Dow futures are down triple-digits this morning
Following record closes across the board last week, stock futures are a mixed bag. Dow Jones Industrial Average (DJI) futures are down triple-digits this morning, while S&P 500 Index (SPX) futures lay flat. Bucking the broad market trend so far are Nasdaq-100 Index (NDX) futures, eyeing a modest rise as many tech stalwarts look to open in the black. Investors are awaiting the start to the latest corporate earnings season, which kicks off tomorrow with several big bank names. Meanwhile, the 10-Year Treasury yield is in focus once more, last seen lingering around 1.3%.
Continue reading for more on today's market, including:
- These cannabis stocks were in focus last week.
- Digging into Rent-A-Center's fundamentals following this year's rally.
- Plus, analyst says "buy the dip" on CAKE; Richard Branson takes to the stars; and CLOV downgraded.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Friday, compared to 979,482 put contracts. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average stayed at 0.45.
- Virgin Galactic Holdings Inc (NYSE:SPCE) is up 3.5% ahead of the open, after the company's successful test flight on Sunday that brought along CEO Richard Branson, who became the first space company founder to ride in his own aircraft. SPCE is up 107% in 2021 heading into today.
- Raymond James upgraded Cheesecake Factory Inc (NASDAQ:CAKE) to "outperform" from "market perform." The firm sees an attractive entry point for the stock after its recent dip. At last check, CAKE is up 2.8% pre-market and set to build on its 39% year-to-date lead.
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Clover Health Investments Corp (NASDAQ:CLOV) is down 0.4% in electronic trading, after J.P. Morgan Securities downgraded the insurance stock to “underweight” from “neutral,” while trimming its price target to $9 from $15. The analyst in coverage is disappointed with Clover Health’s subpar 2021 guidance, and sees other health insurance sellers with better risk/reward portfolios. CLOV is down 44% in 2021, and has been getting the meme stock treatment in the last month.
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There is no economic data of note today.

Asian Markets Shrug Off Delta Variant Concerns
Asian markets were higher across the board today, brushing off some nerve-wracking coronavirus headlines. Japan’s Nikkei paced the region with a 2.3% gain, although Tokyo remains under an expanded state of emergency due to the fast-spreading Covid-19 delta variant. China’s Shanghai Composite tacked on 0.7%, after China’s central bank announced a 50 basis points cut in its reserve requirement ratio for all banks, effective this month. Elsewhere, the Hong Kong Hang Seng gained 0.6%, while the South Korean Kospi added 0.9%, despite new social distancing in effect in capital city Seoul.
Over in Europe, bourses are struggling for direction midday. As the continent unpacks yesterday’s dramatic Euro 2020 final featuring England vs. Italy, investors remain on guard for Covid-related headlines. London’s FTSE 100 is down 0.6% at last check, the French CAC 40 is 0.2% lower, and German DAX is flat.