Dow Futures Rise as Countdown to 2022 Close Begins

The major indexes are pacing for their worst year since 2008

Deputy Editor
Dec 27, 2022 at 9:15 AM
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Stock futures are pointed higher this morning, as Wall Street returns from the Christmas weekend for the final week of 2022. Though traders had Monday off for the holiday, they are still hoping for a Santa Claus rally, which usually happens during the last five trading days of the year. Futures on the Dow Jones Industrial Average (DJIA) are poised for a triple-digit pop this morning, but the major benchmarks remain on track for their worst annual performance since 2008.

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

  • Keep an eye on these 3 oil stocks.
  • Diving into last week's biggest stories.
  • Plus, Southwest cancels thousands of flights; Tesla stock to extend rut; and Peloton announces big discounts.

Futures Chart December 272022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 832,765 put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.77, and the 21-day moving average stayed at 0.77.
  2. Southwest Airlines Co (NYSE:LUV) cancelled thousands of flights over the last few days amid winter storms, outpacing the amount of cancellations of its sector peers. In response, Southwest Airlines stock is 4.2% lower before the open, adding to a 15.8% year-to-date deficit.
  3. After logging its sixth-straight daily loss, Tesla Inc (NASDAQ:TSLA) is eyeing a 5.6% premarket drop on news that the company will run production at a reduced rate at its Shanghai factory next month. Year-to-date, TSLA is down roughly 65%, and heading for its worst yearly loss on record.
  4. Peloton Interactive Inc (NASDAQ:PTON) is 0.6% lower before the bell, after the company started selling heavily discounted refurbished bikes. PTON is off more than 75% in 2022, as it looks to boost demand after pandemic growth. 
  5. Today brings the goods trade balance, retail inventories, and the S&P Case-Shiller U.S. home price index
     

buzzdec27

Covid Restriction Update Boosts Asian Stocks

Asian markets mostly rose on Tuesday, amid news that China plans to end quarantine for inbound travelers starting Jan. 8. The country also lowered its Covid restrictions down to Category B from A. Meanwhile, Japan announced that starting Dec. 30, a negative Covid-19 test will be required from travelers. In response the Shanghai Composite in China added 1%, the South Korean Kospi rose 0.7%, and the Nikkei in Japan tacked on 0.2%. The Hong Kong Hang Seng sat out the rally, shedding 0.4%.

European stocks are also higher as investors cast a hopeful eye on the final trading week of the year. The German DAX was last seen up 0.7% and the French CAC is up 1%. Meanwhile, the London FTSE 100 is closed for holiday.

 

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