Dow futures are pointed firmly lower
Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are slightly above breakeven this morning, while Dow Jones Industrial Average (DJIA) futures are pointed firmly lower. Investors are still rotating out of the tech sector, with Crowdstrike (CRWD) in focus after a software update spurred a global IT systems outage, grounding aircrafts across the country but not impacting stock exchanges. Wall Street is also watching the end of the Republican National Convention (RNC) amid growing speculation U.S. President Joe Biden may not seek a second term.
Continue reading for more on today's market, including:
- Potential entry point for Microsoft stock.
- This tech stock bucked yesterday's selloff.
- Plus, more on CRWD; AXP brushes off strong forecast; and Netflix's quarterly win.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and 1.2 million put contracts exchanged on Thursday. The single-session equity put/call rose to 0.60, while the 21-day moving average stayed at 0.66.
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Crowdstrike Holdings Inc (NASDAQ:CRWD) stock is down 10.8% ahead of the open, after the cybersecurity firm disclosed a product update spurred outages in
IT systems across the globe. CRWD is poised to chip away at its 34.4% year-to-date lead.
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American Express Company (NYSE:AXP) beat second-quarter profit estimates but missed on revenue. The credit card company also hiked its full-year forecast amid
strong spending on dining, entertainment, and travel. AXP is 1.8% lower premarket, but sports a 40.7% year-over-year lead.
- Streaming giant Netflix Inc (NASDAQ:NFLX) reported better-than-expected profit and revenue for the second quarter, with paid memberships also beating estimates. NFLX is up 0.8% before the bell, and has added more than 32% so far in 2024.
- Blue-chip earnings and more economic data coming next week.
Asian Markets Respond to Japan's Inflation Data
Asian markets closed mostly lower on Friday, as investors eyed Japan’s inflation reading for June, which held steady at 2.8%, while core inflation rose 0.1% to 2.6%. More than 75% of economists say the country is unlikely to raise interest rates this month. Japan’s Nikkei fell 0.2%, while Hong Kong’s Hang Seng and the South Korean Kospi shed 2% and 1%, respectively. China’s Shanghai Composite, the region’s only winner, added 0.2%.
European markets are firmly lower amid a major global IT outage, one day after the European Central Bank (ECB) chose to keep rates steady. London’s FTSE 100 is down 0.5% at last glance, while the French CAC 40 and German DAX both fall 0.6%.