All three major indexes are higher ahead of the open
Wall Street is looking to keep its comeback going, after all three major indexes snapped their three-week losing streaks following Friday's impressive gains. Stock futures are pointed modestly higher ahead of the open, as investors contemplate whether the market found its bottom. Durable-goods orders rose 0.7% in May, beating expectations of a 0.2% rise and signaling a strong demand, though June will likely show a sharp drop due to recession fears.
Continue reading for more on today's market, including:
- Senior V.P. of Research Todd Salamone observes key trendlines on the SPX and NDX.
- Checking in with Ternium stock.
- Plus, 2 stocks rising after upgrades; SAVE moves lower after accepting takeover bid.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 862,005 put contracts traded on Friday. The single-session equity put/call ratio fell to 0.51, and the 21-day moving average stayed at 0.64.
- Chewy Inc (NYSE:CHWY) is up 4.7% premarket, after Needham upgraded the shares to "buy" from "hold," citing price increases and the improvement of supply chain issues. CHWY has been bouncing off its recent lows, though still down 35.3% year-to-date.
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Goldman Sachs upgraded Robinhood Markets Inc (NASDAQ:HOOD) to "neutral" from "sell," though also cutting its price target by $2 to $9.50. The stock is down 55% year-to-date heading into today, and up 2.8% in electronic trading.
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Spirit Airlines Inc (NYSE:SAVE) is down 5.5% before the bell, after news that the company is accepting the newest takeover offer from Frontier Group (ULCC) rather than JetBlue (JBLU). Year-over-year, SAVE has tacked on 12%.
- Today will bring core capital goods orders, and the pending home sales index.
Traders Eye G-7 Gathering
Asian markets rose on Monday, led by the Hong Kong Hang Seng, which added 2.4% as tech stocks shifted higher. Elsewhere in the region, the Shanghai Composite added 0.9%, the South Korean Kospi jumped 1.5%, and the Japanese Nikkei rose 1.4%.
In Europe, markets are mixed at midday as investors continue to asses the rally stocks saw across the globe last week against inflation and recession pressures. Meanwhile, traders are also keeping an eye on the G-7 gathering in Germany, following more Russian missile strikes in the Ukrainian capital of Kyiv. At last glance, the London FTSE 100 is 0.7% higher, the French CAC 40 is down 0.1%, and the German DAX has added 0.7%.