Bond yields are higher to start the new quarter
Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are down triple digits this morning, extending yesterday's dip on the heels of inflation data. Bond yields are higher to start the new quarter, and oil prices are trading surged to their highest level since October amid concerns that global crude supply is at risk. Investors will digest the February Job Openings and Labor Turnover Survey (JOLTS) later today, as well as durable goods orders.
Continue reading for more on today's market, including:
- Why FedEx and USPS broke ties.
- Can this retail stock reclaim its former highs?
- Plus, bull note for EL; PVH reports earnings; and DJT's ongoing plunge.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 741,202 put contracts exchanged Monday. The single-session equity put/call ratio rose to 0.65, while the 21-day moving average remained at 0.71.
- Estee Lauder Companies Inc (NYSE:EL) stock is 2% higher before the bell, after Citi upgraded it to "buy" from "neutral" and raised its price target to $175 from $160. The analyst said the retailer's channel inventories and financials are coming back to normal. EL is up 4% this year.
- Retailer PVH Corp (NYSE:PVH) reported quarterly results that topped estimates, but issued weaker-than-expected revenue guidance for the first quarter and full year due to macroeconomic challenges and European market weakness. Last seen down 22.1% premarket, PVH is now on track to breach its year-to-date breakeven mark.
- Wall Street newbie and meme stock Trump Media & Technology Group Corp (NASDAQ:DJT) is down 1.1% ahead of the open, looking to extend yesterday's 21.5% dip. Concerns are rolling in after the parent of Truth Social revealed 2023 revenue amounted to less than $5 million.
- Plenty of economic data is due out this week, including several speeches from the Federal Reserve.
European Stocks Sluggish After Easter Break
Asian markets were mostly higher, with Hong Kong’s Hang Seng pacing the region with a 2.4% pop, thanks in part to an outsized move from consumer electronics giant Xiaomi. South Korea’s Kospi rose 0.2%, after the March inflation rate held steady and in line with expectations. China’s Shanghai Composite lost 0.1% and snapped a three-day win streak, while Japan’s Nikkei tacked on 0.1%.
In Europe, stocks are sluggish out of the gate after the Easter holiday break. Euro zone factory data fell by a wider-than-expected margin in March, building the European Central Bank’s (ECB) case for interest rate cuts this summer. At last check, London’s FTSE 100 was up 0.3% while the Frech CAC 40 and German DAX are each off by 0.1%, respectively, the latter in focus after inflation data fell in six key states.