All three benchmarks are pointed higher before the bell
Stock futures are pointed higher this morning, after hawkish comments from U.S. Federal Reserve Chairman Jerome Powell brought on two days of losses. Futures on the Dow Jones Industrial Average (DJIA) are up 132 points, while Nasdaq Composite (IXIC) and S&P 500 Index (SPX) futures sit in the black as well. Meanwhile, investors are digesting a pullback in oil prices, as well as S&P Case-Shiller data showing home prices cooled off in June, but are still 18% higher year-over-year.
Continue reading for more on today's market, including:
- GameStop stock snapped an eight-day losing streak.
- Choppy waters may lie ahead for struggling cruise name.
- Plus, BBY jumps after earnings; "meme stock" looks to extend gains; and First Solar announces manufacturing expansion.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.16 million call contracts traded on Monday, and 857,827 put contracts. The single-session equity put/call ratio dropped to 0.74, and the 21-day moving average stayed at 0.67.
- Best Buy Co Inc (NYSE:BBY) is up 0.7% premarket, after the company beat top- and bottom-line estimates for its second quarter, with lower prices driving demand. Comparable store sales also fell less than what analysts anticipated. Year-to-date, the equity is down 27.5%.
- "Meme stock" Bed Bath & Beyond Inc (NASDAQ:BBBY) is up 8.9% before the bell, looking to extend Monday's 24.8% pop, after the home goods company said it would deliver a "business and strategic update" on Wednesday. Quarter-to-date, the security is up 168.6%.
- First Solar Inc (NASDAQ:FSLR) is up 2.2% in electronic trading, after the alternative energy name said it will invest $1.2 billion to expand its U.S.-based factories. This move follows the Inflation Reduction Act (IRA), after the company said earlier this year it was unlikely to build more in the U.S. Year-over-year, FSLR is up 28.9%.
- Today will also bring job openings and quits, as well as the latest consumer confidence index. Plus, New York Fed President John Williams is scheduled to speak.
Investors Eye Unemployment Data Overseas
It was a mixed day for Asian markets, as stocks tried to recover from yesterday’s dismal trading session. Investors had their eye on Japan’s jobless rate, which remained unchanged at 2.6% in July, marking the third-straight month the reading has come in flat. In response, the Nikkei in Japan rose 1.1%, while the Hong Kong Hang Seng and China’s Shanghai Composite both shed 0.4%. The South Korean Kospi tacked on 1%.
In Europe, stocks are sitting higher as traders looked ahead toward unemployment data out of the euro zone, as well as gross domestic product (GDP) data and inflation numbers out of the U.K. At last glance, the French CAC 40 is up 1.1%, the German DAX has added 1.8%, and the London FTSE 100 has eked out a 0.05% gain at the midway mark.