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
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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%. 

 
 

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