Futures on the Dow and Nasdaq are both down triple digits ahead of the open
Dow Jones Industrial Average (DJIA) futures are down 264 points ahead of the open this morning, as the blue-chip index looks to extend yesterday's plummet. Nasdaq-100 Index (NDX) futures are down triple digits as well, while the S&P 500 Index (SPX) sit more modestly in the red. Many are pointing to the Fed in regard to the market's negative sentiment today, as investors grow increasingly concerned about ongoing rate hikes. Meanwhile, initial jobless claims came in at 190,000 for last week, which is below the anticipated 215,000.
Continue reading for more on today's market, including:
- S&P 500 could see bullish implications from ratio rollover.
- How Fifth Third stock was faring before this morning's earnings report.
- Plus, UAL jumps after earnings; and 2 analyst calls today.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and over 1.7 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 1.31 and the 21-day moving average stayed at 0.81.
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Morgan Stanley downgraded Roblox Corp (NYSE:RBLX) to "underweight" from "equal weight," with a price-target cut to $24 from $27.50, seeing limited upside for the stock after its recent outperformance. On the charts, RBLX is still on track for its fourth-straight weekly gain, down 6.6% premarket.
- Discover Financial Services (NYSE:DFS) is down 8% before the bell, despite its fourth-quarter beat, after the company's forecast net charge-offs (NCO) on credit card transactions came in worse than analyst expectations. Year-over-year, DFS is down 17.3%.
- Philip Morris International Inc (NYSE:PM) is up 0.6% in electronic trading, after an upgrade from Jefferies to "buy" from "hold," with a price-target hike to $118 from $86. The firm cited smokeless alternatives, saying the shares could jump 20%. On the charts, PM is just a chip shot away from its year-over-year breakeven level.
- Today will bring building permits and housing starts. Investors will also be eyeing the Philadelphia Fed manufacturing index.
European Markets Fall as Sentiment Sours
Asian markets were all over the place today. Japan’s Nikkei shed 1.4% after the country recorded a 17th-straight monthly trade deficit in December. Elsewhere, Hong Kong’s Hang Seng fell 0.1%, while China’s Shanghai Composite and South Korea’s Kospi both added 0.5%.
Investor sentiment in Europe is souring, as delegates at the World Economic Forum in Davos try to gauge the global economic outlook. At last check, London’s FTSE 100, France’s CAC 40, and Germany’s DAX are down 1.3%, 1.7%, and 1.6%, respectively.