Schaeffer's Top Stock Picks for '25

Stock Futures Poised to Extend Holiday Rally

Investors are looking ahead to key inflation data later this week

Digital Content Manager
Jul 8, 2024 at 9:12 AM
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Stocks are eyeing a quiet open today, after the major indexes notched fresh records on Friday and strung together more weekly winsInvestors are looking ahead to the incoming slew of bank earnings later this week, as well as inflation data that could influence the Federal Reserve's interest rate stance. Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) were all just above breakeven at last glance.

Continue reading for more on today's market, including: 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1 million put contracts exchanged on Friday. The single-session equity put/call rose to 0.56, while the 21-day moving average remained at 0.67.
  2. Baird upgraded Domino's Pizza Inc (NYSE:DPZ) to "outperform," noting the restaurant name's strong fundamentals, product pipeline, advertising efforts, and value proposition. The shares are up 0.2% ahead of the open and already sport a 19.8 year-to-date lead.
  3. SolarEdge Technologies Inc (NASDAQ:SEDG) received an upgrade from Bank of America to "neutral" from "underperform," the analyst in coverage citing the stock's attractive entry point, though the analyst in coverage is still monitoring the solar company's cash flow and margin recovery. SEDG is up 5.6% in premarket trading, but down over 73% so far this year.
  4. PNC Financial Services Group Inc (NYSE:PNC) stock is up 1% before the bell, following an upgrade from UBS to "buy" from "neutral" thanks to is potential amid improving loan demand. In the last 12 months, PNC added 26.3%.
  5. Slew of bank earnings and inflation data due out this week.

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European Stocks Higher on Surprise Election Results

Asian markets finished lower on Monday. Japan’s Nikkei dropped 0.3%, as the country’s real wages fell 1.4% year-over-year in May for its 26th straight monthly decline. Hong Kong’s Hang Seng fell 1.6%, while China’s Shanghai Composite dropped 0.9%. Elsewhere, the South Korean Kospi fell 0.2%, though Samsung stock rose despite its largest union set to begin a three-day strike.

Over in Europe, focus is on a surprise win for left-wing New Popular Front coalition in France’s parliamentary election. Stocks are higher midday, with the French CAC 40 and London FTSE 100 both up 0.2%, while the German DAX rises 0.4%.

 
 

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