Stock Futures Look to Extend Friday's Bounce

Oil stocks are getting a boost this morning

Deputy Editor
Jan 9, 2023 at 9:16 AM
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Stock futures are on the rise this morning, looking to extend Friday's rally. Dow Jones Industrial Average (DJIA) futures are up triple digits, while futures on the S&P 500 Index (SPX) and Nasdaq-100 (NDX) sit comfortably in the black as well. Several energy stocks are getting a boost today amid rising oil prices. 

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

  • A rundown of what happened with the market last week
  • This slew of solar stocks glowing from analyst praise.
  • Plus, WBA reports earnings; WEN receives a downgrade; and AMZN announces job cuts. 

futures Jan9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 1.5 million put contracts traded on Friday. The single-session equity put/call ratio rose to 0.91 and the 21-day moving average stayed at 0.80.
  2. Lululemon Athletica Inc (NASDAQ:LULU) is down 9.1% premarket, after the apparel company said it expects a margin squeeze in the fourth quarter. Year-over-year, the equity is down 10.7% coming into today. 
  3. BofA Global Research upgraded Zillow Group Inc (NASDAQ:Z) to "buy" from "underperform," with a price-target hike to $42 from $22, citing an improved growth outlook, while Jefferies raised Z's price target by $2 to $42 as well. The shares are up 5.4% before the bell, and looking to break above recent pressure at the $36 level. 
  4. Duck Creek Technologies Inc (NASDAQ:DCT) is soaring in electronic trading, up 45% at last glance, after word that the company will go private in a $2.6 billion deal with Vista, or $19 per share. Year-over-year, DCT is down 53.2%.
  5.  The New York Federal Reserve's one- and five-year inflation expectations are due out. Plus, a consumer credit report for November will be released, and Atlanta Fed President Raphael Bostic will speak at 12:30 p.m.   

buzzjan9

Investors Eye China's Reopening

Stocks in Asia started the week higher, led by a 2.6% rise from South Korea’s Kospi. China signaled an end to its nearly three-year long zero-Covid policy, after resuming quarantine-free travel over the weekend. In response, Hong Kong’s Hang Seng popped 1.9%, while China’s Shanghai Composite added 0.6%. Markets in Japan were closed in observance of the Coming of Age Day holiday.

European markets are mostly higher, with overall economic sentiment boosted by China’s economic reopening, as well as unemployment data that showed joblessness in the euro zone stood near record lows in November. At last glance, Frances’s CAC 40 and Germany’s DAX are up 0.3% and 0.7%, respectively, while London’s FTSE 100 is 0.06% lower.

 

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