The Nasdaq snapped its four-day losing streak yesterday in the session's final minutes
Stock futures are cautiously higher this morning, as Wall Street looks to put the recent selloff in the rear view mirror. Futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are slightly above fair value, while Nasdaq-100 Index (NDX) futures are eyeing a larger pop in the wake of yesterday's volatile price action. The 10-year Treasury yield cooled off after yesterday climbing to 1.8%, last seen back around 1.77%. Elsewhere, Federal Reserve chairman Jerome Powell's Senate confirmation hearing is later today.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone reassesses the tech sector after last week's rout.
- Check out one of our Top Stock Picks of 2022.
- Plus, tech stock double-upgraded; CVS ups guidance; and Rivian's rough 2022 gets worse.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.47 million call contracts traded on Monday, and 825,226 put contracts. The single-session equity put/call ratio fell to 0.56, and the 21-day moving average remained at 0.49.
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Juniper Networks, Inc (NYSE:JNPR) stock is up 3.2% in electronic trading, after BofA Global Securities issued a double upgrade to "buy" from "underperform." The analyst in coverage is bullish on the network company's valuation. JNPR is up 45% year-over-year.
- CVS Health Corp (NYSE:CVS) stock is 1% higher ahead of the open, after the pharmacy chain raised its full-year earnings outlook from $8.33 to $8.38 per share. CVS is up 40% in the last 12 months.
- The shares of Rivian Automotive Inc. (NASDAQ:RIVN) are off by 4% before the bell, after the electric vehicle's (EV) 2021 output fell short of its goal. Also weighing on RIVN is the departure of the company's chief operating officer. Rivian stock has shed 21% in 2022 already.
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Overseas Markets Eye Powell Hearing
Asian markets were mostly lower on Tuesday, as investors feared stateside interest rate hikes and surging bond yields. They were also waiting to hear from U.S. Federal Reserve Chairman Jerome Powell, who is expected to appear before Congress today for his second term nomination hearing. Pacing the laggards today was Japan’s Nikkei with a 0.9% drop, followed by China’s Shanghai Composite’s 0.7% dip. Elsewhere, Hong Kong’s Hang Seng finished slightly below breakeven with a 0.03% loss, while South Korea’s Kospi logged a modest 0.02% gain.
European markets are bouncing back, on the other hand, as investors eye tomorrow’s U.S. consumer price index (CPI). They are also looking for hints as to the timing of interest rate hikes. At last check, both France’s CAC 40 and the German DAX are 1.2% higher, while London’s FTSE 100 up 0.7%.