Dow Futures Sink, Investors Eye Target Profit Warning

The U.S. trade deficit narrowed by 19.1% last month

Deputy Editor
Jun 7, 2022 at 9:17 AM
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Stock futures are firmly lower this morning, seemingly unable to build on yesterday's modest gains. Dow Jones Industrial Average (DJIA) futures are off 251 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) sink into the red as well. Target's (TGT) profit warning is weighing on the retail sector, after the company announced that it expects a short-term profit hit due to its aggressive plan to get rid of excess inventory. Meanwhile, the U.S. trade deficit fell by 19.1% in April -- dropping from its record highs -- to $87.1 billion, though it's still on track for a record trade gap for the year. 

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

  • Senior V.P. of Research Todd Salamone lays out the good and bad news of the SPX's May doji candle
  • Checking in with these 2 new S&P 500 components
  • Plus, KSS surges on potential takeover; Fintech stock extends yesterday's drop; and GTLB jumps after results beat estimates. 

futures June7

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Monday, and 680,503 put contracts. The single-session equity put/call ratio fell to 0.60, and the 21-day moving average stayed at 0.62.
  2. Kohl's Corporation (NYSE:KSS) is surging premarket, up 10.2% at last glance, after disclosing it was in advanced takeover talks with retail holding company Franchise Group (FRG) -- parent of The Vitamin Shoppe. Coming into today, KSS is down 14.7% year-to-date. 
  3. Affirm Holdings Inc (NASDAQ:AFRM) is down 3.5% in electronic trading, after news that Apple (AAPL) is adding “buy-now-pay-later” options to its Apple Pay service. Plus, the sector, which has grown rapidly in the last two years, could soon being seeing regulatory pressure. 
  4. Software stock Gitlab Inc (NASDAQ:GTLB) is up 10% before the bell, following the company's better-than-expected first-quarter results and raised forecast. Plus, BofA Global Research and RBC both raised their price targets to $66. 
  5. Today will bring the consumer credit report. 

OV Buzz Chart June 7

Inflation Fears Cast Shadow Over Europe

Asian markets saw mixed settlements on Tuesday as investors eyed the Reserve Bank of Australia’s latest rate hike. The central bank increased its cash rate by 50 basis points to 0.85%, coming in much higher than expected. In response, the Shanghai Composite in China rose 0.2%, the Hong Kong Hang Seng dropped 0.4%, the Japanese Nikkei added 0.1%, and the South Korean Kospi fell 1.7%.

European markets are falling today as inflation fears continue to cast a long shadow over global markets. The French CAC 40 and the German DAX are both down 1.1% by the midway mark. Meanwhile, the London FTSE 100 is down 0.2% amid news that U.K. Prime Minister Boris Johnson just barely won a vote of confidence by Conservative Party lawmakers, even as dissatisfaction in Johnson’s leadership grows.

 

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