Investors are eyeing the release of the Fed's meeting minutes for January
Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are pointed higher as investors return from the Presidents' Day holiday. Global trade is still in focus after President Donald Trump announced reciprocal tariffs last week, while earnings season carries on. Wall Street is also eyeing the Empire State manufacturing index, as well as comments from Federal Reserve officials ahead of tomorrow's release of the Federal Open Market Committee's (FOMC) meeting minutes for January.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.8 million call contracts and 1.3 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.46 and the 21-day moving average stayed at 0.60.
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Shares of
Southwest Airlines Co (NYSE:LUV) are up 1.9% in premarket trading, after the company announced it would cut 15% of its corporate workers as it looks to
reduce costs. LUV carries an 11.5% year-over-year deficit.
- Wolfe Research upgraded Snowflake Inc (NYSE:SNOW) stock to "outperform" from "peer perform," with the analyst in question citing improved consumer trends. The brokerage also anticipates the cloud giant to report upbeat fourth-quarter results next week. In the last three months, SNOW added 48.9%.
- Tapestry Inc (NYSE:TPR) stock is up 2.8% before the bell, after Redburn Atlantic upgraded it to "buy" from "neutral." The firm cited momentum for its Coach brand and sees margins improving further. TPR rose 117.1% over the past six months.
- This week brings the Federal Open Market Committee's meeting minutes.
European, Asian Markets Edge Higher
Asian markets settled mostly higher on Tuesday, as investors continued to unpack rare comments from Chinese President Xi Jinping at a symposium on Monday. Notably, Xi called for the prominent executives attending to “show their talents.” In response, China’s Shanghai Composite shed 0.9%. Hong Kong’s Hang Seng led the gainers with a 1.6% pop, while Japan’s Nikkei and the South Korean Kospi rose 0.3% and 0.6%, respectively. Among individual stock movers, Japan-based chipmaker Kioxia Holdings soared over 20% after posting a strong operating profit, while Mitsubishi Motors and Nissan Motor surged following a report from the Financial Times stating that Honda Motor was open to resuming merger talks if Nissan CEO Makoto Uchida left the position.
European bourses are higher across the board, with London’s FTSE 100 and the French CAC 40 both up 0.2%, while the German DAX rises 0.09%. European leaders held an emergency summit in Paris yesterday, to discuss being seemingly sidelined from peace talks between Russia and Ukraine. U.S. officials, meanwhile, are in Saudi Arabia to meet with their Russian counterparts for the first time in over three years. Defense stocks rallied on Monday, and appear to be extending those gains today.