Stock Futures Inch Lower, Bitcoin Drops

All eyes will be on Fed Chair Powell's Congressional testimony later today

Assistant Editor
Jun 22, 2021 at 9:21 AM
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Stock futures are struggling to extend yesterday's strong rebound this morning, with Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures all marginally lower. Investors are eager to unpack testimony from Federal Reserve Chairman Jerome Powell before the House of Representatives later this afternoon, where inflation concerns will likely be addressed. Elsewhere, Bitcoin (BTC) is falling once again, breaching the psychologically significant $30,000 level as China continues its crackdown against the enigmatic cryptocurrency. 

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

  • The SPX “tri-star” doji bearish pattern could be closer to the backend, says Schaeffer's Senior V.P. of Research, Todd Salamone. 
  • Digging into Intel stock's options surge
  • Plus, GameStop stock soaring once more; CRWD upgraded; and PLUG's quarterly report. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Monday, and 835,471 put contracts. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average dropped to 0.45.
  2. Popular meme stock GameStop Corp (NYSE:GME) is up 8.4% in electronic trading. This morning's pop comes after the videogame company announced it had completed its at-the-market share offering after raising $1.1 billion. 
  3. Stifel upgraded CrowdStrike Holdings Inc (NASDAQ:CRWD) to "buy" from "hold," with a lofty price-target hike to $300 from $240. The firm believes the cybersecurity company is still early in its growth stage. Before the bell, CRWD is up 2.9%. 
  4. Plug Power Inc (NASDAQ:PLUG) is brushing off the company's wider-than-expected first-quarter losses per share, after factors such as hydrogen shortages weighed on the alternative energy name. However, the company also reported a large revenue boost, and reaffirmed its raised gross billing targets. 
  5. Today will bring an update from Federal Reserve Chairman Jerome Powell.  

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Stocks Rebound in Asia, Europe

Stocks in Asia were in recovery mode Tuesday, with Japan’s Nikkei leading the charge, tacking on 3.1%. Elsewhere, China’s Shanghai Composite rose 0.8%, followed by South Korea’s Kospi, which added 0.7%. Lastly, Hong Kong’s Hang Seng bucked the broader region’s gains, shedding 0.6%.

Meanwhile, European markets are also higher this afternoon, as investors in the region keep an eye on inflation, interest rates, and an update on consumer confidence data from a number of European countries, the latter of which is due out at 3 p.m. London Time. At last check, London’s FTSE is up 0.3%, while France’s CAC 40 and the German DAX are both 0.09% higher.

 

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