Home sales data is due out at 10am E.T.
Futures on the Dow Jones Industrial Average (DJIA) are down triple digits this morning, looking to extend last session's 299-point loss that had it snap a five-day win streak. Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are modestly lower, while chip favorite Nvidia (NVDA) is in focus as it looks to extend its rebound. Home sales are due out at 10am E.T., while oil prices rise ahead of U.S. inventory data, due out at 10:30am E.T.
Continue reading for more on today's market, including:
- What a low VIX means for stocks, per Schaeffer's Senior Quantitative Analyst Rocky White.
- Behind Carnival stock's Tuesday surge.
- Plus, RIVN up 40% premarket; and two other stocks making outsized moves.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 815,065 put contracts exchanged on Tuesday. The single-session equity put/call rose to 0.59, while the 21-day moving average fell to 0.67.
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Rivian Automotive Inc (NASDAQ:RIVN) is up a whopping 40.4% premarket, after the
electric vehicle (EV) name secured up to $5 billion in funding from Volkswagen Group. Heading into today, RIVN is down 49% year to date.
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FedEx Corp (NASDAQ:FDX) is up 14.8% before the bell, after
the company's strong fiscal fourth-quarter results. A slew of analysts raised their price targets after the event. Should these gains hold, FDX will gap to nearly three-year highs.
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The shares of U.S. appliance group Whirlpool Corp (NYSE:WHR) are up 17.8% in electronic trading, after Reuters reported German engineering group Robert Bosch is considering making an offer to buy the company. Looking to bounce further from its recent four-year lows, WHR is down 28.5% since the start of the year.
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Consumer Sentiment Data Releases in Europe
Asian markets were higher Wednesday, rising alongside rallying chip stocks and adjacent equities. Japan’s Nikkei led the charge with a 1.3% gain, hitting its highest mark since April 9. China’s Shanghai Composite followed close behind with a 0.8% pop, while the Kospi in South Korea added 0.6%, and Hong Kong’s Hang Seng tacked on 0.09%.
It’s a different story in Europe, where the major bourses are lower this afternoon amid multiple consumer sentiment readings and a falter in Auto and travel stocks. After four straight months of gains, Germany’s consumer sentiment is expected to take a step back in July, while France’s national statistics office reported consumer confidence fell minimally to 89 this month. In response, France’s CAC 40 is 0.8% lower at last glance, while Germany’s DAX and London’s FTSE 100 are both off by 0.2%.