The Dow and S&P 500 are on their best weekly winning run since December 2023
Stock futures are lower Monday, as Wall Street returns from its sixth-straight week of gains. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are on their best weekly winning streaks of the year, though some volatility could arise from this week's flood of corporate earnings reports. Meanwhile, crude is on the mend, with oil prices already up 2% today to recoup some of last week's selloff after China cut its benchmark lending rate.
Continue reading for more on today's market, including:
- Netflix stock hit record highs after earnings.
- Apple stock jumped after elevated iPhone 16 sales overseas.
- Plus, Boeing strike could be over; activist investor eyes Johnson & Johnson spinoff; and Warby Parker stock scores analyst praise.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw nearly 2.4 million call contracts and more than 1 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average stayed at 0.64.
- Boeing Co (NYSE:BA) stock is up 3.1% before the bell, looking to put a small dent into a 40.5% year-to-date deficit after the aircraft manufacturer and its machinists' union reached a new contract proposal. The ratification vote on the proposal, which is expected by Wednesday, includes a 35% pay bump and could end a month-long strike.
- Shares of Johnson & Johnson (JNJ) spinoff Kenvue Inc (NYSE:KVUE) stock is 8.2% higher ahead of the open, after the Wall Street Journal broke the news that activist investor Starboard Value took a stake in the consumer health company. The size of the stake is not known at the moment. Coming into today, KVUE boasted an 9.5% year-over-year lead.
- Goldman Sachs upgraded Warby Parker Inc (NYSE:WRBY) to "buy" from "neutral" and lifted its price target to $18 from $15, saying the eyeglass retailer's shares can best its competitors as its fundamentals improves and margins grow. WRBY is 2.5% higher before the bell, and up 17.4% since the start of 2024.
- This week features even more blue chip earnings.
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China Cuts Benchmark LPRs by 25 Basis Points
Asian markets finished on both sides of the aisle on Monday, as investors assessed China’s loan prime rate (LPR) cuts, with the central bank slashing its one- and five-year LPRs by 25 basis points. For the gainers, China’s Shanghai Composite rose 0.2%, while the South Korean Kospi added 0.4%. Hong Kong’s Hang Seng led the losses with a 1.6% drop, while Japan’s Nikkei fell 0.07% as the country gears up for its general election at the end of the week.
European bourses finished lower across the board, ahead of this week’s flood of earnings. London’s FTSE 100 fell 0.3%, while the French CAC 40 and German DAX shed 1% and 0.9%, respectively.