Energy dependence on Russia took a hit this morning
Stock futures are on the rise, looking to extend yesterday's gains. Dow Jones Industrial Average (DJIA) futures are up 87 points before the bell, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are indicating another modest open higher. Highlighted this morning is news that the European Union (EU) made a deal with the U.S. to bolster energy security for Ukraine and the EU these next two winters, drastic steps taken to reduce the need for Russian oil and gas. At last check, May-dated crude futures were 2.4% lower at $109.60 per barrel.
Continue reading for more on today's market, including:
- Checking in with VTRS after its court win.
- 4 semiconductor stocks to keep on your watch list.
- Plus, 2 stocks dropping after earnings; and the pharmaceutical stock upgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts traded on Thursday, and 744,271 put contracts. The single-session equity put/call ratio fell to 0.47, and the 21-day moving average stayed at 0.57.
- Nio Inc (NYSE:NIO) is down 4.8% premarket, after the electric vehicle company's quarterly loss. Recently rejected by pressure at the 50-day moving average, NIO is down 40.5% year-over-year.
- Honest Company Inc (NASDAQ:HNST) is plummeting in electronic trading, down 19.5%, after the company's weak first-quarter forecast and lower-than-expected fourth-quarter earnings and revenue. To follow, both Jefferies and Guggenheim chimed in with downgrades, while two other analysts slashed their price targets. If these losses hold, the stock is on track for a new record low. Year-to-date, HNST is down 23.9%.
- Bernstein upgraded Teva Pharmaceutical Industries Ltd (NYSE:TEVA) to "outperform" from "market perform," citing its improved balance sheet, as well as new product launches. TEVA is up 4.2% ahead of the open.
- Today will bring final University of Michigan consumer sentiment index due, as well as the final five-year inflation expectations, and the pending home sales index.
European Markets Eye Data, Meetings
Asian markets were mixed on Friday. Japan’s Nikkei added 0.1%, as investors digested fresh data showing the country’s core consumer price index (CPI) for March at two-year highs, while Apple (AAPL) suppliers edged higher amid reports that the tech concern is planning on launching an iPhone subscription service. Meanwhile, South Korea’s Kospi was flat with a 0.01% gain, while Hong Kong’s Hang Seng shed 2.5%, with tech stocks taking a hit as JD.com’s (JD) subsidiary JD Logistics announced a $1.09 billion stock offering, and the U.S. Securities and Exchange Commission (SEC) added Weibo to a list of Chinese stocks that could be delisted. Elsewhere, China’s Shanghai Composite settled with a 1.2% loss.
European markets are higher, after several meetings between world leaders yesterday resulted in ramped up troops along NATO’s eastern flank, additional sanctions on Russia, and billions more of U.S. dollars in support of Ukraine. Investors are also digesting the Germany’s Ifo Business Climate Index for March, which turned in a sharp decline as the Russia-Ukraine war weighs on sentiment. Nonetheless, the German DAX was last seen up 0.9%, France’s CAC 40 is 0.8%higher, and London’s FTSE 100 is eyeing a 0.3% gain.