Futures on all three indexes are above fair-market value
Stock futures are slightly higher Monday, following an upbeat week on Wall Street. While earnings are dominating headlines this morning, traders are looking ahead to this week's labor data, as well as the Federal Reserve's highly anticipated interest rate decision. Futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all above fair-market value.
Continue reading for more on today's market, including:
- What made last week so volatile?
- Chip stock crumbled after earnings.
- Plus, Tesla's China update; Domino's Pizza's quarterly report; and LULU's downgrade.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 973,439 put contracts exchanged Friday. The single-session equity put/call ratio fell to 0.55, while the 21-day moving average stayed at 0.71.
- Tesla Inc (NASDAQ:TSLA) stock sports a 13.3% premarket lead after a major win for the embattled electric vehicle (EV) maker. According to The Wall Street Journal, CEO Elon Musk made a surprise visit to China, and the country's officials removed restrictions to its vehicles that may pave the way for the approval of its self-driving technologies. TSLA is down 32.3% in 2024.
- Shares of Domino's Pizza Inc (NYSE:DPZ) are up 4.6% this morning, and looking to add to a 57.4% year-over-year gain after earnings. Specifically, the pizza chain reported first-quarter profits and revenue that beat Wall Street's estimates, as well as a jump in same-store sales over the last 12 months.
- Barclays downgraded Lululemon Athletica Inc (NASDAQ:LULU) stock to "equal weight" from "overweight" and cut its price target from $546 to $395, citing a shift in consumer spending trends and tighter competition for the apparel retailer. LULU is 1.3% lower ahead of the open, and on track to extend a 28.7% year-to-date deficit.
- A host of earnings reports, employment data, and the Fed's interest rate decision are due out this week.
Overseas News: Small Caps, Industrial Profits, Tech
Asian stocks started the week strong. Japan’s Nikkei was closed for a holiday, but the yen strengthened against the U.S. dollar. South Korea’s Kospi tacked on 1.2% thanks to surging small caps, while Hong Kong’s Hang Seng rose 0.5%. China’s Shanghai Composite tacked on 0.8%, even after industrial profits slowed year-over-year for the first quarter.
Over in Europe, bourses are also mostly higher. At last check, London’s FTSE 100 and French CAC 40 are up 0.4% and 0.1%, respectively, the latter seeing an outsized move from tech stock Atos. Meanwhile, the German DAX is lower.