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Stock Futures Rise as Traders Eye Bitcoin, Nvidia

Nvidia announced earnings after the close yesterday

Deputy Editor
Nov 21, 2024 at 9:24 AM
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Stock futures are comfortably higher ahead of the open today, with futures on the Dow Jones Industrial Average (DJI) up triple digits. Investors are keeping an eye on crypto, as Bitcoin (BTC) yesterday topped $98,000 for the first time, while Nvidia's (NVDA) highly anticipated third-quarter report showed strong results. The chip giant was last seen up 2%, reversing earlier losses. Meanwhile, jobless claims came in at 213,000 for last week, marking a seven-month low.

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

  • Zoom Video stock pulling back from two-year highs. 
  • Behind Chewy stock's double upgrade
  • Plus, PANW drops after results; crypto stock surging 14; and MRUS's new "buy" rating. 

Futures Nov 21

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts and more than 1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.58 and the 21-day moving average remained at 0.62.
  2. Palo Alto Networks Inc (NASDAQ:PANW) stock is down 3% premarket, despite the company's fiscal first-quarter results coming in slightly above expectations. The cybersecurity name also announced a 2-for-1 stock split, while its fiscal second-quarter outlook was roughly in line with expectations. Year to date, PANW is up 33.2%. 
  3. Shares of MicroStrategy Inc (NASDAQ:MSTR) are looking to extend last session's 10.1% gain, up 13.8% before the bell and on track for fresh record highs. MSTR is gets a halo lift from Bitcoin (BTC). Since the start of 2024, MSTR is up a whopping 650.2%. 
  4. Merus NV (NASDAQ:MRUS) stock is up 9.5% in electronic trading, after Goldman Sachs initiated coverage with a "buy" rating, citing the company's cancer treatment. Since the start of 2024, the equity is up 56.1%. 
  5. What's on tap for the rest of this week

buzznov21

What's Happening Overseas

Asian markets were mostly in the red today, with tech stocks and NVDA as the culprit. Japan’s Nikkei lost 0.9%, with semiconductor stock Advantest a notable laggard. South Korea’s Kospi fell 0.07%, while Hong Kong’s Hang Seng shed 0.5%. China’s Shanghai Composite bucked the regional trend and inched 0.07% higher.

European bourses are more a mixed bag. London’s FTSE 100 is 0.3% higher, brushing off a post-earnings bear gap from retailer JD Sports. The French CAC 40 is 0.3% lower at last check, while the German DAX clings to a 0.2% gain.

 

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