Stock Futures Mixed Amid Oil Output Decisions

Weekly jobless claims came in at 202,000 for last week

Deputy Editor
Mar 31, 2022 at 9:05 AM
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Stock futures are mixed this morning, as March comes to a close alongside the first quarter. Dow Jones Industrial Average (DJIA) futures are slightly below fair value, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sit on opposite sides of breakeven.

There is plenty of economic data on tap today, after initial weekly jobless claims for last week came in at a 202,000 -- higher than estimates of 196,000 but still at low levels. Meanwhile, oil prices are sinking, after yesterday's news that the U.S. is considering a massive draw from its emergency oil reserve, while the Organization of the Petroleum Exporting Countries and its allies (OPEC+) sticks to its production plan with a small output hike for May. 

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

  • Schaeffer's Senior Market Strategist Tony Venosa discusses simple trading strategies
  • The long-term trendline to watch on Williams-Sonoma stock's chart.  
  • Plus, analyst steps to AMD's sidelines; EXFY sinks post-earnings; and a gold stock finds a buyer. 

Futures MArch31

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts traded on Wednesday, and 699,520 put contracts. The single-session equity put/call ratio rose to 0.42, and the 21-day moving average stayed at 0.57.
  2. Barclays downgraded Advanced Micro Devices Inc (NASDAQ:AMD) to "equal weight" from "overweight," with a price-target cut to $115 from $148, citing unclear growth trajectory. The chip stock is down 2% premarket and off 17% in 2022.
  3. Expensify Inc (NASDAQ:EXFY) is down 9.6% in electronic trading, after the company's fourth-quarter profit miss and disappointing revenue forecast, though fourth-quarter revenue came in above expectations. No fewer than three analysts slashed their price targets after the report, including Piper Sandler to $25 from $45. 
  4. According to Wall Street Journal, Kinross Gold Corporation (NYSE:KGC) is in talks to sell a Russian mine to Fortiana Holdings, a Russia-backed investment firm. KGC is down 0.2% before the bell but up 18% in March alone.
  5. Today will bring nominal personal income and nominal consumer spending, the PCE price index for February, the Core PCE price index, data on real disposable income, and real consumer spending, and the Chicago purchasing managers' index (PMI).
OV Buzz Chart March 31 (1)

Asian, European Markets Mostly Lower

Asian markets were mostly lower on Thursday, with oil prices sinking as U.S. President Joe Biden considers releasing barrels from the strategic petroleum reserve. Investors were also weighing worse-than-expected Chinese factory activity data for March, with the country’s purchasing managers’ index (PMI) slipping into contraction territory at 49.5. Hong Kong’s Hang Seng paced the laggards with a 1.1% drop, while Japan’s Nikkei settled 0.8% lower. Elsewhere, China’s Shanghai Composite shed 0.4%, while South Korea’s Kospi added 0.4%.

European markets are lower as well, as Russia continues to attack Ukraine, despite pledging to reduce military activity during peace talks. Traders are also weighing crude prices, after Germany said it may ration natural gas due to the Russia-Ukraine crisis. Investors are also looking ahead to NATO’s annual military alliance report, which is due out later today. At last check, France’s CAC 40 is 0.5% lower, the German DAX is down 0.4%, and London’s FTSE 100 is eyeing a 0.1% drop.

 

 

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