All three major benchmarks are fresh off weekly wins
Fresh off weekly wins for all three major indexes, stock futures are mixed ahead of the open as investors muse over the market's recent rally. Futures on the Dow Jones Industrial Average (DJI) are up 90 points at last glance, though paring triple-digit gains from earlier this morning, while S&P 500 Index (SPX) futures are flat, and Nasdaq-100 Index (NDX) futures dip lower. Nvidia (NVDA), meanwhile, is modestly lower premarket, looking to continue its cool-down from record highs.
Continue reading for more on today's market, including:
- A quick recap of the market last week.
- 3 things investors should know about options prices.
- Plus, RXO's big merger; and 2 bull notes this morning.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.5 million call contracts and 1.6 million put contracts exchanged on Friday. The single-session equity put/call rose to 0.63, while the 21-day moving average stayed at 0.68.
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RXO Inc (NYSE:RXO) stock is up 11% premarket, after news that the freight company is buying Coyote Logistics from United Parcel Service (UPS) for over $1 billion. Should these gains hold, RXO will hit its highest level since April and break into positive territory year over year.
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Affirm Holdings Inc (NASDAQ:AFRM) is up 3.6% before the bell, after Goldman Sachs initiated coverage with a "buy" rating. Fresh off six consecutive daily losses, the equity is down 39.2% year to date.
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Anheuser-Busch Inbev SA (NYSE:BUD) is 2.5% higher in electronic trading, after an upgrade from UBS to "buy" from "neutral." The firm noted the company's attractive cash flow potential driven by artificial intelligence (AI) productions and services. Since the start of 2024, the equity has lost 8.6%.
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Japan Considering Rate Hikes
Stocks in Asia were mixed Monday as traders prepared for Japan’s inflation data, due out later this week. Earlier today, the Bank of Japan (BoJ) said it discussed hiking interest rates at its June meeting. Japan's Nikkei rose 0.5%, the South Korean Kospi shed 0.7%, Hong Kong's Hang Seng finished flat, and China’s Shanghai Composite lost 1.2%, after the country reported a 2.8% drop in fiscal revenue during the first five months of 2024.
European markets are moving higher ahead of key economic data and a deluge of interest rate decisions. At last check, London’s FTSE and Germany’s DAX are both up 0.5%, while France’s CAC 40 sports a 0.8% lead.