Stocks Struggle for Direction Ahead of Busy Week

Eyes are on this week's Federal Reserve Meeting

Deputy Editor
Jun 14, 2021 at 9:19 AM
facebook twitter linkedin

Stocks are muted ahead of the bell this morning. S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) futures are tentatively in the red after the SPX notched second-straight record close, while Nasdaq-100 (NDX) futures are pointed slightly higher. Meanwhile, despite falling bond yields -- the 10-year Treasury yield was last seen at 1.43% -- gold futures are down 1.6% as investors eye inflation ahead of the two-day Federal Reserve meeting later this week. 

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

  • How the hottest cannabis stocks performed last week. 
  • Check out Schaeffer's Market Mashup, featuring tastytrade's on-air talent Jermal Chandler. 
  • Plus, Chipotle stock upgraded; Novavax's big vaccine news; and PHG falls amid product recall.

futures 0614

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Thursday, and over 1 million put contracts. The single-session equity put/call ratio rose to 0.48 and the 21-day moving average stayed at 0.48.
  2. Though Chipotle Mexican Grill Inc (NYSE:CMG) stock received a price-target cut to $1,720 from Wells Fargo this morning, the restaurant giant was also upgraded by Raymond James to "strong buy," from "outperform," with the firm citing the recent menu price increases. At last check, CMG was up 2.8% before the bell. 
  3. The shares of Novavax Inc (NASDAQ:NVAX) are surging ahead of the open, up 9.5%, after reports that the company's Covid-19 vaccine was found more than 90% effective against a variety of variants in its late-stage U.S. trial. If these gains hold, NVAX will be poised to add to its 88% year-to-date lead.
  4. Dutch multinational health technology name Koninklijke Philips NV (NYSE:PHG) is down 4.6% in pre-market trading, after potential issues with its continuous positive airway pressure therapy (CPAP) machines for sleep apnea. The company is recalling up to 4 million machines as the foam could degrade and become toxic. 
  5. The busy week will start off slow, with no economic data to report today. 


Stocks Higher in Asia, Europe

Asian markets settled higher on Monday, though the Hong Kong Hang Seng and China’s Shanghai Composite were closed for holiday. The Nikkei in Japan added 0.7%, boosted by a 2.9% month-over-month rise in its seasonally adjusted index for production in April. Meanwhile, the South Korean Kospi landed a quiet 0.09% win.

European markets are inching higher, as cautious investors eye the upcoming U.S. Federal Reserve Meeting and look over the euro zone’s stronger-than-expected 0.8% month-over-month rise in industrial production data for April. Plus, U.K. Prime Minister Boris Johnson is set to put new Covid-19 lockdown restrictions in place as cases of the virus’s delta variant becomes more prevalent. The London FTSE 100 is up 0.2%, while the French CAC 40 and the German DAX are both 0.08% higher.  



Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners