Stock Futures Eye Another Stifled Open

The market is coming off a muted day of trading

Assistant Editor
Jun 9, 2021 at 9:14 AM
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Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are once more flat ahead of the bell, after both indexes once again danced below their record peaks during yesterday's muted day of trading. Meanwhile, Nasdaq-100 (NDX) futures are looking to open up in the double-digits, as investors continue to eye several "meme" stocks, with GameStop (GME) set to report earnings after today's close. The range-bound trading activity this week could be attributed to Wall Street nervously awaiting Thursday's consumer price index (CPI) for May, as inflation concerns continue to simmer.

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

  • Looking at Gamma-weighted SOIR as a bullish indicator, with Schaeffer's Senior Quantitative Analyst Rocky White. 
  • A look at Fastly stock after the widespread internet outage.
  • Plus, CPB drops after quarterly report; ANF receives an upgrade; and RIDE looks to continue its slump. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Tuesday, and 717,708 put contracts. The single-session equity put/call ratio fell to 0.35 and the 21-day moving average stayed at 0.50.
  2. Campbell Soup Company (NYSE:CPB) is down 8% in pre-market trading, after the company's fiscal third-quarter earnings and revenue came in below expectations. Plus, the food name lowered its full-year guidance due to higher costs related to raw materials and transportation.
  3. Jefferies upgraded Abercrombie & Fitch Co (NYSE:ANF) to "buy" from "hold," citing an increase in profit margins as well as the company's long-term work on its brand. ANF is up 2.9% ahead of the open. 
  4. Lordstown Motors Corp (NASDAQ:RIDE) is down 5.1% in electronic trading, after the electric vehicle-maker said it was having trouble funding production. Looking to extend yesterday's 16.3% drop, RIDE also received fresh analyst coverage from RBC, which initiated coverage with an "underperform" rating and $5 price target. 
  5. Today will bring wholesale inventories data.  

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Investors Eye Inflation Data at Home, Overseas

More data out of China had investors on edge on Wednesday. The country’s producer price index (PPI) for May rose 9% since last year, besting estimates, though its consumer price index (CPI), which rose 1.3% year-over-year, missed expectations. While China’s Shanghai Composite rose, tacking on 0.3%, markets throughout the rest of the region tumbled, lead by the South Korean Kospi, which dropped 1%. Meanwhile, Hong Kong’s Hang Seng dropped 0.1%, and the Japanese Nikkei dropped 0.4%. 

Over in Europe, markets aren’t faring much better, as investors look ahead to key inflation data out of the U.S., on tap for Thursday. Meanwhile, The World Bank upgraded its 2021 growth forecast to 5.6%, compared to its original 4% projection. The organization did caution that this fresh forecast will still be about 2% below pre-pandemic estimates, even with the economic recovery. In response, the London FTSE 100 is off 0.4%, the French CAC 40 is up 0.03%, and the German DAX is down 0.5%. 

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