Stock Futures Set to Continue Strong Week

Investors were encouraged by Fed Chair Powell's remarks yesterday

Deputy Editor
Jun 23, 2021 at 9:15 AM
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Stock futures are poised to add to the broad market optimism this morning, after yesterday's comments by Federal Reserve Chairman Jerome Powell quelled inflation fears and lifted investor sentiment. Dow Jones Industrial Average (DJI) futures are firmly in the black before the bell, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures inch higher as the Nasdaq looks to build on its record close. Big Tech will be in the spotlight today, as the House Judiciary Committee will debate six bills aimed at the sector. Elsewhere, Bitcoin (BTC) is on the mend this morning, reclaiming the $30,000 level.

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

  • Is there such a thing as too much investor optimism? Schaeffer's Senior Quantitative Analyst Rocky White finds out.
  • Call traders can't get enough of FuboTV stock
  • Plus, Shake Shack eyes China; WGO rises on upbeat results; and Microsoft stock's major milestone. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Tuesday, and 834,658 put contracts. The single-session equity put/call ratio rose to 0.47 and the 21-day moving average stayed at 0.45.
  2. Shake Shack Inc (NYSE:SHAK) is up 3% pre-market, after the company announced its expansion in China. The popular restaurant chain said that it will open 10 new locations in China by 2031. 
  3. Winnebago Industries Inc (NYSE:WGO) is up 1.5% ahead of the open, after the RV-maker reported better-than-expected fiscal third-quarter results. The company's revenue doubled to record levels, with towable products giving profits a boost. 
  4. Microsoft Corp (NASDAQ:MSFT) just became the second, behind Apple (AAPL), to pass the $2 trillion market cap level. MSFT is up 0.3% in electronic trading. The blue-chip tech giant is up 19.3% in 2021.
  5. Today will bring new home sales data, Markit manufacturing PMI, and Markit services PMI.

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Investors Unpack Slew of Economic Data Overseas

Asian markets were mostly higher, led by the Hong Kong Hang Seng, which added 1.8% as big tech names such as Alibaba (BABA) and Baidu (BIDU) surged. The Shanghai Composite in China added 0.3%, and the South Korean Kospi enjoyed a 0.4% pop. The Nikkei in Japan was the outlier in the region, settling with a muted 0.03%, drop as investors sifted through meeting minutes from the Bank of Japan regarding its April monetary policy. Members of the meeting came to a general consensus that stimulus measures could spark faster economic recovery in Japan and elsewhere.

Over in Europe, markets are mostly lower, as the bourses look past the upbeat IHS Markit’s flash composite Purchasing Managers’ Index (PMI) for the euro zone, which showed business growth rising at its fastest pace in 15 years. The reading, which covers activity across both services and manufacturing, came in at 59.2 in June, rising from its May reading of 57.1. Meanwhile, the U.K.’s composite reading fell slightly, coming down from an unprecedented reading of 62.9 in May to land at 61.7. Anxieties over the Delta Covid-19 variant are likely keeping a lid on some of this reopening optimism, though. The French CAC 40 and German DAX are both 0.6% lower, while the London FTSE 100 sports a modest 0.3% gain.

 

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