Schaeffer's 43rd Anniversary Stock Picks in 2024

Stock Futures Head Quietly Into New Month

Strong manufacturing data out of China is keeping sentiment in check, for now

Digital Content Manager
Mar 1, 2023 at 9:00 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJIA) futures are muted heading into March, last seen down 43 points after the blue-chip index saw a steep decline for February and turned negative for 2023. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also pointed modestly lower, despite strong manufacturing data out of China.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White on where options traders have found success.
  • How analysts responded to Zoom Video's earnings win.
  • Plus, SPOT upgraded; Kohls' surprise earning miss; and Lowe's mixed results.

OV 0301

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 735,177 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.69 and the 21-day moving average stayed at 0.79.
  2. Redburn upgraded Spotify Technology SA (NYSE:SPOT) to "buy," noting profit margins are set to benefit from the streaming giant's investments and increases to publishing royalties. SPOT is up 0.9% before the open and has added 54.9% in the last nine months.
  3. The shares of Kohl's Corporation (NYSE:KSS) are down 7.5% ahead of the bell, after the retailer reported unexpected fourth-quarter losses and a revenue miss. The company blamed inflationary pressures for the disappointing results. Year-over-year, KSS is down 49.6%.
  4. Lowe's Companies Inc (NYSE:LOW) stock is up 0.3% in premarket trading, after its mixed fourth-quarter report had profits beating estimates while sales missed the mark. LOW carries a 6.9% year-over-year deficit, but is still above breakeven in 2023.
  5. The ISM manufacturing index and construction spending are on tap today.

OV Buzz Chart March 1

European, Asian Markets Rise on Slew of Economic Data

Asian markets rose today, with Hong Kong’s Hang Seng jumping 4.2% as “reopening” stocks gave the index a boost. Meanwhile, China’s manufacturing purchasing manager’s index (PMI) jumped to 52.6 in February – its highest level since April 2012 – while Japan’s factory activity shrank at its fastest pace in over two years. China’s Shanghai Composite added 1% for the day, while the South Korean Kospi and Nikkei in Japan rose 0.4% and 0.3%, respectively. 

Investors are unpacking economic data over in Europe as well, with a flash estimate putting Germany’s inflation rate harmonized with the rest of the European Union (EU) at 9.3% in February, which would be an increase of 0.1% from January. The German DAX is up 0.5% at last glance, while London’s FTSE 100 rises 0.8%, and the French CAC 40 tacks on 0.6%. 

 
 

A.I.’s Dirty Little Secret: The Real Power Behind The AI. Boom ✨

Anyone who’s seen the The Matrix movies knows that A.I. needs power.  Lots and lots of power.

If you’ve seen the movie, you also know the grizzly results of the ensuing battle for that power.

Now, Wall Street’s battle for A.I. power won’t go to such extremes. Hopefully?

A.I. needs more power and that means more opportunities for stock traders in the know.

Download your free copy of “The A.I. Revolution: 4 Stocks to Buy Now”!