The major indexes are looking to leave last week's losses behind
Stock futures are on the rise this morning, as investors try to leave last week's dismal losses in the rearview mirror. Durable goods orders fell 4.5% for January compared to the 3.6% drop Wall Street expected, indicating consumers are holding back on big purchases. Futures on the Dow Jones Industrial Average (DJIA) are eyeing a 238-point pop, and Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also sharply higher.
Continue reading for more on today's market, including:.
- Keep tabs on this electricity and oil stock.
- Recapping a data-filled President's Day week.
- Plus, Best Buy stock downgraded; buyout rumors boost biotech stock; and Union Pacific to name CEO successor.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 943,597 put contracts traded on Friday. The single-session equity put/call ratio stayed at 0.80 and the 21-day moving average stayed at 0.79.
- Telsey Advisory Group downgraded Best Buy Co Inc (NYSE:BBY) to "market perform" from "outperform," citing the impact high inflation and rate hikes could have on the tech retailers' sales and profits. BBY is off 1.7% ahead of the open, and 8.5% year-over-year.
- Acquisition rumors are boosting Seagen Inc (NASDAQ:SGEN) stock, which was last seen up 13.4% in premarket trading as Pfizer (PFE) reportedly eyes the drug maker that is valued at roughly $30 billion. So far in 2023, the equity has already added more than 25%.
-
Union Pacific Corporation (NYSE: UNP) said it will
name a successor for CEO Lance Fritz in 2023. The shares are up 9.4% before the bell, enjoying an upgrade from Bank of America to "buy" from "neutral." Over the past 12 months, UNP has shed 19.9%.
-
Insurance Sector Boosts European Markets
Markets in Asia slipped on Monday, following the U.S. market’s sharp decline last week. Meanwhile, the People’s Bank of China remained dovish in its quarterly report. Japan’s Nikkei fell 0.1% for the day, the South Korean Kospi shed 0.9%, while China’s Shanghai Composite and Hong Kong’s Hang Seng both dropped 0.3%.
European markets are sporting considerable gains, fresh off a disappointing week for the bourses, with help from the insurance sector. London’s FTSE 100 is up 0.7% at last look, while the French CAC 40 rises 1.6%, and the German DAX jumps 1.5%.