Stock Futures Muted as Investors Remain on Edge

Futures on Wall Street are muted this morning, on the heels of steep weekly losses. Investors are still struggling with recession fears, especially after the Federal Reserve delivered another rate hike after its last meeting, and signaled more are coming in 2023. This is putting additional focus on upcoming earnings reports from FedEx (FDX) and Nike (NKE). 

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

• Keep an eye on this steel stock's rally.
• Here are the biggest stories from last week.
• Plus, Musk's "step down" poll; Meta draws antitrust complaints; and bankruptcy rumors swirl for SBGI.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and more than 1.6 million put contracts exchanged on Friday. The single-session equity put/call ratio surged to 1.19 and the 21-day moving average stayed at 0.74.
2. Tesla Inc (NASDAQ:TSLA) is up 2.7% before the open, after CEO Elon Musk polled Twitter users on whether or not he should step down as the social media giant's chief executive. Some of Tesla's shareholders have expressed concerns over Musk's attention, with the company's third largest shareholder saying Musk abandoned the EV name, which sports a 57.4% year-to-date deficit.
3. The European Commission said Meta Platforms Inc (NASDAQ:META) may be breaching antitrust rules, and taking advantage of its position in online classified ads, which could result in a fine of up to 10% of its annual revenue. In reponse, META is 1.7% lower in premarket trading, and 64.5% lower in 2022.
4. Sinclair Broadcast Group Inc (NASDAQ:SBGI) is likely to file bankruptcy for its Diamond Sports Group -- the operator of 21 regional sports networks -- according to a New York Post report. Fresh off its fifth straight weekly loss, shares were last 2.3% lower ahead of the bell.
5. Today's economic news features the NAHB home builders' index. 
    

Asian Markets Dip Despite China's Promises to Steady Economy

Chinese investors are brushing off their government’s promise to steady its economy in 2023, as they weigh renewed school closures and rising Covid cases. As a result, China’s Shanghai Composite led a limping Asian market with a 1.9% loss. Elsewhere in the region, the Hong Kong Hang Seng shed 0.5%, the South Korean Kospi dropped 0.3%, and the Nikkei in Japan fell 1.1%.

European markets are faring slightly better amid strength in the oil, gas, and retail sectors. The bourses are still trying to recover from the European Central Bank’s (ECB) interest rate warning last Thursday, when it announced it would continue hiking rates at a steady pace into 2023. At last check, the London FTSE 100 and German DAX are both up 0.5%, and the French CAC 40 is 0.6% higher.