Stocks are attempting to brush off rising Treasury yields
Dow Jones Industrial Average (DJIA) futures are above breakeven this morning, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are moving higher as well. This comes after all three major benchmarks gapped lower yesterday, amid rising Treasury yields and the Federal Reserve's interest rate comments. Earnings are in focus as well, with Palantir Technologies (PLTR) leading the tech sector after its report.
Continue reading for more on today's market, including:
- Don't sweat Adobe stock's recent pullback.
- Keep tabs on these key SPX levels this week.
- Plus, Eli Lilly's blowout results; BP announces share buyback program;
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 917,317 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.65 while the 21-day moving average remained at 0.71.
- Eli Lilly And Co (NYSE:LLY) reported a top- and bottom-line win for the fourth quarter, amid strong demand for its new weight loss drug Zepbound, and higher prices for diabetes drug Mounjaro. LLY is up 4.9% in premarket trading, and boasts a 108.3% year-over-year lead.
- Oil name BP plc (NYSE:BP) revealed a $1.75 billion share buyback program on the heels of its fourth-quarter earnings results, which beat profit expectations but missed on revenue. BP is up 5.4% ahead of the open, as it looks to distance itself from its year-over-year breakeven.
- Strong artificial intelligence (AI) demand propelled Palantir Technologies Inc
(NYSE:PLTR) to a fourth-quarter revenue beat -- up 20% from a year ago -- while earnings was in line with estimates. PLTR is up 20% before the bell, and added over 98% in the last 12 months.
- Federal Reserve speeches and blue-chip earnings on tap this week.
European Markets Brush Off Retail Sales Data
China’s deep cuts in bank reserves – injecting cash into the economy -- are paying off, as Hong Kong’s Hang Seng finished the day with a 4% gain, while China’s Shanghai Composite jumped 3.2%. In Japan, household spending fell by a higher-than-expected 2.5% annually in December, compared to analyst expectations of 2.1%, while household income fell 7.2% from a year ago. Japan’s Nikkei shed 0.5% after the reports. Elsewhere, the South Korean Kospi posted the largest loss today, dropping 0.6%.
Retail sales in the euro zone fell 1.1% in December, while U.K.’s retail spending slowed in January as well. European bourses are still on the rise, however. London’s FTSE 100 is up 0.6%, while the French CAC 40 rises 0.5%, and the German DAX adds 0.2%.