Last week's jobs data is fueling interest rate cut hopes
Futures on the Dow Jones Industrial Average (DJIA) are eyeing a triple-digit pop this morning, after the blue-chip benchmark extended its weekly win streak. Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also higher, with traders hopeful for interest rate cuts after last week's cooler-than-expected jobs data and the continued release of earnings reports.
Continue reading for more on today's market, including:
- Looking ahead to Walt Disney earnings.
- Wall Street reacts to a triple dose of jobs data.
- Plus, BioNTech's dismal results; demand slows for Spirit Airlines; and TSN sees post-earnings pop.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.9 million call contracts and 2.4 million put contracts exchanged on Friday. The single-session equity put/call rose to 1.21, while the 21-day moving average slipped to 0.70.
- BioNTech SE (NASDAQ:BNTX) stock is down 5.2% in premarket trading, after the company missed first-quarter earnings and revenue expectations and noted most of its revenues will come near the end of 2024. BNTX is already down 12.1% this year.
- Spirit Airlines Inc (NYSE:SAVE) announced wider-than-expected losses for the first quarter and issued a lackluster second-quarter forecast as domestic demand slows. The shares are down 3% before the bell, and shed more than 75% over the past 12 months.
- Food industry giant Tyson Foods Inc (NYSE:TSN) is 2.4% higher ahead of the open, brushing off a second-quarter revenue miss thanks to better-than-expected earnings. TSN is up 15.4% this year.
- Consumer sentiment data and Fed speeches are on tap this week.
PMI Data Sends Stocks Higher Overseas
Asian markets closed higher on Monday, after receiving a boost from stateside jobs data. China’s April S&P Global services purchasing managers’ index (PMI) came in at 52.5 in April, which is down .2 from March but still above the 50 mark that represents growth. Hong Kong’s Hang Seng added 0.6% on the day, while China’s Shanghai Composite rose 1.2%. Both Japan’s Nikkei and the South Korean Kospi were closed for holiday.
Positive sentiment from U.S. jobs data expanded to Europe as well. Plus, the euro zone’s S&P composite final PMI rose to 51.7 in April from the previous month’s 50.3, showing business activity expanded at its fastest pace in nearly a year. At last check, the German DAX is up 1%, the French CAC 40 has added 0.9%, and the FTSE 100 in London is closed for holiday.