S&P 500, Nasdaq Futures Look to Stage Recovery

S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed higher this morning, as Wall Street looks to steady itself after the worst week since April. Dow Jones Industrial Average (DJIA) futures are also above fair value, as investors monitor the U.S. presidential race, after President Joe Biden withdrew his reelection bid on Sunday and endorsed Vice President Kamala Harris. Elsewhere, earnings season rolls along, and the Federal Reserve's preferred inflation gauge will be closely watched later this week.

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

• Looking back on last week's tech rotation.
• Netflix stock rife with volatility after earnings.
• Plus, Delta cancels more flights; Verizon's revenue miss; and ANF upgraded.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 2.4 million call contracts and 1.4 million put contracts traded on Friday. The single-session equity put/call stayed at to 0.60, while the 21-day moving average remained at 0.66.
2. Delta Air Lines, Inc. (NYSE:DAL) stock is down 0.8% ahead of the open, with the global IT outage spurred by CrowdStrike's (CRWD) product update leading to over 4,600 flight cancellations. While other airlines have since recovered, Delta was still canceling flights this morning. So far this year, DAL is up 13%.
3. Verizon Communications Inc. (NYSE:VZ) announced a second-quarter revenue miss earlier, brushing off strong wireless subscriber growth amid a slowdown in phone upgrades. VZ is down 3.8% in premarket trading, but still sports a 10.4% year-to-date lead.
4. Apparel retailer Abercrombie & Fitch Co (NYSE:ANF) received an upgrade from J.P. Morgan Securities to "overweight" from "neutral." The analyst in question noted strong demand amid marketing efforts. ANF is flat ahead of the bell, but added over 336% in the last 12 months.
5. Blue-chip earnings and more economic data on tap this week.

Asian Markets Dip on China's Interest Rate Decision

Asian markets mostly closed lower to kick off the week, after China’s central bank unexpectedly slashed interest rates, trimming its one-year and five-year load prime rates by 10 basis points each. China’s Shanghai Composite fell 0.6%, the South Korean Kospi shed 1.1%, and Japan’s Nikkei dropped 1.2%. Elsewhere, Hong Kong’s Hang managed a 1.3% win.

European markets are higher at last glance, with stateside politics in focus. The German DAX is in the lead with a 1.4% rise, while London’s FTSE 100 and the French CAC 40 tack on 0.8% and 1.3%, respectively.