Stock Futures Rise; Wall Street On Track to Snap Weekly Losses

The Dow is on track for its sixth weekly gain of the year

Deputy Editor
Jun 24, 2022 at 9:12 AM
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The broader market is looking to snap a three-week losing streak today, despite the fact that recession concerns are still heavy on investors' minds. Dow Jones Industrial Average (DJIA) futures are up 200 points ahead of the open, with the blue-chip index on track for just its sixth weekly win of 2022, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) point toward solid gains as well. Meanwhile, the FTSE Russell will be completing its annual index rebalancing, which could lead to more volatility today. 

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

  • Options traders targeted CarMax stock ahead of this morning's report.  
  • Flight cuts weigh on United Airlines stock. 
  • Plus, DRI rises after earnings; Warren Buffet increase OXY stake; and SNOW receives an upgrade. 

futures June24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 814,350 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.67, and the 21-day moving average stayed at 0.64.
  2. FedEx Corporation (NYSE:FDX) is up 2.7% premarket, after the company's better-expected full-year forecast. The shipping giant beat fiscal fourth-quarter earnings estimates of $6.87 by 1 cent, but posted lower revenue than anticipated. No fewer than four analysts lifted their price targets after the event, including UBS to $312 from $300. 
  3. Citi named Microsoft Corporation (NASDAQ:MSFT) a top pick, saying the selloff in the software sector is almost at an end. The stock is up 0.9% in electronic trading, looking to continue its rebound off its mid-June one-year lows. Year-to-date, the equity is down 23%. 
  4. Goldman Sachs upgraded Wolfspeed Inc (NYSE:WOLF) to "buy" from "neutral," citing the semiconductor stock's risk/reward profile following its recent pullback. Year-to-date, WOLF is down 43.7%. 
  5. Today will bring the University of Michigan's (UM) consumer sentiment index, five-year inflation expectations, and new home sales data. 


Stocks Higher in Europe, Asia

Asian stocks rose Friday as tech stocks, specifically in Hong Kong, strengthened. Investors kept an eye on Hong Kong logistics firm GoGoX, which made its debut today before closing well below its offer price of 21.50 Hong Kong Dollars. Meanwhile in Japan, SoftBank Group’s chief executive, Masayoshi Son, announced that semiconductor name Arm could see a listing on the Nasdaq, though a final decision has yet to be made. In response, the Hong Kong Hang Seng rose 2.1%, the Shanghai Composite in China added 0.9%, the South Korean Kospi tacked on 2.3%, and the Nikkei in Japan saw a 1.2% jump.

In Europe, stocks are also higher, as investors continue to weigh the possibility of a recession and pore over retail data out of the U.K., which showed sales falling by a slimmer-than-expected 0.5% for May. At last glance, the London FTSE 100 is 1.6% higher, the French CAC 40 has added 2.2%, and the German DAX is up 1%.


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