Stock Futures Brush off Overseas Covid-19 Concerns

China reported its first virus-related death since May

Digital Content Manager
Nov 22, 2022 at 9:07 AM
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Stock futures are pacing for gains this morning, though concerns over renewed Covid-19 restrictions in China after its first virus-related death since May are denting optimism. Dow Jones Industrial Average (DJI) futures are eyeing a 119-point pop, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are looking to open firmly higher as well. Traders are also awaiting comments from several Federal Reserve officials, as they unpack the latest batch of retail earnings.

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

  • Bulls: Keep tabs of Wall Street's "fear gauge."
  • Why this pharma stock could soon trim losses.
  • Plus, DLTR brushes off earnings beat; Best Buy hikes full-year forecast; and what's hurting Dell stock.

Futures 1122

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and more than 1.1 million put contracts traded on Monday. The single-session equity put/call ratio rose to 1.24, while the 21-day moving average stayed at 0.70.
  2. Discount retailer Dollar Tree Inc (NASDAQ:DLTR) is down 3.2% before the open, despite posting better-than-expected third-quarter earnings and revenue, as well as a comparable store sales beat. What's weighing on the equity instead is a lackluster full-year earnings outlook. Year-to-date, though, DLTR still sports a 17.6% lead. 
  3. Best Buy Co Inc (NYSE:BBY) is up 8.4% in premarket trading, after the company beat top- and bottom-line estimates for its third quarter, and beat comparable store sales estimates. Best Buy noted customer traffic remains strong due to discounts, and hiked its full-year forecast. Year-over-year, BBY is down 48%.
  4. The shares of Dell Technologies Inc (NYSE:DELL) are down 1.5% ahead of the bell, brushing off better-than-expected third-quarter results. The company issued a disappointing current-quarter revenue forecast, and warned of the negative impacts inflation and a slowing economy would have on consumer spending. DELL is off 28.9% in 2022.
  5. There's no relevant economic data due out today.


Covid Restrictions Ramp Up in Beijing

Asian markets closed on both sides of the aisle today. Hong Kong’s Hang Seng led the losses with a 1.3% drop, as reopening stocks continue to reel following China’s first Covid-related deaths since May. The country also tightened restrictions in some areas, including Beijing. The South Korean Kospi slipped 0.6%, while Japan’s Nikkei and China’s Shanghai Composite rose 0.6% and 0.1%, respectively.

European markets are on the rise at midday, as oil stocks get a boost after Saudi Arabia denied yesterday’s report that the Organization of the Petroleum Exporting Countries (OPEC+) may boost oil output. London’s FTSE 100 is up 0.7%, while the French CAC 40 climbs 0.03%, and the German DAX tacks on 0.1%.



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