Dow Futures Firmly Lower as More Earnings Roll In

Quarterly results from CVS Health and Uber Technologies are in focus

Digital Content Manager
Feb 8, 2023 at 9:12 AM
facebook X logo linkedin

Stock futures are pointed firmly lower this morning, after Federal Reserve Chair Jerome Powell noted the disinflationary process still "has a long way to go." Investors are also unpacking the most recent batch of corporate earnings, which feature results from CVS Health (CVS) and Uber Technologies (UBER).

Plus, markets are weighing President Joe Biden's State of the Union address, where he pledged to reduce the U.S. deficit by $3 trillion. Futures on the Dow Jones Industrial Average (DJIA) are pacing for a triple-digit drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also lower.

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

  • Senior Quantitative Analyst Rocky White's take on this strange market climate.
  • Energy stock stock could surge after earnings.
  • Plus, Chipotle's quarterly miss; big discounts boost UAA; and Tripadvisor stock scores double upgrade.

OV 0208

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 805,101 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.60 and the 21-day moving average stayed at 0.80.
  2. Chipotle Mexican Grill, Inc. (NYSE:CMG) reported worse-than-expected fourth-quarter results, as traffic slowed at its locations and consumers limited restaurant spending due to higher delivery prices. CMG is down 4.2% before the open, but still boasts an 18.6% year-over-year lead.
  3. Under Armour Inc (NYSE:UAA) is up 6.8% in premarket trading after a fiscal third-quarter earnings and revenue beat. The retailer attributed the win to big discounts and resilient consumer spending, that lifted its annual profit outlook. UAA is still down 37.6% year-over-year, though.
  4. Bank of America double upgraded Tripadvisor Inc (NASDAQ:TRIP) to "buy" from "outperform" while setting $38 price target, with the brokerage firm noting it expects to see close to 60% upside for the travel giant thanks to strong demand. TRIP is 6.3% higher ahead of the opening bell, and has already added 34.4% so far in 2023.
  5. A wholesale inventories revision is due out today.

OV Buzz Chart Feb 8

Asian Markets React to Fed Comments

For the most part, Asian markets slipped today, as investors unpacked Fed comments stateside. The South Korean Kospi was the only winner, tacking on 1.3%, amid news that real estate investor Hines is developing a $1 billion mixed-use complex in Busan. Japan’s current account surplus fell to 33.4 billion yen ($254 million) in December – a sharp decline from November and far below analyst estimates. Japan’s Nikkei fell 0.3% on Wednesday, while China’s Shanghai Composite dropped 0.5%, and Hong Kong’s Hang Seng shed 0.07%.

European markets are higher midday. London’s FTSE 100 hit a record high straight out of the gate, now up 0.7% at last check. The French CAC 40 and German DAX are up 0.5% and 0.8%, respectively.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI