Wall Street Wary of Slowing Economic Growth

The 10-year Treasury Yield is above 3%

Deputy Editor
Jun 8, 2022 at 9:11 AM
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Dow Jones Industrial Average (DJIA) futures are down 157 points before the bell, after the blue-chip index's triple-digit comeback yesterday, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sit more modestly in the red. The 10-year Treasury yield is back above 3%, amid news that mortgage rates have fallen to their lowest level in 22 years, as demand slows and rates rise. Meanwhile, investors are eyeing the Federal Reserve's monetary policy as well as a potential oncoming recession, after yesterday's data from Atlanta Fed’s GDPNow tracker.

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

Futures June8

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts traded on Tuesday, and 614,673 put contracts. The single-session equity put/call ratio fell to 0.59, and the 21-day moving average stayed at 0.62.
  2. Campbell Soup Company (NYSE:CPB) is up 3.3% premarket, after the company announced strong fiscal third-quarter results and lifted its annual sales forecast. Heading into today, CPB is up 7.2% year-to-date. 
  3. Roku Inc (NASDAQ:ROKU) shot up 7.6% in electronic trading, after Business Insider discussed the company possibly being bought by Netflix (NFLX). For the past month, ROKU has struggled with pressure at the $100 level, hitting a two-year low at the end of May. Year-to-date, the stock is down 59.1%. 
  4. Biotech stock Novavax Inc (NASDAQ:NVAX) is surging, up 8.3%, before the bell, after a U.S. Food and Drug Administration (FDA) committee recommended its Covid-19 vaccine be granted emergency use, with approval now up to the FDA as a whole. Down 75.6% year-over-year, the stock has found a floor at the $41-$42 level. 
  5. Today will bring a revision to wholesale inventories.

buzzjune8

European Stocks Muted Ahead of Policy Decision

Asian markets were mostly higher on Wednesday, led by Hong Kong’s Hang Seng, which saw a 2.2% jump, as tech stocks such as Alibaba (BABA) surged. The Shanghai Composite in China also jumped, tacking on 0.7%, while the South Korean Kospi fell 0.01%.  Meanwhile, the Nikkei in Japan rose 1%, after revised government data showed the country’s economy saw a 0.5% annual drop during the first quarter, which was much smaller than expected.

Over in Europe, stocks are stalling ahead of a key policy decision from the European Central Bank (ECB). Also weighing on sentiment is Credit Suisse’s profit warning, in which the financial institution said it could report a group-wide loss for its upcoming quarter. At last glance, the French CAC 40 is 0.8% lower, while the London FTSE 100 and German DAX are both down 0.6%.

 

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