Gains today probably won't be enough for the month
Stock futures are mostly higher this morning, but the major indexes are still looking to close out February with steep monthly losses. As investors weigh the latest batch of earnings reports, futures on the Dow Jones Industrial Average (DJIA) are pacing for a 42-point pop. Nasdaq-100 Index (NDX) futures are flat, and S&P 500 Index (SPX) futures are also above breakeven.
Continue reading for more on today's market, including:.
- Schaeffer's Senior V.P. of Research has a new set of rules after last week's stock market reset.
- Why options bulls love Cleveland-Cliffs stock.
- Plus, two earnings reports to unpack; and DISH double-downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 706,556 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.66 and the 21-day moving average stayed at 0.79.
- Target Corporation (NYSE:TGT) reported better-than-expected fourth-quarter earnings and revenue earlier, but also issued a careful 2023 outlook that missed the mark. TGT is down 0.6% ahead of the open, and carries a 16.3% year-over-year deficit.
- Zoom Video Communications Inc (NASDAQ:ZM) stock is up 5.6% before the open, after the company's fourth-quarter results beat estimates. While its 2023 revenue outlook disappointed, Zoom Video also shared an upbeat earnings forecast. Year-over-year, ZM is still down a 41.2%.
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Bank of America double-downgraded
DISH Network Corp (NASDAQ:DISH) amid the company's
service outage, and predicted downside of nearly 20% for the stock. DISH is down 5.2% in premarket trading, and down 62.8% in the last 12 months.
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Today brings the Case-Shiller U.S. home price index, the consumer confidence index, and the Chicago purchasing managers' index (PMI).
European Markets Mixed on Inflation Data
Markets in Asia settled mostly higher on Tuesday, with the exception of Hong Kong’s Hang Seng, which fell 0.8%, despite the fact that the city lifted its mask mandate, starting Mar. 1, for the first time in three years. Japan’s Nikkei inched 0.08% higher, as investors unpacked a slew of economic data out of the region. Japan’s factory output fell 4.6% in January compared to December, seeing its worst decline in eight months, while the country’s retail sales surged a higher-than-expected 6.3% in January. Plus, the Bank of Japan’s (BoJ) Deputy Governor Masazumi Wakatabe reiterated his support for the central bank’s inflation target of 2%. Elsewhere, the South Korean Kospi and Shanghai Composite tacked on 0.4% and 0.7%, respectively.
European markets are mixed, with London’s FTSE 100 sporting a 0.4% deficit, after inflation on U.K. groceries rose above 17% in the first half of February, according to consultancy Kantar. Meanwhile, inflation data in France and Spain came in hotter than expected. The French CAC 40 is up 0.2% at last check, while the German DAX rises 0.3%.