The Dow is eyeing a 206-point drop this morning
The major indexes are pointed lower before the bell, despite yesterday's impressive rebound. Dow Jones Industrial Average (DJIA) futures are eyeing a 206-point drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed lower as well. Wall Street is now turning to the incoming slew of Big Tech earnings reports, with Alphabet (GOOGL) and Microsoft (MSFT) to step into the confessional after today's close. Investors are also awaiting new home sales and consumer confidence data.
Continue reading for more on today's market, including:
- Options bulls blasted TWTR ahead of Elon Musk's buyout.
- What an unusually bearish April could mean for the SPX.
- Plus, PepsiCo wins on higher prices; unpacking this blue chip's earnings; and why United Parcel Services stock is higher.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Monday, and 770,554 contracts. The single-session equity put/call ratio fell to 0.63, and the 21-day moving average remained at 0.57.
- PepsiCo, Inc. (NASDAQ:PEP) is down 0.5% ahead of the bell, despite the company reporting better -than-expected first-quarter earnings and revenue, amid higher prices for its signature brands. Year-over-year, PEP sports a 19.1% lead.
- Blue-chip name 3M Co (NYSE:MMM) is also brushing off an upbeat first-quarter report, with profits and revenue that came in above Wall Street's estimates. Last seen down 0.8%, MMM has shed a substantial 26.5% over the past 12 months.
- United Parcel Service, Inc. (NYSE:UPS) is up 1.7% in the premarket, following a top- and bottom-line win for the first quarter. Specifically, the delivery concern saw profits of $3.05 per share, and $24.38 billion in revenue. UPS remains down 11.5% in 2022, however.
- Both the S&P Case-Shiller and the Federal Housing Finance Agency (FHFA) U.S. home price indexes are due out today. Durable goods and core capital equipment orders, April's consumer confidence index, and new home sales data are expected as well.
Asian Markets Rebound From Covid-19 Selloff
Most markets in Asia rebounded from yesterday's sharp selloff, with the exception of China's Shanghai Composite, which fell 1.4%. Surging Covid-19 cases and the subsequent lockdowns are weighing on sentiment in China, and Beijing announced that mass testing will expand to 10 more districts as well as one economic development area. Meanwhile, Hong Kong's Hang Seng added 0.3%, while Japan's Nikkei and the South Korean Kospi both tacked on 0.4%.
European markets are bouncing back as well, as concerns regarding China's economy amid lockdowns ease for now. London's FTSE 100 is up 1% midday, while the German DAX has climbed 1.1%, and the French CAC 40 has added 1.2%.