Nasdaq-100 and S&P 500 futures are pointed higher
Dow Jones Industrial Average (DJIA) futures are flat this morning, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are pointed modestly above breakeven, after stocks nabbed more wins during yesterday's session. Traders are also unpacking U.S. trade deficit data, which surged 23% to $74.6 billion in April -- its highest level since October.
Continue reading for more on today's market, including:
- FDA buzz had options trades blasting AstraZeneca stock.
- Poor market breadth may be warning of underperformance.
- Plus, NFLX upgraded; Stitch Fix beats on earnings; and oil name could deliver big dividends.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 870,885 put contracts exchanged on Tuesday. The single-session equity put/call ratio dropped to 0.55 and the 21-day moving average stayed at 0.69.
- J.P. Morgan Securities and Wells Fargo both raised their objectives on Netflix Inc (NASDAQ:NFLX) stock to $470 and $500, respectively. The former noted the company's efforts to halt password sharing could drive revenue growth. NFLX was last seen up 3.1% before the open, and sports a 35.4% year-over-year lead.
- Stitch Fix Inc (NASDAQ:SFIX) reported better-than-expected third-quarter fiscal earnings. The company attributed the results to a focus on "improving efficiencies, maintaining profitability and cash flow.” Shares are up 8.7% in premarket trading, and have added 18.3% in 2023.
- Petroleo Brasileiro (NYSE:PBR) is up 2% ahead of the bell, following an upgrade from Morgan Stanley to "overweight" from "equal weight." The Brazilian oil concern could deliver a bigger-than-usual dividends to investors, according to the analyst in question. PBR has added 18.8% so far this year.
- U.S. trade deficit data is on tap, as well as consumer credit information.
European Stocks Muted as U.K. Housing Prices Dip
Markets in Asia closed mixed this afternoon, after China’s May trade exports fell 7.5% year-over-year, missing analyst expectations. Imports in the region slipped a lower-than-anticipated 4.5%, however. In response, China’s Shanghai Composite closed up 0.08%, while Hong Kong’s Hang Seng added 0.8%. Back from holiday, South Korea’s Kospi settled flat, and Japan’s Nikkei snapped its four-day win streak, shedding 1.8%.
European stocks are struggling for direction today. U.K housing prices fell £7,500 from last year’s high, the first such drop since December 2012. At last check, London’s FTSE 100 is up 0.1%, France’s CAC 40 has added 0.09%, and Germany’s DAX is 0.05% higher.