There are plenty of earnings reports to sift through
Stock futures are firmly lower this morning, with futures on the Dow Jones Industrial Average (DJIA) down 400 points, as tensions escalate between Ukraine and Russia. Russian President Vladimir Putin warned the U.S. of a new nuclear doctrine, after President Biden allowed Ukraine to use U.S.-made weapons to strike Russia.
Gold prices are on the rise as traders seek a safe haven. Wall Street also has plenty of corporate earnings reports to unpack this morning, as well as a 3.1% drop in housing starts for October, which missed analysts' expectations.
Continue reading for more on today's market, including:
- Potential short-term market headwinds ahead, per Schaeffer's Senior Market Strategist Matthew Timpane.
- Checking in with 3 airline stocks amid higher oil prices.
- Plus, BNTX sees bull notes; LOW slips despite earnings beat; and SMCI extends rebound.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2 million call contracts and more than 1 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.51 and the 21-day moving average remained at 0.62.
- BioNTech SE (NASDAQ:BNTX) stock is up 0.7% premarket, after an Evercore ISI upgrade to "outperform" from "in-line," with a price-target hike to $125 from $110. In addition, Berenberg initiated coverage with a "buy" rating and $130 price objective. BNTX is down just 3.5% year to date.
- Lowe's Companies Inc (NYSE:LOW) stock is down 1.4% before the bell, despite the home improvement retailer's better-than-expected third-quarter results and raised guidance. The company still expects sales to fall this year from last year. Since the start of the year, the equity is up 22.1%.
- The shares of Super Micro Computer Inc (NASDAQ:SMCI) are extending last session's 15.9% rise, up 26% in electronic trading. The IT company hired BDO as an independent auditor to avoid its scheduled Nasdaq delisting, and also submitted a detailed plan. The stock has been on a downturn since March, and still carries a 24.2% year-to-date deficit.
- Manufacturing and services data on tap this week.
Asia Markets Rise on Hong Kong Buzz
Asian markets took positive cues from China today, after Vice Premier He Lifeng expressed support for Hong Kong’s innovation reform, as it would push the city to become an “international financial center.” Hong Kong’s Hang Seng added 0.4% in response, while the Shanghai Composite added 0.7%. Rounding out the region, Japan’s Nikkei added 0.5% and the South Korean Kospi tacked on 0.1%.
European bourses have pivoted lower, as tensions between the U.S. and Russia bubble, after the latter amended nuclear doctrines. London’s FTSE 100 is 0.4% lower, while the French CAC 40 is off by 1.2% at last check. The DAX is 1.1% lower, after the Bundesbank called the economic outlook “weak” in Germany.