The Dow is up 253 points before the bell
Dow Jones Industrial Average (DJI) futures are up 253 points this morning, following its worst weekly losing streak of 2021. Meanwhile, futures on the S&P 500 (SPX) are modestly higher, while the Nasdaq-100 (NDX) sits in the red before the bell. Sentiment regarding the Covid-19 omicron variant has shifted optimistic, as early comparisons to the delta variant by U.S. health officials show that it may be less dangerous. Elsewhere, Bitcoin (BTC) is trading under 49,000, after a rough weekend for the cryptocurrency.
Continue reading for more on today's market, including:
- Headlines light a fire under several cannabis stocks.
- A look at this restaurant name ahead of its dividend payout.
- Plus, MSTR drops alongside Bitcoin, EA upgraded; and GCP surges on buyout buzz.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Friday, and over 1.2 million put contracts. The single-session equity put/call ratio rose to 0.74, and the 21-day moving average stayed at 0.48.
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MicroStrategy Inc (NASDAQ:MSTR), the
largest corporate owner of Bitcoin, is down 7.6% ahead of the open, after the cryptocurrency's weekend tumble. Coming into today, the equity is up 62.4% year-to-date, despite continuing to fall from its early November peak.
- Citigroup upgraded Electronic Arts Inc (NASDAQ:EA) stock to "buy" from "hold," though it also threw in a price-target cut to $150 from $160. The stock has been moving lower on the charts lately, which the firm sees as a buying opportunity. EA is up 1.9% in electronic trading.
- Construction chemicals stock GCP Applied Technologies Inc (NYSE:GCP) is up 13.7% pre-market, after news that the company will be acquired by French construction name Saint-Gobain for about $32 billion. Looking to extend its Dec. 1 annual high, GCP is headed for a two-year peak if these gains hold.
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European Markets Rise Amid Data
Asian markets stumbled on Monday, as overseas investors kept a close eye on some volatile movements in the cryptocurrency space, as well as updates from China’s Evergrande. The embattled real estate name’s stock plummeted on news that it will be delisted from the China Enterprises index. Evergrande also announced last Friday that it received a demand to repay roughly $260 million of its debts. Meanwhile, four new tech stocks, including Netease and JD, were added to the Hang Seng index. In response, Hong Kong’s Hang Seng shed 1.8%, the Shanghai Composite in China fell 0.5%, and the Nikkei in Japan lost 0.4%. The only winner for the day, the South Korean Kospi, added 0.2%.
European traders are brushing off concerns about Bitcoin’s volatile weekend, as well as lingering fears over the omicron variant, as the major indexes enjoy a midday bounce on Monday. Traders also digested a slew of economic data, including the euro zone’s Sentix index, which dropped to 13.5 from 18.3 last month, as Covid-19 anxieties weighed, as well as Germany’s industrial orders, which fell 6.9% in October -- much lower than estimates. At last check, the French CAC 40 is 0.9% higher, the German DAX is up 0.6%, and the London FTSE 100 is up 1%.