Stock Futures Slightly Higher on Election Day

Several disappointing earnings results have rolled in this morning

Deputy Editor
Nov 8, 2022 at 9:05 AM
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Today is Election Day in the U.S., and stock futures are cautiously higher ahead of the open, as equities wait to see the political fate of the Senate. Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are eyeing double-digit leads, while futures on the S&P 500 Index (SPX) sit slightly above fair market value. A host of earnings reports rolled in this morning as well, with Lyft (LYFT) and Tripadvisor (TRIP) plunging after their respective results.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone has a new SPX trendline to follow.
  • This semiconductor stock has multiple layers of support.
  • Plus, Take-Two lowers bookings outlook; Foxconn increases stake in Lordstown Motors; and MDT plummets on study data.

OV Futures Chart November 082022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 833,016 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.67, while the 21-day moving average stayed at 0.68.
  2. Weak mobile and in-game sales caused Take-Two Interactive Software, Inc (NASDAQ:TTWO) to lower its its bookings outlook for the year, though the video game concern's CEO said the situation should improve over the next three to six months. A host of analysts slashed their price targets, after second-quarter profits and revenue missed Wall Street's estimates. TTWO was last seen 17.1% lower ahead of the bell, poised to add to its 42.1% year-over-year deficit.
  3. Lordstown Motors Corp (NASDAQ:RIDE) is surging premarket, last seen up 13% higher, after reports revealed that contract manufacturer Foxconn will invest up to $170 million in the company to become its largest shareholder. Coming into today, RIDE sported a 46.4% year-to-date deficit.
  4. The shares of medical technology company Medtronic PLC (NYSE:MDT) are 5.3% lower before the open, and 30.4% lower in the last 12 months. Today's drop comes after the company released results of a study involving a device used in tough-to-treat hypertension. Though the device reduced blood pressure, it was only slightly more effective than medication used to treat the ailment. 
  5. The NFIB small-business index will be released today. 

OV Buzz Chart Nov 8

Bank of Japan Leaves Monetary Policy Unchanged

Markets in Asia settled on both sides of the aisle on Tuesday. Japan’s Nikkei led the winners with a 1.3% rise, after the Bank of Japan (BOJ) released a summary of its monetary policy meeting in October, when members voted to leave interest rates unchanged. The South Korean Kospi added 1.2%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.2% and 0.4%, respectively.

European markets are seeing muted trading midday, as investors eye midterm elections in the U.S. London’s FTSE 100 is down 0.04% at last glance, while the French CAC 40 is 0.06% higher, and the German DAX sports a 0.4% lead.


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