Dow and Nasdaq futures are down triple digits
Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) futures are down triple digits this morning, while futures on the S&P 500 Index (SPX) are also firmly lower. Higher Treasury yields -- last seen above 4.5% -- are to blame for this weak premarket price action, with lower expectations that the Federal Reserve will cut interest rates soon also contributing to investor pessimism.
Continue reading for more on today's market, including:
- Senior V.P. of Research Todd Salamone breaks down the S&P 500's bearish outside day.
- History says stocks tend to struggle the week of Memorial Day.
- Plus, Robinhood's buyback plan; retail stock stages post-earnings pop; and why AAL is sinking.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 763,466 put contracts traded on Tuesday. The single-session equity put/call fell to 0.54, and the 21-day moving average fell to 0.69.
- Robinhood Markets Inc (NASDAQ:HOOD) stock is 2.2% higher before the open, after the company announced it will buy back $1 billion worth of shares in the next few years, starting in the third quarter. HOOD already boasts a 60.7% year-to-date lead.
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Dick's Sporting Goods Inc (NYSE:DKS) is 8% higher in premarket trading, thanks to the retailer's first-quarter earnings and revenue beat, as well as its
lifted outlook for the year. Over the past 12 months, DKS amassed an over 55% lead, with 32.6% added just this year.
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American Airlines Group Inc (NASDAQ:AAL) revealed the departure of its chief commercial officer, and also cut its revenue and profit forecast for the fiscal second quarter. The security is down 8.9% before the bell, and stands to widen its 12.4% quarter-to-date deficit.
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European, Asian Markets Move Lower
Asian markets finished mostly lower on Wednesday, though China’s Shanghai Composite managed a fractional 0.05% win. Investors looked to Japan’s consumer confidence index, which fell to 36.2 in May, down from April’s 38.3 and marking its lowest level since November. The Nikkei in Japan closed 0.8% higher after the news, while Hong Kong’s Hang Seng fell 1.8%. The South Korean Kospi dropped 1.7%, after Samsung announced a strike within one of its unions.
European markets aren’t faring much better, as potential interest rate moves come back in focus. London’s FTSE 100 is down 0.4% at last glance, while the French CAC 40 falls 1.2%, and the German DAX sheds 0.9%, as investors digest consumer confidence sentiment in the region.