Stock futures are pointed modestly lower this morning
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.
5 Things You Need to Know Today
- 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.
- 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.
- 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%.
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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.
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The ISM manufacturing index and construction spending are
on tap today.
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%.