Futures on the Dow and Nasdaq are both eyeing triple-digit opens
Stock futures are pointed higher this morning as corporate earnings reports continue to roll in, including an upbeat report from Enphase Energy (ENPH), which is up over 22% ahead of the bell. Dow Jones Industrial Average (DJI) futures are looking to start the day with a triple-digit lead, while the S&P 500 (SPX) is pointed comfortably higher. Nasdaq-100 Index (NDX) futures are also eyeing an open in the triple digits, as tech strengthens and the 10-year Treasury yield takes a step back.
Continue reading for more on today's market, including:
- What the Super Bowl can teach us about market randomness.
- The blue chip logging record highs ahead of earnings.
- Plus, CGC shares upbeat quarterly results; NKLA denies hiring freeze; and CMG looks to raise menu prices.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.29 million call contracts traded on Tuesday, and 753,720 put contracts. The single-session equity put/call ratio rose to 0.58, and the 21-day moving average stayed at 0.54.
- Weed giant Canopy Growth Corp (NASDAQ:CGC) posted fiscal third-quarter revenue that topped expectations, as well as slimmer-than-anticipated losses. The company cited growth in its drink and vape categories, which helped offset a decline in cannabis demand. CGC was last seen up 4.7% before the bell.
- Nikola Corp (NASDAQ:NKLA) is making headlines after denying recent allegations that it put a hiring freeze in place due to the loss of nearly all of its supply chain leadership. The stock is up 1.6% before the open.
- The shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) are up 6.8% in premarket trading, following the company's fourth-quarter earnings results. CMG reported profits of $5.58 per share, which topped analysts forecasts, on $1.96 billion in revenue, which came in line with estimates. Chipotle said it would lift its menu prices in response to higher labor and food costs, with another price hike coming later this year as well.
- Investors will see wholesale inventories data out today.
Markets Surge Overseas
Markets in Asia rose across the board today. Hong Kong’s Hang Seng paced the region with a 2.1% pop, with tech stocks leading the surge. China’s Shanghai Composite and South Korea’s Kospi each added 0.8%, while Japan’s Nikkei tacked on 1.1%, amid a big jump from SoftBank.
Over in Europe, stocks are taking similar cues, as investors pore over a slew of corporate reports from the likes of L’Oreal, Deutsche Boerse, and Siemens Energy. At last check, London’s FTSE 100 is up 0.7%, the French CAC 40 is 1.5% higher, and the German DAX is sporting a 1.7% lead.