All three major benchmarks are lower ahead of the open
Fresh off Wall Street's best week since November of 2020, stock futures are pointed lower before the open this morning. Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are down double digits, while S&P 500 Index (SPX) futures sit just below fair value. Oil prices are on the rise to kick off the new week, amid reports that countries in the European Union are considering a Russian oil embargo.
Continue reading for more on today's market, including:
- There are growth opportunities within the cannabis industry.
- Underperforming Beyond Meat stock is a favorite of options bears.
- Plus, NLSN plummets; BA lower after jet crash; and MANU brushes off downgrade.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.1 million call contracts traded on Friday, and 949,432 put contracts. The single-session equity put/call ratio fell to 0.45, and the 21-day moving average stayed at 0.57.
- Nielsen Holdings PLC (NYSE:NLSN) is down 17.6% premarket, after news that the company rejected a $9.1 billion buyout offer from a consortium of private equity firms. Coming into today, the equity is up 19.2%.
- A Boeing 737-800 jet crashed in the southern region of China, halting all other Chinese aircraft today. Boeing Co (NYSE:BA) is down 6.4% in electronic trading, and set to snap a four-day win streak. Year-to-date, Boeing stock is down 15%.
- Manchester United PLC (NYSE:MANU) is up 3.1% ahead of the open, after an upgrade from Deutsche Bank to "buy" from "hold." The firm noted that the stock is undervalued in its sector. Year-to-date, MANU is up 7.7% heading into today.
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Today will bring The Chicago Fed national activity index.
Investors Eye Rising Covid-19 Cases Overseas
Asian markets were mixed on Monday, as investors digested surging oil prices and China’s largely anticipated decision to maintain its one-year loan prime rate at 3.7%. Hong Kong’s Hang Seng shed 0.9%, after the shares of Russia-based Rusal tumbled amid reports of an Australian ban on ore exports, as well as a trading halt for China Evergrande Group. Meanwhile, South Korea’s Kospi was 0.8% lower, while China’s Shanghai Composite was slightly above breakeven with a 0.08% gain. Elsewhere, Japan’s Nikkei added 0.7%.
European markets are mostly flat, after Ukrainian President Volodymyr Zelenskyy said a continued lack of progress in peace talks between Russia and Ukraine may lead to a third world war. Surging Covid-19 cases across Europe, in addition to higher oil prices, also weighed on investor sentiment. At last check, France’s CAC 40 is down 0.1%, the German DAX is slightly above breakeven with a 0.05% gain, and London’s FTSE 100 is 0.6% higher.