Dow and Nasdaq futures are off by triple digits this morning
Stock futures are pointed lower this morning, unable to build off Friday's momentum. Investors are prepping for a busy week of earnings, while the Fed meeting Tuesday and Wednesday will be in focus as well. At last check, Dow Jones Industrial Average (DJIA) and Nasdaq-100 (NDX) futures are down by triple digits.
Continue reading for more on today's market, including:
- This chip stock sat out Friday's gains.
- What are your investing goals for 2023?
- Plus, Ford downgraded; a biotech bull emerges; and Lucid rumors swirl.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.5 million call contracts and 1.3 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.51 and the 21-day moving average stayed at 0.81.
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Ford Motor Company (NYSE:F) is 2.3% lower premarket, after the automaker was downgraded to "hold" from "buy" at Berenberg. The company also announced it was cutting the price on its electric vehicle Mustang Mach-E. Year-to-date,
Ford stock is up 14% already.
- Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is in focus this morning, after Cowen upgraded the biotech to "market outperform" from "market perform." The analyst in coverage is bullish on the company's Eylea and Dupixent drugs, the latter of which just received European Commission approval. Year-over-year, REGN is up 22%.
- The shares of Lucid Group Inc (NASDAQ:LCID) are 4.7% higher in electronic trading, as rumors swirl that Saudi Arabia's public investment fund was preparing to buy the remainder of the EV automaker. LCID has been halted multiple times this morning due to volatility. Year-to-date, the stock is already up 88% in 2023, thanks in large part to a 43% bull gap on Friday.
- There are no notable economic indicators on tap today.
Tech Stocks Feel BABA Blast
In a mixed session for Asian markets, the Hang Seng in Hong Kong led the laggards, shedding 2.7% after tech stocks in the area plunged following reports that e-commerce behemoth Alibaba (BABA) may shift its global headquarters to Singapore. Elsewhere, China’s Shanghai Composite added 0.1% after taking last week off for the Lunar New Year holiday. Rounding out the region, South Korea’s Kospi fell 1.4%, while Japan’s Nikkei tacked on 0.2%.
European stocks are also trading on both sides of the aisle. At last check, both the French CAC 40 and German DAX are 0.5% lower, while London’s FTSE 100 is 0.1% higher.