Stock Futures Extend Gains as Bitcoin Continues Rebound

There's a deluge of major reports due out today

Deputy Editor
May 25, 2021 at 9:10 AM
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Following a strong session boosted by rebounding tech and reopening plays, stock futures are slightly higher once again. Futures on the Dow Jones Industrial Average (DJI) were last seen up around 81 points, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are solidly in the black as well. Bitcoin continues to dig itself out of a hole, creeping back up near $38,000 this morning, boosting sentiment around major tech stocks like Tesla (TSLA).

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

  • Schaeffer's Senior V.P. of Research Todd Salamone has some post-expiration week predictions.
  • Why now is the time to buy Zynga stock.
  • Plus, AutoZone zooms past Wall Street's Q3 estimates; CGC jumps on an upgrade; and more on Amazon's latest acquisition. 

Futures Chart May 25

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Monday, and more than 716,669 put contracts. The single-session equity put/call ratio fell to 0.41 and the 21-day moving average stayed at 0.52.
  2. AutoZone, Inc. (NYSE:AZO) is up 0.1% ahead of the bell, after the auto parts retailer entered the earnings confessional, where it reported fiscal third-quarter earnings and revenue that demolished Wall Street's estimates. In addition, comparable-store sales surged past estimates, though gross margins dropped due to an acceleration of AutoZone's commercial business. Year-to-date, AZO is up 22.2%.
  3. The shares of Canopy Growth Corp (NASDAQ:CGC) are up 3.8% before the open, following an upgrade from MKM Partners. Digging deeper, the firm upgraded Canopy Growth to "buy" from "neutral," noting the risk/reward profile is too favorable to pass up amid low sentiment surrounding the stock. In fact, CGC has shed 15.8% this month alone.
  4. According to a person familiar with the matter, online retail titan, Inc. (NASDAQ:AMZN) is nearing the close of a deal to acquire MGM Studios for between $8.5 billion and $9 billion. This would mark Amazon's largest acquisition since its 2017 purchase of Whole Foods, which came with a receipt of $13.7 billion. Up 0.9% in electronic trading, AMZN is sitting just below its 2021 breakeven mark.
  5. Things pick up a bit today, with the S&P CoreLogic Case-Shiller home-price index, as well as the consumer confidence index, and new home sales all due out.


Inflation Fears Fade, European Stocks Move Higher

Asian markets were confidently higher on Tuesday, following overnight gains from Big Tech. Leading the gainers was China’s Shanghai Composite, which added 2.4%, followed by Hong Kong’s Hang Seng’s 1.8% pop, which was attributed to a surge from tech giants Kuaishou Technology, Xiaomi, and Tencent.  Elsewhere, South Korea’s Kospi rose 0.9%, while Japan’s Nikkei jumped 0.7%.

European markets are mostly higher as well, as fading inflation fears give investor sentiment a boost. Also contributing to optimism is fresh data out of Germany, which showed business morale climbed to a two-year high of 99.2 in May, though first-quarter gross domestic product (GDP) data came in below analysts’ estimates. Investors are also keeping an eye on Belarus’ alleged “hijacking” of a Ryanair plane, and cheering Vonovia’s $22 billion takeover of Deutsche Wohnen. At last check, the German DAX was last seen up 0.6%, France’s CAC 40 is up 0.1%, and London’s FTSE 100 is just below breakeven with a 0.07% loss.


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