All three indexes are lower before the opening bell, as Wall Street continues to struggle
Futures on Wall Street are extending their unstable start to June, still reeling from yesterday's weaker-than-expected manufacturing data. Alphabet (GOOGL) is making headlines this morning after announcing its latest wave of layoffs, this time in its cloud sector, impacting at least 100 employees. Before the bell, the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are all moving swiftly lower.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Todd Salamone takes a closer look at the S&P 500's "hammer" candle.
- Nvidia's new AI chips put tech sector on notice.
- Plus, Intel enters the AI ring; GameStop cools off; and BBWI dinged by guidance.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 761,388 put contracts exchanged on Monday. The single-session equity put/call fell to 0.58, while the 21-day moving average stayed at 0.69.
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Intel Corp (NYSE:INTC) revealed its latest artificial intelligence (AI) chip update -- directly slated to rival Nvidia (NVDA) and Advanced Micro Devices (AMD). INTC has climbed 1.3% ahead of the opening bell, looking to pare 39% year-to-date deficit.
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GameStop Corp (NYSE:GME) is off 3.6% in pre-market trading, the meme stock cooling off from yesterday after '
Roaring Kitty' showed a screenshot of 1.8% of GME's publicly available stock. GME sports a 123% quarterly gain.
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The shares of Bath & Body Works (NASDAQ:BBWI) are down 5.8%% in electronic trading, after the company reported disappointing current-quarter guidance that overshadowed an otherwise noteworthy first-quarter earnings beat. BBWI yesterday snapped a four-day win streak, but is up 37% year-over-year.
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European Stocks Sink Ahead of ECB Decision
Asian markets were mixed on Tuesday, as traders awaited the results of India’s general election. Japan’s Nikkei shed 0.2%, while South Korea’s Kospi settled 0.8% lower. Meanwhile, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.2% and 0.4%, respectively.
European markets are lower as investor optimism fades, with bank stocks taking a hit ahead of the European Central Bank’s (ECB) interest rate decision later this week. London’s FTSE 100 was last seen down 0.4%, France’s CAC 40 is 0.5% lower, and the German DAX is carrying 0.7% deficit.