All three major indexes are higher this morning
Yesterday's breather could be short-lived, as stock futures are on the rise once again ahead of tomorrow's Thanksgiving holiday. Falling bond yields are giving the market a boost, with the 10-year Treasury yield dropping to its lowest level since September. Futures on the Nasdaq-100 Index (NDX) are up 60 points at last look, while Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures sit higher as well.
Continue reading for more on today's market, including:
- How stocks tend to perform after Black Friday, per Schaeffer's Senior Quantitative Analyst Rocky White.
- Why eBay stock entered the spotlight yesterday.
- Plus, Nvidia's earnings; a software stock in trouble, and SPCE downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1 million call contracts and more than 1.2 million put contracts traded Tuesday. The single-session equity put/call ratio rose to 1.10 and the 21-day moving average stayed at 0.69.
- Nvidia Corp (NASDAQ:NVDA) stock is up 0.3% premarket, after the chipmaker's better-than-expected third-quarter results, overshadow a warning due to export restrictions in countries such as China. A flood of analysts lifted their price targets after the event, including Wells Fargo to $675 from $600. Should the stock build on these gains, it could surpass its recent record highs.
- Autodesk Inc (NASDAQ:ADSK) stock is down 6.2% in electronic trading, following the software company's disappointing current-quarter forecast. Piper Sandler downgraded the stock to "neutral" from "overweight," with a price-target cut to $215 from $240, while a slew of other analysts lowered their price objectives as well. Since the start of the year, the equity is up 16.5%.
- Virgin Galactic Holdings Inc (NYSE:SPCE) stock is down 4.7% before the bell, after a downgrade from Morgan Stanley to "underweight" from "equal weight," with a price-target cut to $1.75 from $4.00. In 2023, SPCE is carrying a 38.8% deficit.
- See what economic data is due out this week.
Stocks Mixed Overseas
Asian markets were mixed Wednesday, following the stateside central bank update. China’s Shanghai Composite lost 0.8%, while Hong Kong’s Hang Seng finished the session flat. South Korea’s Kospi turned in a fraction gain, and Japan’s Nikkei added 0.3%.
Stocks in Europe are also mixed after the U.S. Federal Reserve signaled its monetary policy will remain restrictive. At last glance, London’s FTSE 100 is down 0.08%, while Germany’s DAC and France’s CAC 40 are up 0.5% and 0.4%, respectively.