All three major benchmarks are pointed lower this morning
Stock futures are looking to kick off the last week of April on a sour note. Futures on the Dow Jones Industrial Average (DJIA) are pacing for a 226-point drop this morning, after the blue-chip index logged its fourth-straight weekly loss and worst day since June 2020 on Friday. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are eyeing steep losses as well, as traders await this week's slew of Big Tech earnings. Elsewhere, oil prices and the 10-year U.S. Treasury yield are both falling, amid fears of a global economic slowdown.
Continue reading for more on today's market, including:
- How CEO Bernie Schaeffer beat Jim Cramer to the HSY punch.
- Options bears blasted JetBlue stock after a downgrade.
- Plus, Coca-Cola posts blowout earnings results; Twitter eyes deal with Elon Musk; and Kellogg stock downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Friday, and 1,086,325 put contracts. The single-session equity put/call ratio rose to 0.87, and the 21-day moving average remained at 0.57.
- Coca-Cola Co (NYSE:KO) is up 1.3% ahead of the bell, after the company posted better-than-expected first-quarter earnings of of 64 cents per share, in addition to a revenue win. Longer term, the beverage name already sports a 19.9% year-over-year lead.
- The shares of Twitter Inc (NYSE:TWTR) are up 5% before the open, as the social media name reportedly approached a takeover deal with Tesla (TSLA) CEO Elon Musk, who has $46.5 billion in financing secured. In the last three months, TWTR has added 40.5%.
- Kellogg Company (NYSE:K) is down 1.5% in the premarket, following Deutsche Bank's downgrade to "hold." The analyst in question noted high inflation, supply chain challenges, and workers' strikes. K has added 11.6% in the last six months, however.
- There are no economic indicators of note scheduled for today.
European Markets Dip After French Presidential Election
Asian markets finished sharply lower today, taking a cue from their U.S. counterparts after Friday's selloff. China's Shanghai Composite led the losses with a 5.1% drop, as the country's Covid-19 lockdowns continue to put pressure on the economy, while Hong Kong's Hang Seng followed behind with a 3.7% fall. Elsewhere, Japan's Nikkei shed 1.9%, while the South Korean Kospi closed 1.8% lower.
Amid global pressure for stocks, European markets are lower midday as well. Eyes are on France, after Emmanuel Macron beat Marine Le Pen in the presidential election, gaining 58.5% in the last round of voting. The French CAC 40 and London FTSE 100 are both off 1.8% at last glance, while the German DAX has shed 1.2%.