All three benchmarks are higher ahead of the open
The market is looking to rebound from last week's losses, with Dow Jones Industrial Average (DJIA) futures up 294 points ahead of the open. This comes after the blue-chip index's logged its ninth weekly loss in the last 10. Futures on the Nasdaq-100 (NDX) are sporting sizable gains as well, while S&P 500 Index (SPX) futures enjoy a more modest rise. News from China added some positivity on Wall Street, after Beijing rolled back some of its Covid-19 restrictions amid the dropping number of cases. Meanwhile, gold and oil futures are climbing as well, with the former rallying from last Friday's selloff.
Continue reading for more on today's market, including:
- The latest Schaeffer's Cannabis Stock News Update.
- Schaeffer's Senior V.P. of Research Todd Salamone joined Benzinga's All Access show.
- Plus, JetBlue's buyout update; 1 tech giant's prober update; and fresh pharma news.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Friday, and 854,019 put contracts. The single-session equity put/call ratio rose to 0.77, and the 21-day moving average stayed at 0.62.
- Spirit Airlines Inc (NYSE:SAVE) is up 5% premarket, after JetBlue (JBLU) upped its takeover offer for the discount airline, raising it to $350 million. Should these gains hold, SAVE will be roughly in line with its year-to-date breakeven level.
-
China-based tech stock DiDi Global Inc (NYSE:DIDI) is skyrocketing before the bell, up 61.1%, after news that the country's regulators ended its data security probe. The company will be allowed new users for the first time since the probe began last July. Heading into today, DIDI is down 62.9% year-to-date.
-
Eli Lilly & Co (NYSE:LLY) is in the spotlight this morning, after the pharmaceutical name reported strong data from studies involving diabetes drugs Trulicity and Jardiance. Climbing back toward its recent record high, LLY is up 1.1% in electronic trading.
- There is no economic data due out today.
Markets Higher in Europe, Asia
Asian markets settled higher on Monday, after the Wall Street Journal reported Chinese regulators moved closer to wrapping up probes on DiDi Global (DIDI) and two other tech names listed in the U.S. The report also noted they could soon lift new user bans, allowing these companies to operate in the country’s app stores once again. In turn, Hong Kong’s Seng settled 2.7% higher as tech stocks surged, while China’s Shanghai Composite added 1.3%. Meanwhile, Japan’s Nikkei rose 0.6%, and South Korea’s Kospi was closed for a holiday.
European markets are higher as well, though investors are looking ahead to key stateside inflation data at the end of the week. This comes after the U.S. added a better-than-expected 390,000 jobs last month, which many interpreted as a green light for interest rate hikes. In other news, U.K.’s Prime Minister Boris Johnson will go through a vote of confidence today, amid dissatisfaction from his own party. If passed, Johnson may have to either resign, or call for a general election. At last check, London’s FTSE 100 is up 1.3%, France’s CAC 40 is 1.2% higher, and the German DAX is eyeing a 1.1% pop.