The S&P 500 and Nasdaq yesterday logged their longest win streaks since November
Major indexes are flat before the opening bell, investors still digesting the Nasdaq Composite Index (IXIC) and S&P 500 Index's (SPX) longest win streaks since November. The Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are teetering at the breakeven mark, as Wall Street eyes several big-name earnings reports, including a revenue miss from Lowe's (LOW). The larger focus of this week is still Friday's speech from Federal Reserve Chairman Jerome Powell.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.6 million call contracts and 790,763 put contracts exchanged on Monday. The single-session equity put/call fell to 0.47, while the 21-day moving average remained at 0.66.
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Shares of
Palo Alto Networks Inc (NASDAQ:PANW) are up 2% before the bell, after the company surpassed analyst estimates for its fiscal fourth-quarter earnings. An impressive full-year outlook is also
boosting the stock, which carries a 16% year-to-date lead.
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Blue-chip home improvement giant Lowe's Companies Inc (NYSE:LOW) is inching into the red pre-market, slated to open at $242.17. The equity is brushing off its second-quarter earnings beat, after lowering its full-year guidance. The 80-day moving average stepped in as support this quarter, with LOW now sporting a 10% lead for the time frame.
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Pharmaceutical name
Eli Lilly And Co (NYSE:LLY) is enjoying a 2% pre-market lead, eyeing an open at $942 after reporting upbeat trial results for weight-loss drug tirzepatide. The drug's active ingredients cut the risk of Type 2 diabetes development by 94% in overweight adults. LLY pulled back to the 180-day moving average earlier this month, but has since been
on the mend, now sporting a 58% lead for 2024.
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Euro Zone Data Rises for July
Asian markets were a mixed bag on Tuesday, as investors unpacked overnight stateside gains. South Korea’s Kospi added 0.8% despite consumer sentiment in August slipping from two-year highs, while Japan’s Nikkei rose 1.8% as healthcare and utilities stocks surged. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite dropped 0.3% and 0.9%, respectively, after China kept its one- and five-year loan prime rates steady.
European markets are mostly lower, after euro zone inflation rose and Germany’s producer price index (PPI) fell for July. Investors are also keeping an eye on meeting minutes from the Fed in the States. The German DAX was last seen 0.09% lower, while London’s FTSE is down 0.7%, and France’s CAC 40 is up 0.07%.