, that support the presence of Homo sapiens outside Africa before 50,000 years ago.

One of the main factors supporting the idea that early modern humans left Africa around 50,000 years ago is that there is a strong signal in the genes of present-day human populations.

“We would say that Out of Africa after 70,000 years ago seems to be the dominant picture. We can’t preclude earlier dispersals in other regions, but certainly southern China seems to have been settled in this Out of Africa wave after 50,000 years ago,” Curnoe said via email.

However, Martinón-Torres said this doesn’t rule out the possibility that earlier groups of Homo sapiens wandered around Asia earlier — just as groups of other early humans like Neanderthals and Denisovans did.

“We had no expectations about the dating of these fossils and sites and would have been pleased if we had confirmed an early dispersal. It would certainly have made the history of our species much older than generally believed, and perhaps more interesting,” Curnoe said.

“Sadly, this seems not to be the case, at the least for southern China, according to our work.”

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