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Stock Futures Quiet as Weekly Gains Take Shape

PMI data is due out later this morning

Deputy Editor
Nov 22, 2024 at 9:24 AM
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Stock futures are struggling for direction this morning, following the Dow Jones Industrial Average's (DJI) surge yesterday. For the week, all three major indexes are headed for solid wins. Investors are eyeing the S&P flash services and manufacturing purchasing managers' indexes (PMI) readings, due out later this morning. Corporate earnings reports are also in focus, and Bitcoin (BTC) is closing in on the $100,000 level.

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

  • Palo Alto Networks earnings boosted cybersecurity stocks.
  • How Merus stock snapped its recent losing streak. 
  • Plus, Gap's upbeat guidance; NTAP surges on quarterly win; and what's hurting this social media stock.

futures nov 22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 2.3 million call contracts and more than 1.2 million put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average remained at 0.62.
  2. Gap Inc (NYSE:GAP) stock is up 18.3% premarket, after the apparel retailer's better-than-expected third-quarter results and annual forecast hike. Looking to gap above recent pressure at the $22 level, the shares are sporting a 5.4% year-to-date lead heading into today.
  3. Shares of NetApp Inc (NASDAQ:NTAP) are up 7.8% before the bell, following the data storage name's strong fiscal second-quarter results. Since the start of the year, NTAP is up 43.7%. 
  4. Reddit Inc (NYSE:RDDT) stock is down 7.6% in electronic trading after yesterday's 16% pop. Shareholder Advance Magazine Publishers plans to sell up to $1.2 billion worth of shares at a discount and buy derivatives. RDDT is up 139.7% quarter to date. 
  5. What's going on during Thanksgiving week

buzznov22

Economic Data Overseas

Asian markets were a mixed bag to finish the week. The Nikkei added 0.7%, after Japan’s consumer price index (CPI) for October rose slightly above estimates but came in lower year-over-year. South Korea’s Kospi tacked on 0.8%, shrugging off weakening small caps. Among the laggards, China’s Shanghai Composite shed 3.1% and Hong Kong’s Hang Seng gave back 1.9%.

In Europe, bourses are poised to end the week on a high note, despite euro zone business activity dropping and sending the euro to fall against the dollar. London’s FTSE 100 is 1.1% higher, even after U.K. retail sales data fell 0.7% in October, steeper than expectations. The French CAC 40 is 0.3% higher last check, while the DAX is up 0.5%, shrugging off German gross domestic product only climbing 0.1% in the third quarter.

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