Dow futures are eyeing a triple-digit loss this morning
Stock futures are a mixed bag this morning, with the resurgence of Covid-19 cases in Europe haunting Wall Street. Austria just became the latest to re-implement restrictions, sending the country into a new lockdown. In turn, Dow Jones Industrial Average (DJI) futures are pointed 192 points lower, and S&P 500 (SPX) futures are eyeing losses as well. Meanwhile, futures on the Nasdaq-100 (NDX) are indicating solid gains, amid strength in the tech sector, specifically semiconductors. Elsewhere, the Food and Drug Administration (FDA) just authorized Moderna (MRNA) and Pfizer (PFE) Covid-19 booster shots for all adults.
Continue reading for more on today's market, including:
- Why investors shouldn't sweat this tech stock's trough.
- Store closures could not stop CVS Health stock's climb.
- Plus, what's haunting Foot Locker; cybersecurity name brushes off disappointing guidance; Workday shrugs top- and bottom-line win.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.6 million call contracts traded on Tuesday, compared to 1.8 million put contracts. The single-session equity put/call ratio stayed at 0.45, and the 21-day moving average stayed at 0.47.
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The shares of Foot Locker, Inc. (NYSE:FL) are down 5.3% this morning, despite the retailer reporting better-than-expected third-quarter earnings, revenue, as well as comparable store sales. However, the company noted supply chain issues are currently a potential headwind. Year-to-date, FL still sports a 42.3% lead.
- Palo Alto Networks Inc (NASDAQ:PANW) is up 3.9% in electronic trading. While the cybersecurity name initially took a hit on its dismal full-year guidance, it also reported a fiscal first-quarter earnings and revenue win. Year-over-year, PANW remains up 85%.
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Workday Inc (NASDAQ:WDAY) is down 8% before the bell, brushing off a
top- and bottom-line beat for the third quarter. The company attributed the upbeat results to faster subscription revenue growth, but also noted the effects of the pandemic will impact its growth moving forward. Over the past 12 months, WDAY has added 33.8%.
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The week ends on a
quiet note, with no economic data on tap.
European Markets as Covid-19 Resurgence Weighs
Markets in Asia mostly rose today, with the exception of Hong Kong's Hang Seng, which fell 1.1%, as Alibaba (BABA) plummeted following the company's fiscal second-quarter earnings report. China's Shanghai Composite led the winners with a 1.1% gain, while the South Korean Kospi and Nikkei in Japan added 0.8% and 0.5%, respectively.
Meanwhile, European markets are lower midday, as the resurgence of Covid-19 weighs, as well as comments from European Central Bank (ECB) President Christine Lagarde, who reiterated against tightening monetary policy. The German DAX is down 0.4%, after the country increased restrictions on unvaccinated people after a record number of Covid cases yesterday. London's FTSE 100 is 0.7% lower, amid data showing U.K. retail sales adding a better-than-expected 0.8% in October, while the French CAC 40 dips 0.8%.