Dow futures are eyeing a 128-point drop
Stock futures are looking to extend yesterday's steep losses. Interest rate fears and Fed fatigue are still prevalent, especially after St. Louis Federal Reserve President James Bullard said he would not rule out a 50 basis point rate hike in March. Meanwhile, the 10-and 2-year Treasury yields hit their highest levels since November.
At last check, futures on the Dow Jones Industrial Average (DJIA) are eyeing a 128-point move lower, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also pointed lower. The tech-heavy benchmark is still looking to finish the week with solid gains, though.
Continue reading for more on today's market, including:.
- Several reasons to avoid Walgreens stock.
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- Plus, DraftKing's quarterly win; ROKU double upgraded; and DoorDash to buy back shares.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 837,784 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.60 and the 21-day moving average stayed at 0.79.
- DraftKings Inc (NASDAQ: DKNG) yesterday reported better-than-anticipated results, while also raising its 2023 revenue outlook. The stock is up 7.2% ahead of the open, and earned a price-target hike from Benchmark to $23. So far this year, the sports betting stock has added 56.4%.
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Bank of America double upgraded
Roku Inc (NASDAQ: ROKU) to "buy" from "underperform," while raising its price target to $85 from $45. The firm noted the company is set to
improve margins and revenue, and that ad spending could improve this year. ROKU is up 2.1% in premarket trading, but carries a 56.3% year-over-year deficit.
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The shares of
DoorDash Inc (NYSE:DASH) are brushing off the food delivery company's wider-than-expected fourth-quarter losses, thanks to a revenue beat, a
share buyback program of up $750 million, and a strong annual forecast. The stock is up 3.8% before the bell and has already added 37% in 2023.
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Today brings the import price index and leading economic indicators.
European Markets Dip on Global Inflation Data
Markets in Asia slipped today, led by the Hong Kong Hang Seng, which lost 1.3%. The South Korean Kospi dropped 1%, amid comments from the region’s finance ministry warning of a slowing economy, while China’s Shanghai Composite and Japan’s Nikkei shed 0.8% and 0.7%, respectively.
European markets are trading lower as well, as investors unpack global inflation data for the week. Germany’s producer price index (PPI) rose to a higher-than-expected 8.7% in January, though the rate has still steadily been decreasing over the past four months. The German DAX is down 0.7%, while London’s FTSE is 0.2% lower, and the French CAC 40 has shed 0.5%.