All three major indexes are on the rise before the bell
Yesterday's market dip could be short-lived, as futures on all three major indexes are firmly higher ahead of the open, looking to potentially continue rallies to record highs. U.S. durable goods orders rebounded 1.4% in February, compared to analyst estimates of a 1% rise, after the previous month's sharp drop thanks to Boeing (BA) sales. The S&P Case Shiller home price index rose 6% year over year in January, the fastest rate since late 2022.
Continue reading for more on today's market, including:
- As the SPX continues to climb, Schaeffer's Senior V.P. of Research Todd Salamone offers contrarian context.
- Uber stock has room to run.
- Plus, DNUT eyes Golden Arches; STX upgraded; and spice breaks out.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 907,167 put contracts exchanged Friday. The single-session equity put/call ratio rose to 0.70, while the 21-day moving average remained at 0.71.
- Krispy Kreme Inc (NASDAQ:DNUT) stock is up 20.3% premarket, after announcing a partnership with McDonald's (MCD) to sell its donuts nationwide, beginning in the second half of this year. Should these gains hold, DNUT will fill its 17.4% 2024 deficit.
- Seagate Technology Holdings PLC (NASDAQ:STX) stock is up 4.9% before the bell, after the computer hardware company was upgraded by Morgan Stanley to "overweight" from "equal weight," with a price-target hike to $115 from $73. Since last March, the tech stock is up 43.1%.
- The shares of McCormick & Company Inc (NYSE:MKC) are 6% higher in electronic trading, after the spice maker reported better-than-expected fiscal first-quarter results thanks to steady demand. Looking to break into positive territory year over year should these gains hold, MKC is up 2.2% in 2024.
- Plenty of economic data still on tap to close out March.
Stocks Rise Overseas
Markets in Asia were mostly higher Tuesday, with South Korea’s Kospi fresh off a two-year peak. The index added 0.7%, with boosted by an outsized move from the chip sector. Energy and industrial stocks helped Hong Kong’s Hang Send climb 0.9%, while China’s Shanghai Composite rose 0.2%. Sitting out the gains was Japan’s Nikkei, finishing flat after posting a February service producer price index (PPI) of 2.1%.
Stocks in Europe are also in the black, as investors unpack several big-name earnings, including grocery giant Ocado’s 10.6% year-over-year retail increase for the first quarter. Meanwhile, the Organization for Economic Co-operation Development and International Monetary Fund slashed their growth outlooks to 0.6.% and 0.9%, respectively, while the S&P Global lowered the euro zone growth outlook to 0.7%. At last check, London’s FTSE 100 is up 0.1%, France’s CAC 40 has added 0.3%, and Germany’s DAX is leading with a 0.8% win midday.