Nasdaq futures are slightly lower
Stock futures are on mute this morning, as Wall Street gears up for a week jam-packed with Big Tech earnings and a Federal Open Market Committee (FOMC) meeting. As if that's not enough, more will be revealed about U.S. President Joe Biden's "American Families Plan," which will dedicate $1.8 trillion to national child care, paid family leave, and tuition-free community college.
Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are marginally higher at last check, while Nasdaq-100 Index (NDX) futures are staring at modest losses. Meanwhile, Bitcoin (BTC) is bouncing back from its recent slump, though is still off roughly $10,000 from its early-April peak above $64,800. Elsewhere, durable goods orders increased by 0.5% in March, but fell short of the 2.2% projection from analysts.
Continue reading for more on today's market, including:
- Why this overlooked bank stock may be a long-term winner.
- We unveiled our first crypto stock roundup last week.
- Plus, ETSY downgraded; unpacking Apple's expansion plans; and Johnson & Johnson's Covid-19 vaccine resumes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Friday, and 922,224 put contracts. The single-session equity put/call ratio rose to 0.55 and the 21-day moving average jumped to 0.47.
- Etsy Inc (NASDAQ:ETSY) stock is down 2% before the bell, after KeyBanc Capital Markets downgraded the e-tailer to "sector weight" from "overweight." The analyst in coverage said it is unlikely for the equity to see upbeat earnings revisions, despite its long-term growth outlook.
- Tech giant Apple Inc (NASDAQ AAPL) is slightly above breakeven ahead of the open. The company said it plans to expand in the U.S. by creating 20,000 new jobs in the next five years, investing $430 billion in areas such as semiconductors and 5G.
- The shares of Johnson & Johnson (NYSE:JNJ) are up 0.3% in electronic trading, after states resumed using its Covid-19 vaccine this weekend following a controversial pause over health concerns. JNJ is up 5% in 2021.
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The week starts off with durable and core capital goods orders.
European Markets Rise Amid Covid-19 Vaccine Drama
Stocks in Asia were mixed to start the week, as Covid-19 cases continue to rise in India. Among the winners, the South Korean Kospi had the best day with a 1% gain. Following, Japan's Nikkei added 0.4%. Elsewhere, China's Shanghai Composite and Hong Kong's Hang Seng fell 1% and 0.4%, respectively.
Meanwhile, European markets are inching higher midday, amid news that the European Union (EU) is seeking legal action against AstraZeneca (AZN) due to vaccine shortages. At last check, the German DAX is flat, after the Ifo Institute's business climate index showed the country's business sentiment rose less than expected. As investors await the start of another busy week of corporate earnings, London's FTSE 100 is up 0.2%, while the French CAC 40 rises 0.3%.