The major benchmarks are mixed before the bell
Stocks are trading quietly this morning, as investors look ahead to the Federal Reserve's policy meeting kicking off tomorrow. Futures on the Dow Jones Industrial Average (DJIA) are inching higher at last check, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures hover below fair value. Elsewhere, oil prices are jumping to 10-month highs due to supply concerns, after Saudi Arabia and Russia extended their production cuts.
Continue reading for more on today's market, including:
- See which tech stocks made waves last week.
- Arm stock downgraded after successful IPO.
- Plus, INCY drops on FDA news; and two analyst notes to unpack today.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.7 million call and more than 1.2 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.70 and the 21-day moving average stayed at 0.66.
- Incyte Corp (NASDAQ:INCY) is down 4% premarket, after the U.S. Food & Drug Administration (FDA) approved GSK's (GSK) competing blood-cancer treatment. Since the start of the year, INCY is down 22.1%.
- DoorDash Inc (NYSE:DASH) is up 1.3% before the bell, after Mizuho upgraded the food delivery stock to "buy" from "neutral." The shares' 80-day moving average has caught pullbacks over the past few weeks, helping DASH maintain its 65.8% year-to-date lead.
- NetApp Inc (NASDAQ:NTAP) is down 2.5% in electronic trading, after a downgrade from William Blair to "market perform" from "outperform," with the analyst citing weak cloud business. On the charts, NTAP has been seeing pressure at the $80 level, home to its July 52-week highs. Since the start of 2023, the software stock is up 29.4%.
- See what economic data is scheduled this week.
Central Banks in Focus Overseas
Asian markets were mixed Monday, with traders preparing for a jam-packed week of central bank decisions – including one on stateside interest rates. The Nikkei added 1.1% today, as the Bank of Japan (BOJ) prepares to wrap up its monetary policy meeting at the end of the week. Traders expect the BOJ to provide more information on when it will shift its lax monetary policy. Also on Friday, the People’s Bank of China is set to release its loan prime rate. Ahead of the event, the country’s Shanghai Composite closed 0.3% higher. Elsewhere, Hong Kong’s Hang Seng fell 1.4%, while South Korea’s Kospi dipped 1%.
Stocks in Europe are lower this afternoon, with investors in the region also keeping an eye on overseas central banks. Travel, leisure, and technology stocks are dragging the continent’s major bourses lower, led by a 1.2% midday loss from France’s CAC 40. Rounding out the region, Germany’s DAX was last seen 0.8% lower, while London’s FTSE 100 sports a more modest 0.3% deficit.