Futures on the Dow are eyeing a triple digit pop
Stock futures look to be staging a sizable comeback this morning, with substantial premarket pops. Futures on the Dow Jones Industrial Average (DJIA) were last seen 365 points higher, helped along by a well-received earnings report out of Home Depot (HD). S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also eyeing notable gains, both up over 1% ahead of the bell. This jump comes just ahead of comments from Federal Chairman Jerome Powell on how the central bank plans on addressing inflation, due out this afternoon.
Continue reading for more on today's market, including:
- The S&P 500 is right near a key trendline Schaeffer's V.P. of Research Todd Salamone has called out.
- What put even more pressure on underperforming Warby Parker stock.
- Plus, Berkshire Hathaway announces new stake in Citi; TTWO enjoys profit beat; and UAL ups revenue forecast.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Monday, and 758,229 put contracts. The single-session equity put/call ratio fell to 0.64, and the 21-day moving average stayed at 0.60.
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Warren Buffet's Berkshire Hathaway (BRK.B) announced it took a near $3 billion stake in Citigroup Inc (NYSE:C) during the first quarter. In response, C is up 5.3% ahead of the bell, as it attempts to work off a 5.3% year-to-date deficit.
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The shares of Take-Two Interactive Software, Inc (NASDAQ:TTWO) are up 5.5% this morning, following the video game name's latest earnings report. TTWO reported fiscal fourth-quarter earnings that topped expectations, though its current-quarter forecast came in below estimates. TTWO has lost 5.4% in the past six months.
- United Airlines Holdings Inc (NASDAQ:UAL) just lifted its passenger revenue outlook for the current quarter, citing a huge improvement in demand. UAL is up 4.3% ahead of the bell in response. The stock is nearing its year-to-date breakeven after a bounce off the $40 level.
- Tuesday will bring retail sales, the industrial production index, the NAHB home builders' index, and business inventories.
Surging Tech Leads Asian Markets Higher
Asian markets settled higher on Tuesday, as investors brushed off yesterday’s dismal Chinese retail sales data, as well as stateside inflation concerns. Leading the gainers was Hong Kong’s Hang Seng, which added 3.3% as Tencent Music Entertainment (TME), Alibaba (BABA), and other tech stocks surged. Elsewhere, South Korea’s Kospi rose 0.9%, while China’s Shanghai Composite and Japan’s Nikkei were 0.7% and 0.4% higher, respectively.
European markets are looking to mirror global market gains, though investors are still monitoring the Russia-Ukraine war, following reports that 260 Ukrainian fighters were evacuated from the Azovstal steel plant in Mariupol. Meanwhile, bids from Finland and Sweden to join NATO had Russian President Vladimir Putin calling the expansion of the military alliance “a problem.” Investors are also digesting news that while U.K unemployment hit its lowest since 1974 in the first quarter, wages lagged due to high inflation. However, Euro zone gross domestic product (GDP) still grew for the quarter. At last check, the German DAX is up 1.5%, France’s CAC 40 is 1.3% higher, and London’s FTSE 100 is eyeing a 0.8% gain.