The S&P 500 could nab a record close today
Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are both up triple digits this morning, while futures on the S&P 500 Index (SPX) are higher as well, poised to push the benchmark closer to record highs. Chip stock's are still riding the wave from Taiwan Semiconductor's (TSM) strong forecast, while tech stocks continue to rise as well.
Continue reading for more on today's market, including:
- The best pet e-tail stock to buy in 2024.
- Crypto-adjacent stock sports bullish technical setup.
- Plus, SAVE soars on forecast; Wayfair announces job cuts; and HTZ downgraded.
futures
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and over 1.3 million put contracts traded on Thursday. The single-session equity put/call ratio stayed at 0.69, and the 21-day moving average remained at 0.71.
- Spirit Airlines Inc (NYSE:SAVE) stock is rocketing higher before the bell, up 25.1% at last look, after the discount airliner raised its fourth-quarter forecast. Heading into today, the shares were down 61.9% this week alone, after a Federal judge blocked the company's merger with JetBlue (JBLU).
- The shares of Wayfair Inc (NYSE:W) are up 15.6% premarket, after the furniture retailer announced it was cutting 13% of its workforce, or 1,650 employees, in its latest restructuring plan. Looking to cut into its 17.1% year-to-date deficit, W is up 24% since last January.
- Hertz Global Holdings Inc (NASDAQ:HTZ) is down 3.3% in electronic trading, after Jefferies downgraded the stock to "hold" from "buy," with a price-target cut to $8 from $12. The stock has been struggling to rally from a floor at the $8 level since October, down 47% year over year.
- Earnings season to start off hot with reports from blue chips.
Japan's Inflation Falls
Stocks in Asia were mixed on Friday. Japan’s Nikkei led the gainers, adding 1.4% after the country’s headline inflation rate fell to its lowest level since June 2022 and its core inflation came in-line with economists’ expectations. South Korea’s Kospi followed close behind with a 1.3% gain. Rounding out the region, China’s Shanghai Composite and Hong Kong’s Hang Seng each lost 0.5%.
The major European bourses are higher this afternoon, as traders brush off negative sentiment from earlier in the week. While retail sales in the U.K. fell much more than analysts expected, London’s FTSE 100 is still 0.4% higher at last check. Meanwhile, Germany’s DAX is up 0.2%, while France’s CAC 40 sports a fractional gain.