The Dow is taking a breather after its two-day rally
Futures on the Dow Jones Industrial Average (DJI) are taking a breather from their two-day rally, trading slightly lower ahead of the bell, while the S&P 500 Index (SPX) is also set for a muted open and the Nasdaq-100 Index (NDX) is eyeing a small rise. The latter two indices are coming off their worst month since the pandemic-fueled plummet of March 2020, as investors monitored big updates from the Federal Reserve.
Earnings from several major names are being looked at by traders, including United Parcel Service (UPS), which posted a profit beat. Meanwhile, Wall Street is looking ahead to the ISM manufacturing report and the latest Job Openings Labor Turnover Survey (JOLTS), which will be out later this morning.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone cracks open the tape on recent options trends.
- Options bears are having a field day with Sunrun stock.
- Plus, AMC posts upbeat preliminary Q4 results; UBS pops on buyback buzz; and XOM bests earnings estimates.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.45 million call contracts traded on Monday, and 771,109 put contracts. The single-session equity put/call ratio fell to 0.53, and the 21-day moving average rose to 0.53.
- The shares of AMC Entertainment Holdings Inc (NYSE:AMC) are up 14.9% in premarket trading after reporting upbeat preliminary fourth-quarter results, thanks to progressive improvement during the last year.
- UBS Group AG (NYSE:UBS) is up 6.5% ahead of the bell after the company's fourth-quarter profits rose to their highest level since 2006, while the company also said it was hiking its share buyback program.
- Another company posting an impressive earnings report is Exxon Mobil Corp (NYSE:XOM), which is up 1.5% before the bell. The oil concern posted an earnings beat for its fourth-quarter, though revenue missed the mark. It also announced a new $10 billion stock buyback program.
- Today features the Markit manufacturing PMI, and the ISM manufacturing index. In addition, job openings and job quits data is on tap, as well as construction spending.
European Markets Higher After French Inflation Report
Most markets in Asia were closed today in observance of the Lunar New Year. Japan's Nikkei added 0.3% today, after the country's manufacturing Purchasing Manager's Index (PMI) rose to a seasonally adjusted 55.4 in January – its fastest pace since February of 2014, according to Reuters.
European markets, meanwhile, are on the rise midday. In France, inflation pulled back from its 13-year high in January, though the reading of 3.3% was still higher than expectations. The French CAC 40 is up 1.3%, while London's FTSE 100 and the German DAX add 1.1% and 1.2%, respectively.