The Dow just logged its worst weekly performance since March 2023
Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are inching higher to start the week, after stocks took a breather from their 2024 rally. Wall Street ended last week lower, with the blue-chip index logging its worst weekly performance since March 2023. This week, investors will glean some insight into the Federal Reserve's future interest rate moves after a slate of inflation data and the central bank's meeting minutes.
Continue reading for more on today's market, including:
- Oil stock sports an impressive technical setup.
- Breaking down Wall Street's performance last week.
- Plus, more issues at Boeing; crypto stock popping; and more money for chip giant.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 1 million put contracts exchanged Friday. The single-session equity put/call ratio rose to 0.71, while the 21-day moving average remained at 0.71.
- Shares of Boeing Co (NYSE:BA) are 1.2% lower premarket, after two updates. In the C-suite, CEO David Calhoun, who will leave his position earlier than expected, reportedly earned $33 million last year -- up 45% from 2022. In addition, the Federal Aviation Administration (FAA) is investigating an incident in which a Boeing 737-800 engine cover fell off during a Southwest Airlines (LUV) flight on Sunday. BA is down nearly 30% this year.
- MicroStrategy Inc (NASDAQ:MSTR) stock is 11.6% higher before the bell, rising alongside other crypto stocks after Bitcoin (BTC) surged above the $72,000 level. Coming into today, MSTR was already up 396%.
- Chip manufacturer Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) is receiving a $6.6 billion from the U.S. government. The money will go towards the company's factory complex that being built in Phoenix -- the world's largest. Up 2.6% ahead of the open, TSM boasts a 35.9% year-to-date lead.
- Inflation data and the Federal Reserve's meeting minutes due out this week.
Overseas Investors Await Central Bank Updates
Asian bourses started the week a mixed bag, as investors prep for central bank decisions from South Korea, New Zealand, Thailand, and the Philippines. South Korea’s Kospi added 0.1%, while its central bank is expected to lower its rates. Japan’s Nikkei reclaimed 39,000 with a 0.9% win, while Hong Kong’s Hang Seng was flat. China’s Shanghai Composite sat out of any gains, shedding 0.7%, even after its own central bank announced a 500 billion yuan re-loan program.
European stocks are in the same boat, with the European Central Bank’s (ECB) interest rate decision on Thursday garnering all the attention. At last check, London’s FTSE 100 was up 0.2% thanks to an outsized move from Entain, while the French CAC 40 is up 0.6% on