Both the Dow and SPX are still trading near their record highs
Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are struggling for direction ahead of the bell, after both indexes fell short of record highs yesterday. Nasdaq-100 (NDX) futures, however, are looking to open with a double-digit pop. Elsewhere, after hitting a record the previous month, the U.S. trade deficit narrowed 8.2% to a better-than-expected $68.9 billion in April. Gold prices have moved higher after the data.
Continue reading for more on today's market, including:
- Options bulls have been targeting this software name.
- Behind Workhorse stock's recent pop.
- Plus, SFIX surges after quarterly report; Tesla stock jumps on vehicle data; and FSLY dips after site outages.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Monday, and 815,688 put contracts. The single-session equity put/call ratio fell to 0.43 and the 21-day moving average stayed at 0.50.
- Stitch Fix Inc (NASDAQ:SFIX) is surging in pre-market trading, up 13.5% at last check, after the e-tail company reported narrower-than-expected fiscal third-quarter losses per share and an upbeat forecast. To follow, no fewer than seven analysts raised their price targets, with the highest coming from Evercore ISI to $82.
- Tesla Inc (NASDAQ:TSLA) is up 2.9% before the bell, after data showed 33,463 China-made vehicles delivered in May, jumping 29% from the previous month when production was slowed by a maintenance shutdown. If today's gains hold, Tesla stock is looking at its third-straight daily win after a recent slump.
- Fastly Inc (NYSE:FSLY) is down 1.9% in electronic trading, though up from earlier losses. This negative price action comes after a technical issue impacted several Fastly-backed websites such as Reddit and the New York Times.
- Today will bring job openings data.
Economic Data Closely Watched in Asia
All eyes were on China’s May export data on Tuesday, which rose 27.9% year-over-year, but missed the estimated 32.1% year-on-year jump. Also in focus is Japan’s gross domestic product (GDP) data, which showed a smaller-than-expected contraction. In response the Hong Kong Hang Seng dropped 0.02%, the Shanghai Composite in China took a 0.5% haircut, the Kospi in South Korea fell 0.1%, and the Nikkei in Japan suffered a 0.2% pullback.
European stocks are on the rise today, while most markets keep a close eye on upcoming inflation data out of the U.S. The German DAX is 0.2% higher, the French CAC 40 is up 0.3%, and the London FTSE 100 is up 0.5%.