The Nasdaq and tech names have been underperforming this week
Futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are pointed higher this morning, with the two major benchmarks eyeing weekly wins after notching their third-straight record closes yesterday. Meanwhile, Nasdaq-100 Index (NDX) futures are eyeing a marginal move lower, as the tech-heavy index stands out as a clear underperformer this week. Contributing to today's optimism is a strong earnings report from blue chip Walt Disney (DIS).
Continue reading for more on today's market, including:
- Checking in on this surging retail giant ahead of earnings.
- Micron Technology stock took a hit after a hefty bear note.
- Plus, unpacking Walt Disney's blowout earnings; video game stock upgraded; and what is hurting DoorDash stock.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Wednesday, compared to 944,014 put contracts. The single-session equity put/call ratio rose to 0.53 and the 21-day moving average jumped to 0.53 as well.
- Walt Disney Co (NYSE:PLTR) stock is up 4.6% in electronic trading, after the company reported blowout second-quarter earnings and revenue. The entertainment concern attributed the upbeat results to people returning to U.S. theme park, well as strong growth for streaming service Disney+, though it warned the Covid-19 delta variant could have a future impact. Year-over-year, the security boasts a 36% lead.
- The shares of Activision Blizzard, Inc. (NASDAQ:ATVI) are up 1.2% ahead of the bell, after the videogame name earned an upgrade from Citi to "buy" from "neutral." The analyst in coverage noted the equity's risk/reward profile, which has become more attractive since its latest pullback. The stock is still struggling with overhead pressure at the 40-day moving, and over the last six months has shed 17.5%.
- Food delivery stock DoorDash Inc (NYSE:DASH) is down 4.6% before the open, after the company posted wider-than-expected second-quarter losses. However, its revenue came in above analysts' estimates, thanks to a 70% year-over-year jump in gross order volume. Yea-to-date, DoorDash stock sports a healthy 31.8% lead.
- investors will be keeping an eye on the import price index, and the University of Michigan's consumer sentiment index today.
Asian Markets Dip Amid Samsung Electronics Selloff
Asian markets closed the week out in the red, led by South Korea’s Kospi, which shed 1.2%. South Korean tech giant Samsung Electronics fell 3.4% after the company’s Vice Chairman Jay Y. Lee was released from prison, spearheading a selloff in the country to cap off a dismal week for the Kospi. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai composite dipped 0.5% and 0.2%, respectively, while Japan’s Nikkei gave back 0.1% to round out the region.
Markets in Europe are looking to end the week on a more positive note. Investors continue to monitor the Covid-19 situation and a slew of global economic indicators, including upbeat weekly jobless claims out of the U.S. The German DAX is getting some additional help, last seen up 0.4%, after sportswear giant Adidas sold Reebok to Authentic Brands for up to $2.5 billion. Meanwhile, London’s FTSE 100 is also 0.4% higher, while the CAC 40 in France sports a 0.3% lead.