Futures on the Dow are pointed 59 points higher this morning
Wall Street is headed into a new week on a relatively quiet note. Futures on the Dow Jones Industrial Average (DJIA) remain just slightly above fair value, last seen up 59 points, as the blue-chip index comes off seven-straight weeks of losses. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are both struggling for direction as well, with the former flat and the latter swinging to a slight gain. Elsewhere, Bitcoin (BTC) is moving lower, though is holding just above the $30,000 mark at last check.
Continue reading for more on today's market, including:
- 12 sinking cannabis stocks that may still be worth keeping an eye on.
- Could Broadcom stock be a safe bet for dividend investors?
- Plus, CVNA shares upbeat 2023 forecast; Musk comments cast doubt on Twitter takeover; and SOFI gets an upgrade.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 758,080 call contracts traded on Friday, and 1 million put contracts. The single-session equity put/call ratio rose to 1.32, and the 21-day moving average rose to 0.60.
-
Carvana Co (NYSE:CVNA) is adding to its Friday gains, up 11.3% ahead of the open, after the online auto retailer released a Securities and Exchange Commission (SEC) filing in which it shared significant core earnings outlook for 2023. Carvana also detailed plans to cut costs, including an expense reduction plan and layoffs.
Carvana stock has shed 87.3% in the past six months and hit a two year low of $28.35 on May 12.
-
Tesla (TSLA) founder Elon Musk tweeted over the weekend that lawyers at
Twitter Inc (NYSE:TWTR) have accused him of violating a non-disclosure agreement after he revealed the the public the sample sizes utilized when looking at spam accounts, putting the possible takeover at risk.
Twitter stock was last seen down 2% before the bell.
- SoFi Technologies Inc (NASDAQ:SOFI) is looking to extend Friday's impressive rally, in which the stock added almost 20%. SOFI was last seen up 5.9% in premarket trading, following an upgrade from Piper Sandler to "overweight" from "neutral." The analyst cited potential for rapid growth in deposits and the approaching expiration of the current pause on student loans. The stock has managed to add 10.3% this month so far, though it's shed 57.3% this year.
- The week starts off slow, with only the Empire State manufacturing index.

Retail Sales Data Out of China Leaves Markets Mixed
Asian markets were mixed on Monday, with China’s Shanghai Composite shedding 0.3%, after Chinese retail sales data for April fell a much worse-than-expected 11.1% year-over-year. The dismal economic data comes following Covid-19 lockdowns, which also pushed the country’s unemployment rate to a fresh 6.7% high last month. Elsewhere, Japan’s Nikkei and Hong Kong’s Hang Seng added 2.6% and 0.3%, respectively, while South Korea’s Kospi settled 0.3% lower.
Meanwhile, European markets are lower, as the Russia-Ukraine conflict continues to dominate headlines. Specifically, Finland yesterday announced it will seek to join NATO after years of neutrality, prompting threats from Moscow. The future of inflation and interest rates is also in focus, following last week’s volatility. At last check, the German DAX is down 0.7%, France’s CAC 40 is 0.4% lower, and London’s FTSE 100 is slightly below breakeven with a 0.05% loss.