Dow futures are pointed lower after the index's record-setting run
Futures on the Dow Jones Industrial Average (DJIA) are pointed below breakeven this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are looking to make up for some of yesterday's tech sector losses. Wall Street is weighing jobless claims rising to 243,000 to match an almost one-year high, with the continued rotation away from growth plays to cyclical stocks that stand to benefit from interest rate cuts.
Continue reading for more on today's market, including:
- Tobacco stock logs pre-earnings pop.
- Don't sweat the Dell stock pullback.
- Plus, UAL brushes off revenue miss; TOST upgraded; and Alcoa's strong quarter.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts and 1.2 million put contracts traded on Wednesday. The single-session equity put/call rose to 0.53, while the 21-day moving average stayed at 0.66.
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United Airlines Holdings Inc (NASDAQ:UAL) surpassed second-quarter earnings expectations, with strong travel demand driving a 23% jump in profit, while revenue missed the mark. The company did issue a
downbeat outlook for its fiscal third quarter, which could cap gains today. UAL is up 1.4% ahead of the open, and is up 13.8% so far in 2024.
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Mizuho upgraded
Toast Inc (NYSE:TOST) stock to "outperform" from "neutral" this morning, with the firm noting the fintech could negotiate
lower credit card fees. TOST is 3.5% higher in premarket trading, and sports a 45.8% year-to-date lead.
- Shares of Alcoa Corp (NYSE: AA) are up 0.5% before the bell, after the aluminum company reported a second-quarter top- and bottom-line win. In the last 12 months, AA added over 38%.
- Earnings season and economic data to monitor the rest of the week.
European Markets Higher on ECB Interest Rate Decision
Stocks in Asia were mixed Thursday, as the chip sector and related equities fell. Japan’s Nikkei led the losses with a 2.4% drop after the country’s trade balance reversed from a deficit in May to a surplus, and exports and imports rose in June but missed analysts’ expectations. Elsewhere, South Korea’s Kospi shed 0.7%, while Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.2% and 0.5%, respectively.
European markets are higher this afternoon, as traders in the region react to the European Central Bank’s (ECB) decision to leave interest rates unchanged following a cut in June. The Governing Council said that “domestic price pressures are still high,” and that “headline inflation is likely to remain above the target well into next year.” At last glance, London’s FTSE 100 and France’s CAC 40 are both up 0.6%, and Germany’s DAX rises 0.3%.