Stock Futures Eye Strong Start to Holiday-Shortened Week

President Biden will be keeping Fed Chair Powell for another term

Digital Content Manager
Nov 22, 2021 at 9:10 AM
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Thanksgiving week is off to a good start, with stock futures pointed confidently higher. Dow Jones Industrial Average (DJI) futures are eyeing solid gains, as the blue-chip benchmark looks to snap a three-day losing streak. S&P 500 (SPX) and Nasdaq-100 (NDX) futures are also indicating a higher open, despite growing Covid-19 concerns overseas.

Austria began its fourth national lockdown today, while Germany Chancellor Angela Merkel warned of tighter restrictions for the unvaccinated. Elsewhere, Wall Street is cheering President Joe Biden's decision to nominate Jerome Powell as Fed Chair for a second term, a decision that was made just before the markets opened this week.

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

Futures 1122

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 3 million call contracts traded on Friday, compared to 1.2 put contracts. The single-session equity put/call ratio fell to 0.42, and the 21-day moving average stayed at 0.47.
  2. Blink Charging Co (NASDAQ:BLNK) is down 1.8% this morning, after Cowen downgraded the stock to "market perform" from "outperform." The analyst in coverage said the company is overvalued due to an "euphoric" rally in electric vehicle charging stocks. Year-over-year, BLNK remains up 134.9%.
  3. Apple Inc (NASDAQ:AAPL) stock is up 0.5% in electronic trading, brushing off a report from Japan’s Nikkei news service that the new iPad will not be delivered in Asian markets in time for Christmas. The report also noted iPhone deliveries are also delayed. Over the last 12 months, AAPL has added 35.3%.
  4. Astra Space Inc (NASDAQ:ASTR) is surging, last seen up 29.5% before the bell. Today's pop comes after  the company launched a rocket into orbit for the first time this weekend, which carried a U.S. Space Force payload. ASTR is down 5.7% year-to-date heading into today.
  5. Today brings the Chicago Federal Reserve national activity index and existing home sales data.
OV Buzz Chart Nov 22

Covid-19 Restrictions Tighten European Bourses

Markets in Asia closed Monday’s session mixed, as investors digested economic data and news that JD.com (JD) and NetEase will be included on the Hang Seng index on Dec. 6. In response, the index sunk 0.4%. The one-year Loan Prime Rate (LPR) remained unchanged  at 3.85%. Japan’s Nikkei added 0.09%, South Korea’s Kospi tacked on 1.4%, and China’s Shanghai Composite moved 0.6% higher.

European markets are slipping at midday, as Covid-19 restrictions tighten across the region and await U.S. President Joe Biden’s Federal Reserve chief nomination. At last check, France’s CAC 40 and Germany’s DAX are both down 0.3%, while London’s FTSE 100 has shed 0.2%. 

 

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