Dow Futures Rise Over 500 Points as Oil Prices Ease

The broader market is fresh off a fourth-straight day of losses

Deputy Editor
Mar 9, 2022 at 9:12 AM
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Stock futures are eyeing a strong rebound this morning, after all three major benchmarks settled lower Tuesday for a fourth-straight day. Dow Jones Industrial Average (DJIA) futures are up 550 points ahead of the open, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are firmly higher as well. Bond yields are also climbing this morning, while oil prices finally take a breather from their recent surge. Meanwhile, Bitcoin (BTC) is up roughly 8% to trade at $41,820.00, after U.S. President Joe Biden announced his highly-anticipated executive order on digital assets. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White discusses one way to find the best stocks for options trading
  • How Kroger call traders nearly tripled their money.  
  • Plus, Amazon slammed by the House Judiciary Committee; strong outlooks send BMBL and EXPR surging. 

Futures March9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts traded on Tuesday, and 836,057 put contracts. The single-session equity put/call ratio fell to 0.52, and the 21-day moving average stayed at 0.57.
  2. A criminal probe is being pushed by the House Judiciary Committee for Amazon.com, Inc. (NASDAQ:AMZN), after the company has reportedly failed to provide the needed information for a competitive practice investigation. AMZN is brushing off these concerns, heading into today's trading up 2.7%. However, the security sports an 18% year-to-date deficit. 
  3. The shares of Bumble Inc (NASDAQ:BMBL) are flying higher premarket, up 22.5%. After the dating app company's strong fourth-quarter earnings beat and stellar outlook, BMO upgraded the stock to "outperform" from "market perform." Meanwhile, Cowen and Company raised its price target by $2 to $38, while four other analysts cut their price targets. 
  4. Express Inc (NYSE:EXPR) announced better-than-expected fourth-quarter earnings and revenue before the bell this morning. EXPR is up 10.5% in electronic trading, though still hovering in penny stock territory. Coming into today, the equity is up 33.4% year-to-date. 
  5. Today will bring job openings and quits.  

OV Buzz Chart March 9
  

European Markets Move Sharply Higher

Asian markets were lower on Wednesday, after China’s producer price index (PPI) for February jumped up 8.8% year-over-year, while the consumer price index (CPI) was unchanged from January with a 0.9% rise. Pacing the laggards was China’s Shanghai Composite with a 1.1% drop, followed by Hong Kong Hang Seng’s 0.7% loss. Elsewhere, Japan’s Nikkei shed 0.3%, and South Korea’s Kospi was closed for the country’s presidential election.

European markets are higher, as investors digest a batch of earnings reports from Adidas, Continental, Vivendi, Prudential, and others. They were also monitoring Russia-Ukraine developments, after the U.S. moved to ban Russian oil imports, while also waiting for the European Central Bank’s (ECB) monetary policy meeting tomorrow. At last check, the German DAX is 4.9 % higher, France’s CAC 40 is up 4.5%, and London’s FTSE 100 is eyeing a 1.6% gain.

 

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