Stock Futures Sluggish Ahead of Fed Minutes

All three benchmarks are indicating a rare modest open this morning

Digital Content Manager
Jul 6, 2022 at 9:03 AM
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Markets are quietly lower ahead of the opening bell, with futures on the Dow Jones Industrial Average (DJIA) last seen off 46 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) struggle to build on yesterday's rebound.  

Investors have a lot to look forward to today, with the Federal Reserve's June meeting minutes due out this afternoon. The Job Openings and Labor Turnover Survey Survey (JOLTS) will be released at 10 a.m. ET, while the most recent Markit and institute for Supply Management manufacturing purchasing managers' index (PMI) will come out at 9:45 a.m. ET. 

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

  • Schaeffer's Senior Market Strategist Matthew Timpane breaks down the best way for investors to avoid getting stuck out in the cold. 
  • What sent HPQ stock to its 5th-consecutive loss
  • Plus, AMZN partners with GrubHub; COIN downgraded again; and MO jumps after big FDA update.  

futures july 6

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.02 million call contracts and 636,477 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.62, and the 21-day moving average stayed at 0.64.
  2. Amazon.com, Inc. (NASDAQ:AMZN) announced a deal with GrubHub that would add the food delivery service as a free perk for its "Prime" members. AMZN was last seen down 0.4%, as it struggles to get a handle of its 33.4% year-to-date deficit. Meanwhile, competitors of GrubHub, such as DoorDash (DASH) are plummeting ahead of the bell. 
  3. Atlantic Equities just downgraded Coinbase Global Inc (NASDAQ:COIN) to "neutral" from "overweight," calling into question the crypto exchange operators ability to attract talent. At last check, COIN is down 3.7%. Though the crypto stock has managed to tack on an impressive 17.8% during the quarter so far, it's still down a dismal 78% in 2022. 
  4. The U.S. Food and Drug Administration (FDA) announced that they have temporarily lifted their ban on Juul vape products. The news is sending Altria Group Inc (NYSE:MO) higher, up 2.3% before the open. MO, which owns a 35% stake in Juul, has been feeling the weight of the FDA's recent ban, with the equity lingering near its annual low of $41 for several weeks now. 
  5. The day's calendar will feature the S&P Global U.S. services purchasing managers' index (PMI).

OV Buzz Chart July 6

Covid Spike Sends Asian Stocks Lower 

Markets in Asia posted steep losses today as Covid-19 resurfaces in China, with more cities restricting local movement as the number of cases spike. The South Korean Kospi closed with a 2.1% drop, while Japan’s Nikkei fell and the Hong Kong Hang Seng both fell 1.2% -- the lattermost being weighed down by CNOOC’s 4.8% loss. Elsewhere, China’s Shanghai Composite pulled back 1.4%.

European markets, meanwhile, are on the rise midday, though the euro just fell to a 20-year low against the dollar. London’s FTSE 100 is leading the bourses with a 1.6% jump, while the French CAC 40 and German DAX add 1.4% and 1.2%, respectively. 

 

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