All three major benchmarks are higher ahead of the open
Futures on the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (NDX) are up triple digits this morning, while S&P 500 Index (SPX) futures sit comfortably higher as well, as falling bond yields help the market recover from yesterday's slide. Meanwhile, oil futures are climbing to their highest level in two weeks.
Continue reading for more on today's market, including:
- Behind Biomea Fusion stock's record highs.
- Options traders target Alibaba stock after company update.
- Plus, 2 post-earnings pops to watch and analyst makes a move on DE with a bull note.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 923,344 call contracts and 687,552 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.74 and the 21-day moving average stayed at 0.79.
- Lululemon Athletica Inc (NASDAQ:LULU) is up 16.2% premarket, after the company reported better-than-expected fiscal fourth-quarter results and raised its annual forecast. Citigroup upgraded the stock to "buy" from "neutral" after the news, while no fewer than 13 other analysts lifted their price targets. Should these gains hold, LULU will gap into positive territory since the start of the year.
- Micron Technology Inc (NASDAQ:MU) is also enjoying a post-earnings pop, up 2.6% before the bell. The company announced narrower-than-expected fiscal second-quarter losses per share, but lower-than-expected revenue. The shares are getting a boost from the company's increased workforce reduction target as well as its artificial intelligence (AI) optimism. Plus, no fewer than five analysts raised their price objectives. Year-to-date, MU is up 18.6%.
-
Daiwa initiated coverage on Deere & Co (NYSE:DE) with an "outperform" rating and $440 price target, one day after Zacks Equity Research called it the "Bull of the Day." Up 0.9% in electronic trading, DE is down 8.6% year-over-year.
-
Pending home sales is the only notable
economic data due out today.
Stocks Higher in Asia, Europe
Stocks in Asia were mostly higher Wednesday, as investors continue to ride the buzz surrounding Alibaba’s (BABA) business change. China’s Shanghai Composite was the only loser, falling 0.2%. Meanwhile, Japan’s Nikkei added 1.3%, Hong Kong’s Hang Seng jumped 2.1%, and South Korea’s Kospi climbed 0.4%.
Over in Europe, markets are enjoying midday gains, as the banking sector sees a lift following news UBS will appoint Sergio Ermotti as the group’s CEO starting April 5. This change comes just after the company’s acquisition of Credit Suisse (CS). At last check, London’s FTSE 100 is up 0.9%, France’s CAC 40 has tacked on 1.3%, and Germany’s DAX is 0.9% higher.