All three major benchmarks are higher before the bell
Stock futures are on the rise to start the week, after hints that the government has ramped up its efforts to reach a debt ceiling deal and avoid a default. Treasury Secretary Janet Yellen noted over the weekend that "negotiations are very active. I’m told they have found some areas of agreement." Elsewhere, the Empire State Manufacturing index fell sharply to negative 31.8 in May, reversing April's gains.
Continue reading for more on today's market, including:
- This solar stock cannot be stopped.
- You may have missed these stock market stories last week.
- Plus, SOFI downgraded; SHAK's activist investor buzz; and tailwinds for ALB.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 1.1 million put contracts exchanged on Friday. The single-session equity put/call ratio rose to 0.70 and the 21-day moving average stayed at 0.75.
- SoFi Technologies Inc (NASDAQ:SOFI) is down 6.6% premarket, after Wedbush downgraded the stock to "underperform" from "neutral," with a price-target cut to $2.50 from $5. Heading into today, the financial services name is up 8.9% year-to-date.
- Shake Shack Inc (NYSE:SHAK) is up 4.1% in electronic trading, after news that activist investor Engaged Capital is planning a proxy battle for three board seats at the company. Should these gains hold, SHAK will nab fresh one-year highs.
- Albemarle Corporation (NYSE:ALB) is up 2.2% before the bell, after Baird upgraded the lithium stock to "outperform" from "neutral," seeing both short- and long-term tailwinds ahead. Year-to-date, the lithium stock is down 9.7%.
- Here is what to watch for economic data this week.
Stocks Higher in Asia, Europe
Asian markets settled higher Monday. Hong Kong’s Hang Seng led the gainers, adding 1.8%, while China’s Shanghai Composite followed with a 1.2% pop. Japan’s Nikkei added 0.8%, ahead of this week’s Group of Seven summit that’s set to take place in Hiroshima, and South Korea’s Kospi managed a modest 0.2% gain after the trade deficit narrowed for a fourth-straight month.
Europe’s major bourses are also higher this afternoon, while traders in the region tune into Turkey’s presidential election. Incumbent President Tayyip Erdogan and his rival Kemal Kilicdaroglu both failed to take a majority of the vote, which could result in an unprecedented runoff vote. At last check, London’s FTSE and France’s CAC 40 are each 0.4% higher, while Germany’s DAX is up 0.2%.