Dow futures are eyeing a 235-point pop this morning
Futures on the Dow Jones Industrial Average (DJIA) are looking to open 235 points higher this morning, as traders continue to monitor the ongoing earnings season. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also pacing for solid gains, ahead of Federal Reserve Chairman Jerome Powell's policy speech at the International Monetary Fund (IMF) Debate on the Global Economy, which will happen this afternoon. Wall Street is also digesting last week's round of initial jobless claims, which came in slightly above estimates at 184,000, as opposed to the expected 182,000.
Continue reading for more on today's market, including:
- Digging into Netflix stock's massive post-earnings tumble.
- This insurance stock makes a healthy portfolio addition.
- Plus, United Airlines predicts return to profitability; Tesla sees record profits; and what's weighing on Carvana stock.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Wednesday, and 745,755 put contracts. The single-session equity put/call ratio rose to 0.61, and the 21-day moving average remained at 0.57.
- United Airlines Holdings Inc (NASDAQ:UAL) is up 8.3% ahead of the bell, despite reporting worse-than-expected first-quarter losses and revenue. What's boosting the equity instead is news that it could soon return to profitability amid strong travel demand. Year-to-date, UAL has added 6.3%.
- The shares of Tesla Inc (NASDAQ:TSLA) are up 7.2% before the open. Today's surge came after the electric vehicle (EV) concern's blowout first-quarter earnings report, which delivered record profits and a revenue beat. Though the company warned the chip shortage would impact production this year, it still expects to increase deliveries. Year-over-year, TSLA sports a 35.9% lead.
- Carvana Co (NYSE:CVNA) stepped into the earnings confessional this morning to report wider-than-expected first-quarter losses. Last seen down 3.8% in premarket trading, the equity is brushing off a revenue beat, as the online used car retailer's first-ever quarterly sales decline weighs. CVNA is already down 60.1% in 2022.
- Leading economic indicators are on the calendar today.
Asian Markets Fall Amid Severe Covid-19 Outbreak
Markets in China led the losses today, as investors speculate on the country's economic outlook amid the worst Covid-19 outbreak the region has seen since its initial 2020 outbreak. In response, China's Shanghai Composite fell 2.3%, while the Hong Kong Hang Seng dropped 1.3%. Meanwhile, Japan's Nikkei added 1.2%, and the South Korean Kospi saw a 0.4% rise.
European markets are rising midday, with all eyes on updates from Ukraine. London's FTSE 100 is up 0.3%, while the French CAC 40 has added 1.8%, and the German DAX is 1.5% higher.