All three major indexes are lower before the bell
Stock futures are modestly lower to start the holiday-shortened week, as investors eye the latest earnings reports, including those from bank giants Morgan Stanley (MS) and Goldman Sachs (GS). The major benchmarks are all fresh off a 10th weekly win in the last 11, with last week marking their first weekly wins of the year. Meanwhile, bond yields are on the rise after interest rate remarks from the European Central Bank (ECB).
Continue reading for more on today's market, including:
- A quick recap of last week on Wall Street.
- Fintech giant makes Schaeffer's top picks for 2024.
- Plus, GS' earnings beat; BA drops on downgrade; and analysts eye SBUX.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and over 1.2 million put contracts traded on Friday. The single-session equity put/call ratio climbed to 0.83, and the 21-day moving average rose to 0.71.
- Goldman Sachs Group Inc (NYSE:GS) is up 1.7% premarket, after the bank name posted strong fourth-quarter earnings of $5.48 per share, beating estimates of $3.51. Over the past three months, GS has added 22%, carrying a small 2.1% year-over-year lead heading into today.
- Boeing Co (NYSE:BA) is down 2.4% before the bell, after delays in the highly anticipated return of its 737 MAX deliveries to China following the incident with Alaska Airlines. Plus, Wells Fargo downgraded BA to "equal weight" from "overweight." Looking to extend this month's 13.2% drop, BA will mark its third-straight daily loss should this deficit hold.
- Starbucks Corp (NASDAQ:SBUX) is up 0.8% in electronic trading, after an upgrade from Morgan Stanley to "overweight" from "equal weight," though Gordon Haskett downgraded the shares to "hold" from "buy." Moving lower since mid December, SBUX has shed 13.1% over the last 12 months.
- Plenty of economic data is scheduled for the shortened week.
Asian Stocks Move Lower on Heels of Japan Data
Markets in Asia were mostly lower Monday, with Hong Kong’s Hang Seng shedding 2.2% to lead the region’s laggards after real estate and consumer non-cyclical stocks weighed on the index. South Korea’s Kospi lost 1.1%, while Japan’s Nikkei snapped its record-setting rally to settle 0.8% lower on the session after the country’s corporate goods price index read flat year over year. Meanwhile, China’s Shanghai Composite bucked broader market sentiment, adding 0.3%.
European stocks are falling this afternoon, as investors turn their attention to news and commentary from the World Economic Forum in Davos, Switzerland. At last glance, Germany’s DAX and London’s FTSE 100 are both 0.3% lower, while France’s CAC 40 is down 0.2%.