Both the Dow and SPX are nearing their all-time highs
Fresh off weekly wins for all three major indexes, Dow Jones Industrial Average (DJI) futures are up double-digits this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures linger closer to flatline. Both the blue-chip index and SPX are looking to open near their all-time highs, while buzz around "meme stocks" continues to permeate through the broader market. Plus, over the weekend, the G-7 Nations have backed the U.S. in a historic global tax reform deal.
Continue reading for more on today's market, including:
- Checking in with "meme stocks" after last week's buzz.
- A long-term moving average contained this bank stock pullback.
- Plus, KKR climbs after acquisition; Visa stock upgraded; and MGI drops after stock offering.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Friday, and 941,667 put contracts. The single-session equity put/call ratio rose to 0.44 and the 21-day moving average slipped to 0.50.
- KKR & Co Inc (NYSE:KKR) is up 1.1% before the bell. This positive price action comes after news that the company will purchase Atlantic Aviation from Macquarie Infrastructure (MIC) for nearly $4.5 billion as the demand for business flights takes off in the U.S.
- Piper Sandler upgraded Visa (NYSE:V) to "overweight" from "neutral," with a price-target hike to $260 from $234. The firm cited U.S. Covid-19 vaccinations and economic recovery, and sees an attractive entry point for V as the stock catches up with its sector peers. At last check, Visa stock was up 1.1% in electronic trading.
- MoneyGram International Inc (NASDAQ:MGI) is down 8.3% in pre-market trading, after the digital payment company announced an at-the-market equity offering program of up to $100 million of its shares. After the stock's recent rally, MoneyGram International plans to use the money to pay down outstanding debt.
- Today will bring the consumer credit report.
Stocks Higher in Asia, Europe
Asian markets settled the day mostly higher, with the exception of the Hang Seng in Hong Kong, which dropped 0.5%, as all eyes focused on export data out of China. The number rose 27.9% in May, compared to one year prior, though it missed analysts’ estimates. Meanwhile, the Nikkei in Japan rose 0.3%, the South Korean Kospi saw a 0.4% pop, and the Shanghai Composite in China added 0.2%.
European stocks are cautiously higher, as investors await this week’s Federal Reserve inflation decision and further data out of the U.S. The London FTSE 100 and the French CAC 40 are both 0.3% higher, while the German DAX is up just 0.07%.