Netflix Gives Nasdaq a Boost Before the Bell

The Dow and S&P 500 are moving quietly in premarket trading

Deputy Editor
Jan 20, 2023 at 9:17 AM
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Futures on the Nasdaq-100 Index (NDX) are up 66 points ahead of the open, as Netflix's (NFLX) larger-than-expected quarterly subscriber report gives the benchmark a mild boost, while Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures see more muted trading. January's market rally appears to be losing steam, as all three major indexes are on track for weekly losses.

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

  • Deutsche Bank hits EV stocks with bear notes. 
  • The end of January is packed with economic data
  • Plus, PD surges on upgrade; JWN drops alongside forecast; and more layoffs from tech. 

Futures Jan20

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 984,967 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.80 and the 21-day moving average rose to 0.82.
  2. PagerDuty Inc (NYSE:PD) is up 6.1% premarket, after Morgan Stanley upgraded the stock to "overweight" from "equal weight," with a street-high price-target hike to $36 from $32. Year-over-year, PD is down 10.6% heading into today. 
  3. Nordstrom Inc (NYSE:JWN) is down 7% before the bell, after the company cut its annual profit forecast following weak holiday sales. No fewer than eight analysts slashed their price targets after the news. Should these losses hold, JWN will be headed back toward its recent two-year lows
  4. Alphabet Inc (NASDAQ:GOOGL) is up 3.5% in electronic trading, after the FAANG giant announced it will be laying off 12,000 employees. Year-over-year, GOOGL is down 31.1%. 
  5. Today will bring existing home sales.


Stocks Higher in Asia, Europe

Stocks in Asia were higher to close out the week, led by a 1.8% pop from Hong Kong’s Hang Seng. In Japan, core inflation rose to its highest level since December 1981 after climbing to 4% last month, while the yield on the 10-year Japanese Government Bond fell further below the Bank of Japan’s (BoJ) upper ceiling. In response, the Nikkei managed to add 0.6%. China’s Shanghai Composite, meanwhile, tacked on 0.8%, after the country’s central bank left the 1- and 5-year loan prime rates unchanged. Rounding out the region, South Korea’s Kospi rose 0.6%.

In Europe, markets are also digging out of yesterday’s rut. Today also marks the conclusion of the World Economic Forum in Davos. France’s CAC 40 was last seen up 0.7%, while the FTSE in London and Germany’s DAX are 0.2% and 0.5% higher, respectively.


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