Retail earnings will be the talk of Wall Street this week
Stock futures are looking to kick off the holiday-shortened week with losses, ahead of a slew of retail earnings from names like Best Buy (BBY), Dick’s Sporting Goods (DKS), and Nordstrom (JWN). Dow Jones Industrial Average (DJI) futures are pointed slightly below breakeven, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also set to open in the red. Wall Street is eyeing crypto, too, after Bitcoin (BTC) dipped 3.6% to trade below $16,000 amid more FTX drama.
Continue reading for more on today's market, including:
- Put traders crowding Tyson Foods stock.
- Options bears may be ahead of Tesla's curve.
- Plus, why Carvana stock is sinking; WSM downgraded; and Walt Disney's C-suite shakeup.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and more than 1.5 million put contracts traded on Friday. The single-session equity put/call ratio rose to 1.24, while the 21-day moving average stayed at 0.70.
-
Carvana Co (NYSE:CVNA) is down 5% in the premarket, after the car retailer said on Friday it would lay off 1,500 employees. Plus, analysts seem to believe that the company will
dry up its cash reserves in the next 12 months, per the Wall Street Journal. Year-to-date, CVNA is down 96.5%.
- Barclays downgraded Williams-Sonoma, Inc. (NYSE:WSM) to “equal weight” from “overweight” earlier. The analyst in question cited a cooling house market, which is negatively impacting the home goods retailer. WSM is off 1.9% before the bell, and has shed 44.1% in the last year.
- The shares of Walt Disney Co (NYSE:DIS) are up 10.1% ahead of the open, after news that Chairman and CEO Bob Iger will return as chief executive to replace Bob Chapek The equity has struggled under Chapek's leadership, and so have the company's profit margins. So far in 2022, DIS is down 40.7%.
-
The Chicago Federal Reserve's national activity index is due out today.
Asian Markets Dip Amid Renewed Covid Threat
Markets in Asia slipped today, after China left its benchmark lending rate at 3.65% for the third month in a row, citing a renewed Covid threat. The Hong Kong Hang Seng led the losses with a 1.9% drop, while the South Korean Kospi fell 1%, China’s Shanghai Composite shed 0.4%, and Japan’s Nikkei lost 0.2%.
European markets are mostly lower midday as well. The German DAX is down 0.6%, after the country’s producer price index (PPI) came in at -4.2% for the month in October – far below analysts’ forecast of a 0.9% increase. Meanwhile, London’s FTSE 100 is flat at last glance, while the French CAC 40 moves 0.3% lower.