Home prices hit record highs in August
Futures on the Dow Jones Industrial Average (DJI) are down 182 points at last check this morning, while futures tied to the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) inch lower as well, as investors unpack earnings from companies such as Ford (F) and McDonald's (MCD) and prepare for a batch of Big Tech earnings later this week.
The Case-Shiller 20-city and national home price indexes both hit record highs in August, though growth slowed significantly amid higher mortgage rates. Wall Street is still monitoring oil prices as well, with West Texas Intermediate Crude (WTI) rising slightly after yesterday's sharp losses.
Continue reading for more on today's market, including:
- Why call traders are eyeing this crypto stock.
- Earnings Preview: Biogen stock.
- Plus, 2 fintech earnings to unpack, and why TD Cowen is bullish on TG Therapeutics stock.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 845,524 put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.58 and the 21-day moving average stayed at 0.63.
- PayPal Holdings Inc (NASDAQ:PYPL) is 6.9% lower before the bell, after the fintech firm reported a mixed third quarter. The payments company reported earnings per share that beat estimates, revenue that missed the mark, and said it expects adjusted earnings per share to grow more than expected. Coming into today, PYPL boasted a 36.1%year-to-date lead.
- Another fintech company, SoFi Technologies Inc (NASDAQ:SOFI), also stepped into the earnings confessional, reporting a fourth consecutive profitable quarter after topping Wall Street's forecasts. Up 3.4% in electronic trading, SOFI is on track to add to its 62.9% year-over-year gain.
- TD Cowen initiated coverage on TG Therapeutics Inc common stock (NASDAQ:TGTX) with a "buy" rating and a $50 price target. In its bull note, the analyst said TG Therapeutics' Briumvi is a best-in-class anti-CD20 that could rival other drugs that treat relapsing form of multiple sclerosis. TGTX is 4% higher in premarket trading, with a nearly 250% year-over-year gain to boot.
- Employment data and more earnings are due out this week.
Asia Markets Mirror U.S.; European Investors Await Earnings
Asian stocks took their cues from U.S. equities. Japan’s Nikkei added 0.8%, rising after jobless claims fell short of estimates in September. South Korea’s Kospi tacked on 0.2%, while Hong Kong’s Hang Seng added 0.4%. China’s Shanghai Composite sat out the gains, giving back 1.1%.
Over in Europe, bourses are cautiously higher midday, as earnings season hits high gear. Bank giant HSBC reported a top line beat for the third quarter, but London’s FTSE 100 is 0.1% lower at last check. The French CAC 40 and German DAX are both 0.2% higher, as the latter unpacks consumer confidence hitting its highest level since 2022.