Stock futures are attempting a rebound ahead of a big week on Wall Street
Stock futures are pointed mostly higher this morning, as Wall Street attempts to brush off last week's outsized weekly losses. Traders are anxious for tomorrow's consumer price index (CPI) reading, especially after Federal Reserve Chair Jerome Powell said disinflation had a long way to go. Futures on the Dow Jones Industrial Average (DJIA) are slightly below breakeven, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are pointed firmly higher.
Continue reading for more on today's market, including:.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 939,952 put contracts traded on Friday. The single-session equity put/call ratio rose to 0.69 and the 21-day moving average stayed at 0.80.
- Morgan Stanley downgraded XPO Inc (NYSE:XPO) to "equal weight" from "overweigh," while Oppenheimer slashed its price target to $38 from $45 earlier, the former noting the logistics stock is a "show me story." XPO is down 0.7% before the open, potentially adding to its 13% year-over-year deficit.
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G1 Therapeutics Inc (NASDAQ:GTHX) stock is sinking, last seen down 51.6% in premarket trading, after the company announced plans to discontinue a cancer
drug study. Over the last 12 months, GTHX has shed 31.5%.
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The shares of
Zillow Group Inc (NASDAQ:ZG) are up 4.9% ahead of the bell, following an upgrade from Evercore ISI to "outperform" from "in-line", as well as a price-target hike to $61 from $34. So far in 2023, ZG has
already added 35.3%.
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The New York Federal Reserve's one- and five-year inflation expectations are due out today.
Asian Markets Dip Ahead of BoJ Governor Nomination
Asian markets were mostly lower today, with the exception of the Shanghai Composite in China, which finished the day up 0.7%. Japan’s Nikkei slipped 0.9%, ahead of the Bank of Japan’s (BoJ) next governor nomination, which will be announced to the parliament on Tuesday. The South Korean Kospi dropped 0.7%, while Hong Kong’s Hang Seng fell 0.1%.
In Europe, stocks are higher midday, ahead of tomorrow’s batch of economic data across the globe. London’s FTSE 100 is up 0.4% at last glance, while the German DAX and French CAC 40 are up 0.5% and 0.9%, respectively.