Investors are attempting to brush off inflation worries
Nasdaq-100 Index (NDX) futures are getting a nice boost from Nvidia's (NVDA) blowout results and 10-for-1 stock split. Futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are also higher, as traders brush off inflation worries that followed the release of the Federal Reserve's meeting minutes, which indicated it may still be a while before the central bank implements interest rate cuts.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 755,895 put contracts traded on Wednesday. The single-session equity put/call fell to 0.57, and the 21-day moving average stayed at 0.70
- JP Morgan Securities upgraded Hasbro Inc (NYSE:HAS) stock to "overweight" from "neutral," highlighting the company's cost efficiencies and digital gaming forecasts. HAS is up 3.6% in premarket trading, and boasts a more than 150% year-over-year lead.
- Snowflake Inc (NYSE:SNOW) stock is 5% higher ahead of the open, after the cloud company reported much better-than-expected revenue for the first quarter. The shares are today looking to reverse some of their roughly 18% deficit for 2024.
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Shares of
elf Beauty Inc (NYSE:ELF) are up 4.7% before the bell, following the cosmetics concern's
top- and bottom-line beat for the fiscal fourth quarter. The stock is also brushing off a lackluster full-year outlook, and is up 7.8% so far this year.
- Retail earnings and economic data are due out this week.
Nikkei Brushes Off Broader Market Dip
Japan’s Nikkei was the only gainer amongst Asian markets today, adding 1.3%, after the country’s manufacturing purchasing managers’ (PMI) index rose to 50.5 in May from the previous month’s 49.6 – above the 50 mark to signify expansion for the first time in a year. Meanwhile, 10-year Japanese government bonds rose to the highest level since 2012 in afternoon trading. Elsewhere, China’s Shanghai Composite shed 1.3%, while Hong Kong’s Hang Seng dropped 1.7%. The South Korean Kospi inched 0.06% lower, after the country’s central bank kept its benchmark policy rate at 3.5%.
European markets are higher today, after the preliminary PMI data showed the euro zone’s business activity hitting a 12-month high in May, while the U.K.’s missed expectations, though still in growth territory. London’s FTSE 100 is up just 0.01% at last glance, while the French CAC 40 rises 0.4%, and the German DAX tacks on 0.3%.