Futures on the Dow are looking at triple-digit losses this morning
Stock futures are eyeing more losses this morning, as investors look toward a four-day trading week. Dow Jones Industrial Average (DJIA) futures are headed 140 points lower, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also sitting firmly below fair value this morning. Rising bond yields are keeping the equities market in check, after the 10-year Treasury yield hit a three-year high of 2.7741% on Sunday evening, and remains above 2.76% this morning. Meanwhile, investors are keeping an eye on Twitter (TWTR) stock, which is falling after Elon Musk went back on his plan to join the company's board.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Friday, and 811,477 put contracts. The single-session equity put/call ratio fell to 0.57, and the 21-day moving average remained at 0.57.
- JetBlue Airways Corporation (NASDAQ:JBLU) announced over the weekend that it was planning on cutting its May capacity as it struggles to hire employees to meet what's shaping up to be a heavy demand for summer travel. The stock was last seen down 0.5%, and it suffers a 16.4% deficit for 2022.
- The shares of Lowe's Companies Inc (NYSE:LOW) are inching lower in premarket trading, last seen down 1.3%, after the company announced Chief Financial Officer David Denton would be stepping down to take the same position at Pfizer (PFE). Starting April 30, Senior Vice President Brandon Sink will take over the role. LOW has lost 20% this year, though it's clinging to a 6.4% lead for the past 12 months.
- Electric vehicle (EV) producer NIO Inc (NYSE:NIO) announced it will be temporarily cutting production amid Covid-19 related supply chain issues, causing the stock to fall 10% ahead of the bell. For the year, NIO is down a whopping 36.9%.
- Today brings the New York Federal Reserve's annual and three-year inflation expectations.
Inflation Data out of China Weighs on Asian Markets
Asian markets slipped today, with Chinese stocks leading the losses, after higher-than-expected inflation data was released in the region. China's producer price index (PPI) jumped to 8.3% year-over-year in March, while the country's consumer price index (CPI) rose 1.5% on the year. Hong Kong's Hang Seng finished the day with a 3% drop, while China's Shanghai Composite lost 2.6%. Elsewhere, Japan's Nikkei moved 0.6% lower, while the South Korean Kospi fell 0.3%.
European markets are mixed midday, as investors look ahead to the European Central Bank's monetary policy meeting on Thursday, as well as updates out of Ukraine. The French CAC 40 is up 0.6%, while London's FTSE 100 and the German DAX have shed 0.6% and 0.7%, respectively