Stock Futures Rise Alongside Tech

Bitcoin is rebounding, boosting sentiment in tech

Assistant Editor
May 24, 2021 at 9:09 AM
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Stock futures are higher this morning, shaking off Friday's frenzied trading which saw the major indexes log a mixed session. Futures on the Dow Jones Industrial Average (DJI) were last seen up 135 points, while the S&P 500 Index (SPX) futures are moving higher as well, despite both benchmarks fresh off consecutive weekly losses. Meanwhile, Nasdaq-100 Index (NDX) futures are firmly in the black, as tech makes a rebound, brushing off more uncertainty in the crypto realm. Bitcoin dipped as low as $32,000 on Sunday, but as of today is back above $37,000.

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

  • America's Car-Mart gears up for Q4 earnings.
  • Nordson shareholders prepare for dividend payments.
  • Plus, more on Virgin Galactic's successful test flight; Goldman Sachs speculates on COIN; and Dollar General stock pulls back slightly.

Futures Chart May 24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Friday, and more than 1 million put contracts. The single-session equity put/call ratio rose to 0.53 and the 21-day moving average also rose to 0.53.
  2. Virgin Galactic Holdings Inc (NYSE:SPCE) is up surging ahead of the bell, up 18% after a successful test flight. The space exploration company launched its first manned flight in more than two years, sending its SpaceShipTwo craft into space for 50 minutes over the weekend. The security boasts a 43.2% year-over-year lead. 
  3. The shares of Coinbase Global Inc (NASDAQ:COIN) are up 3.1% before the open, as they continue their volatile trading streak. Despite the wild trading cryptocurrencies have seen of late, Goldman Sachs initiated coverage on the crypto operator with a "buy" rating, citing the company's leading position in a rapidly expanding market. The relatively new equity has shed 24.6% this month.
  4. Discount retailer Dollar General Gorp. (NYSE:DG) was downgraded to "underperform" from "neutral" by Bank of America Securities. The firm cited Dollar General's historical underperformance during times of higher gas prices as the catalyst for the bear note. Year-to-date, DG is down 2.5%.
  5. A slow start to the week, today is free of any economic data.

OV Buzz Chart May 24

Asian Markets Mixed on Covid-19, Inflation Fears

Asian markets were a mixed bag on Monday, as a resurgence of Covid-19 cases in the region and inflation fears in the U.S. continued to weigh on investor sentiment. Still, Japan’s Nikkei managed to add 0.2%, while China’s Shanghai Composite rose 0.3%. Elsewhere, Hong Kong’s Hang Seng fell 0.2%, while South Korea’s Kospi shaved off 0.4%.

Elsewhere, European bourses are muted, with the German DAX closed for the Whit Monday public holiday. Investors are still digesting bitcoin’s weekend selloff, while  monitoring the European Council’s special meeting to discuss Covid-19, the environment, and relations between the European Union (EU) and the United Kingdom. At last check, London’s FTSE 100 is up 0.1%, while France’s CAC 40 is trading sideways.

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