All three major indexes are pacing for weekly losses, however
Stock futures are pointed higher this morning, though the major indexes are still eyeing weekly losses as the Federal Reserve's plans to taper economic stimulus continue to weigh. Futures on the Dow Jones Industrial Average (DJIA) are eyeing a 104-point pop, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are looking to open with modest gains, as transport stocks take a hit. Investors are now shifting their attention to the upcoming earnings season, which kicks off next week with JPMorgan Chase (JPM) and Delta Air Lines (DAL).
Continue reading for more on today's market, including:
- Mattel stock poised to bounce off bullish trendline.
- Why bulls just blasted Costco stock.
- Plus, Robinhood stock downgraded; apparel retailer raises forecast; and analyst sees tailwinds for KR.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Thursday, and 856,610 put contracts. The single-session equity put/call ratio stayed at 0.60, and the 21-day moving average remained at 0.57.
- Goldman Sachs downgraded stock trading platform Robinhood Markets Inc (NASDAQ:HOOD) to “sell” from “neutral." The analyst in question noted the high consensus estimates for the company, and questioned its ability to achieve profitability in 2023. Last seen down 4.7% before the bell, HOOD has shed 71.2% over the last six months.
- Designer Brands Inc (NYSE:DBI) is up 2.2% ahead of the open. Today's pop came after the company hiked its full-year forecast, and reinstated a quarterly dividend, ahead of its upcoming investor day. Year-over-year, DBI is down 20.9%.
- Grocery giant Kroger Co (NYSE:KR) received an upgrade from Bank of America Securities to “buy” from “neutral" earlier, with the analyst in question noting higher inflation as a factor. KR is up 3% in the premarket, and sports a 61.2% year-over-year lead.
- Today brings the latest wholesale inventories data.
Asian Markets Higher Despite China's Covid-19 Breakout
Markets in Asia finished higher on Friday, as investors continued to monitor the Covid-19 breakout in China, as well as the U.S. Federal Reserve's hawkish policy plan. The city of Shanghai is under strict lockdown, and appears to be struggling with food shortages. China's Hong Kong Hang Seng and Shanghai Composite added 0.3% and 0.5%, respectively, while Japan's Nikkei rose 0.4%, and the South Korean Kospi tacked on 0.2%.
European markets are all over 1% higher midday, as the bourses weigh further sanctions against Russia and updates from the U.S. Fed. London's FTSE 100 is up 1%, while the French CAC 40 has added 1.2%, and the German DAX sports a 1.3% lead.