Futures on all three major indexes are firmly lower
Futures on the Dow Jones Industrial Average (DJIA) are down 162 points this morning, following the blue-chip index's worst weekly loss since October. Nasdaq-100 Index (NDX) futures are also down triple digits, while futures on the S&P 500 Index (SPX) sink into the red as well. In other news, Bitcoin (BTC) has marked a fresh record high.
Continue reading for more on today's market, including:
- A quick recap of the market last week.
- How call traders scored a profit with American Express stock.
- Plus, crypto stocks soar; and 2 names receiving bull notes today.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and more than 1.1 million put contracts exchanged Friday. The single-session equity put/call ratio stayed at 0.56, while the 21-day moving average remained at 0.71.
- Coinbase Global Inc (NASDAQ:COIN) is one of the many crypto stocks getting a boost from Bitcoin's record highs, up 6% before the bell. Looking to extend last session's two-year highs, the equity is up 47.6% since the start of 2024.
- Language learning app Duolingo Inc (NASDAQ:DUOL) is up 1.9% premarket, after J.P. Morgan Securities initiated coverage with an "overweight" rating and $270 price target. The stock has been choppy since its Feb. 29 post-earnings bull gap, still trading well above its pre-earnings close. Year over year, DUOL is 75.9% higher heading into today.
- Procter & Gamble Co (NYSE:PG) is up 1% in electronic trading, after an upgrade from Truist to "buy" from "hold," with a price-target hike to $175 from $160. The firm noted improvement in the company's China business. Since last March, the equity is up 17.4%.
- This week will bring a fresh round of inflation data.
Tech Sector Slide Sends Japan Stocks Lower
A tech sector slump sent Japan’s Nikkei plunging Monday, settling down 2.2%, though revised fourth-quarter gross domestic product (GDP) averted a technical revision and built the case for interest rate hikes. In China, the Shanghai Composite finished up 0.7%, after the country recorded its first month of inflation following four consecutive deflated months. Additionally, the consumer price index (CPI) fell 0.8% for January. Hong Kong’s Hang Seng surged 1.4% and South Korea’s Kospi shed 0.8%.
Taking note from dragging Asia stocks, markets in Europe are struggling at midday. London’s FTSE 100 is off 0.5%, German’s DAX has shed 0.6%, and France’s CAC 40 is 0.3% lower, at last glance.