Stock Futures Mixed to Start Holiday-Shortened Week

Stock futures are mixed this morning, seemingly keeping with the recent trends as Dow Jones Industrial Average (DJIA) futures fall while Nasdaq-100 Index (NDX) futures move higher. Futures on the S&P 500 Index (SPX) are flat ahead of the holiday-shortened week, which will see the market closed on Wednesday for the Juneteenth holiday.

Meanwhile, the New York Fed’s Empire State business conditions index, which gauges manufacturing activity, rose 9.6 points to a reading of negative 6 -- much better than analyst expectations but remaining in contraction territory for the seventh consecutive month. 

• A quick recap of the market last week. 
• Chip stock hitting record highs ahead of NDX inclusion. 
• Plus, 2 stocks moving on Morgan Stanley notes; STLD slips on profit warning. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 2.1 million call contracts and 1.2 million put contracts exchanged on Friday. The single-session equity put/call fell to 0.58, while the 21-day moving average dropped to 0.68.
2. Toll Brothers Inc (NYSE:TOL) is up 1.3% premarket, after an upgrade from Goldman Sachs to "neutral" from "sell." The firm cited short-term tailwinds from customization and upgrades and strength in new home sales. Not too far from its mid-May record highs, the equity is up 16.1% year to date. 
3. On the other hand, Goldman Sachs downgraded building material manufacturer Louisiana-Pacific Corp (NYSE:LPX) to "sell" from "neutral," citing macroeconomic pressures and competition. The stock is down 2.8% before the bell, looking to fall further from last week's all-time highs. Since the start of the year, LPX is up 30.1%. 
4. Steel Dynamics Inc (NASDAQ:STLD) is down 1.4% in electronic trading, after the company issued a profit warning for the second quarter. Fresh off its ninth weekly loss in 11 weeks, STLD is still up 2.2% in 2024. 
5. Fed speeches will give insight this week. 

Economic Data Out of China

Stocks in Asia closed lower Monday following a deluge of data out of China. While the country’s retail sales beat expectations, industrial output and fixed asset investment both missed the mark. Additionally, the People’s Bank of China kept its one-year medium term lending facility rate unchanged. In response, China’s Shanghai Composite lost 0.6%, while Hong Kong’s Hang Seng lost a fractional 0.03%. Rounding out the region, Japan’s Nikkei shed 1.8% and South Korea’s Kospi erased 0.5%.

Markets in Europe mostly higher this afternoon, as investors prepare for the Bank of England’s (BoE) interest rate decision, due out on Thursday. At last glance, London’s FTSE 100 is muted, while France’s CAC 40 and Germany’s DAX are up 0.5% and 0.3%, respectively.