S&P 500 and Nasdaq-100 futures are pointed lower
After the blue-chip benchmark yesterday closed at a new record high, futures on the Dow Jones Industrial Average (DJIA) are muted. Meanwhile, Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are in the red, though both benchmarks are still within striking distance of fresh highs. In addition to new batch of earnings reports, investors are unpacking a smaller-than-expected dip in weekly unemployment claims.
Continue reading for more on today's market, including:
- Fortinet earnings boosted cybersecurity stocks.
- Uber brushed off a strong quarter and forecast.
- Plus, behind Walt Disney stock's surge; Arm's blowout quarter; and AXP gets downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 1.1 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.70, while the 21-day moving average remained at 0.71.
- Walt Disney Co (NYSE:DIS) surpassed fiscal first-quarter earnings expectations and announced a new $1.5 billion stake in Fortnite parent Epic Games, which will now create games for the company. Additionally, a version of Taylor Swift's Eras Tour will begin streaming exclusively on Disney+. DIS is up 8.5% in premarket trading, and already added 9.8% in 2024.
- Arm Holdings PLC (NASDAQ:ARM) is up 27.7% ahead of the open, after the chip name reported a top- and bottom-line win for the fiscal third quarter, and shared an upbeat forecast for its fiscal fourth quarter. The company attributed the strong results to artificial intelligence (AI) demand. In the last three months, ARM added 41.6%, and today is enjoying a slew of price-target hikes from analysts.
- Morgan Stanley downgraded American Express Company (NYSE:AXP) to "equal-weight" from "overweight" earlier. The security is down 1.1% before the bell, but still maintains a 17% year-over-year lead.
- Federal Reserve speeches and blue-chip earnings on tap this week.
Asian Markets Mostly Higher Amid Nikkei's Peak
Japan’s Nikkei hit 34-year highs on Thursday, finishing the day up 2.1%, after a report from Reuters indicated that the Bank of Japan (BoJ) was “unlikely to raise interest rates aggressively.” Elsewhere, China’s consumer price index (CPI) fell 0.8% year-over-year in January, and rose 0.3% on a monthly basis, while the country’s producer price index (PPI) fell for a 16th-straight month. China’s Shanghai Composite finished the day up 1.3%, while the South Korean Kospi added 0.4%. Hong Kong’s Hang Seng was the region’s only laggard, shedding 1.3%.
Over in Europe, investors are continuing to unpack the latest earnings reports. London’s FTSE 100 is down 0.09%, while the French CAC 40 rises 0.7% and the German DAX tacks on 0.4%.