Dow Futures Drop Triple Digits as Earnings Roll In

The market is fresh off back-to-back gains

Deputy Editor
Jan 24, 2023 at 9:11 AM
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Following two straight days of gains on Wall Street, futures on the Dow Jones Industrial Average (DJIA) are down triple digits ahead of the open, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures swim in red ink as well. Investors are eyeing this week's busy earnings docket, with a host of economic data due at the end of the week. 

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

  • Schaeffer's Senior V.P. of Research Todd Salamone shares the good and bad news encompassing the S&P 500 right now. 
  • Chevron stock has room to run. 
  • Plus, LULU drops on downgrade; LMT reports earnings; and analyst praises LYFT. 

Futures Jan24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and over 1 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average stayed at 0.81.
  2. Lululemon Athletica Inc (NASDAQ:LULU) is down 2.4% premarket, after Bernstein downgraded the stock to "underperform" from "market perform," with a price-target cut to $290 from $340. The firm warned of a "reset" on the way for the retailer. Should these losses hold, LULU will dip back below its year-over-year breakeven level. 
  3. Lockheed Martin Corp (NYSE:LMT) is up 1.7% before the bell. The company's fourth-quarter results beat expectations, however, its profit forecast disappointed amid lingering supply issues and costs. Year-over-year, the equity is up 18.9%. 
  4. Lyft Inc (NASDAQ:LYFT) is up 4.5% in electronic trading, after Keybanc upgraded the shares to "overweight" from "sector weight." The analyst in coverage sees an over 50% potential upside for LYFT as demand stabilizes, citing company layoffs as well. The rideshare name is already up 39.8% since the start of 2023. 
  5. Today will bring the S&P U.S. manufacturing and services PMIs.


Investors Unpack Inflation Data Overseas

While the majority of Asian bourses were closed to celebrate the Lunar New Year Holiday, Japan’s Nikkei added 1.5% on Tuesday. The au Jibun Bank Flash Japan manufacturing purchasing managers’ index (PMI) came in flat for the second-straight month, the yen strengthened against the greenback, and the 10-year Japanese Government Bond yield held the area just under the central bank’s upper rung of its tolerance range.

The euro zone’s s latest PMI data is weighing on the region today. While the S&P Global composite PMI checked in at 50.2 for January, legging out forecasts of 49.8, the U.K. flash PMI showed services and manufacturing fell to 47.8 this month – the sharpest contraction rate in two years. At last check, London’s FTSE 100 and Germany’s DAX are 0.3% lower, while France’s CAC 40 is fractionally higher.



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