Investors are also monitoring cooling oil prices and bond yields
Stock futures are pointed higher this morning, as investors unpack another slew of corporate earnings and brush off a dismal report from Netflix (NFLX). Futures on the Dow Jones Industrial Average (DJIA) are eyeing a 135-point pop, after the blue-chip benchmark yesterday saw its best session since March 16. Meanwhile, S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pacing for gains as well. Also capturing Wall Street's attention today is a retreating 10-year U.S. Treasury yield, which is just off three-year highs, while oil prices are also cooling after the International Monetary Fund (IMF) slashed its economic growth forecast.
Continue reading for more on today's market, including:
- Senior Quantitative Analyst Rocky White unpacks high oil prices.
- Snap stock attracts bullish coverage before earnings.
- Plus, more on NFLX's disappointing results; Procter & Gamble deliver top- and bottom-line win; and Lululemon's ambitious five-year plan.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Tuesday, and 590,454 put contracts. The single-session equity put/call ratio rose to 0.51, and the 21-day moving average remained at 0.57.
- Netflix Inc (NASDAQ:NFLX) is sinking ahead of the bell, last seen down 27.5%. The streaming name posted a quarterly loss of 200,000 subscribers, as opposed to its projected addition of 2.5 million subscribers. In addition to considering an ad-supported version of its service, the company is also looking to crack down on an estimated 100 million households sharing passwords. Year-to-date, NFLX is now down 42.1%.
- The shares of Procter & Gamble Co (NYSE:PG) are up 1.4% before the open, after the consumer goods name reported a first-quarter earnings and revenue beat. The company attributed the results to sustained demand for household products, despite higher prices, and upped its organic sales guidance. Year-over-year, PG sports a 16.7% lead.
- Lululemon Athletica Inc(NASDAQ: LULU) is up 1.8% in premarket trading. This pop came after the apparel retailer announced a five-year plan to double revenue by quadrupling international sales and focusing on men's apparel, in addition to ramping up digital operations. LULU has added 25.6% over the past 12 months.
- Existing home sales are slated for release today, alongside the Federal Reserve's latest Beige Book update.
European Investors Digest Global Growth Forecasts
Asian markets mostly fell today, with the exception of Japan's Nikkei, which posted a 0.9% gain. Though the majority of analysts were expecting the country to cut its loan prime rate (LPR), China kept its one-year LPR at 3.7%, and its five-year at 4.6%. Meanwhile, the country is continuing to grapple with its Covid-19 outbreak. Hong Kong's Hang Seng fell 0.4%, while China's Shanghai Composite dropped 1.4%, and the South Korean Kospi shed just 0.01%.
In Europe, stocks are higher midday, as investors still unpack this week’s dismal global growth forecasts from the International Monetary Fund (IMF) and World Bank. London's FTSE 100 is up 0.1%, while the French CAC 40 and German DAX have risen 1.3% and 1.1%, respectively.