Stock Futures Continue Higher Following Strong Week

Investors are eyeing a few economic reports due out this week

Deputy Editor
Mar 6, 2023 at 9:16 AM
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Stock futures are moving higher this morning, following Friday's slew of weekly wins for the major indexes and an increased focus on Treasury yields. Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are up more than 50 points, while S&P 500 Index (SPX) futures sit just above breakeven. Investors are looking ahead to this week's economic data, including factory orders due out after the close today. On Wednesday all eyes will also be on comments from Fed Chair Jerome Powell.

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

  • Debit spreads as a way to fight time decay.
  • Unpacking a strong kickoff to the new month.
  • Plus, upbeat trial data; AAPL's bull note; and a double downgrade for this homebuilder.

Futures Mar6

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 822,867 put contracts traded on Friday. The single-session equity put/call ratio dropped to 0.59 and the 21-day moving average stayed at 0.79.
  2. The shares of BridgeBio Pharma Inc (NASDAQ:BBIO) are up 54.5% premarket, after the company shared positive data from a mid-stage study of infigratinib, its experimental treatment for achondroplasia, a dwarfism therapy. Year-to-date, the equity is up 42.7%. 
  3. Goldman Sachs initiated coverage on Apple Inc (NASDAQ:AAPL) with a "buy" rating, citing the tech giant's services business. AAPL is up 1.8% before the bell, and sporting a 16.2% year-to-date lead. 
  4. KB Home (NYSE:KBH) is down 1.9% in electronic trading, after a double downgrade from J.P. Morgan Securities to "underweight" from "overweight," with a price-target cut to $32.50 from $36. The firm noted the stock's high valuation. Over the last 12 months KBH has shed 8.4%.
  5. Factory orders are on tap today.

Asian Markets Unpack Updates

Asian markets settled mostly higher on Monday, after China set this year’s growth target around 5%, per the country’s government work report. In other news, South Korea will resume trade talks with Japan following years of tensions over compensation for wartime forced labor. South Korea’s Kospi led the gainers with a 1.2% rise, followed by a 1.1% gain from Japan’s Nikkei. Meanwhile, Kong’s Hang Seng added 0.2%, and China’s Shanghai Composite shed 0.2%.

European markets are mixed, with travel and leisure stocks enjoying tailwinds as mining stocks plummet. Traders are digesting China’s economic update, while eyeing this week’s stateside Fed comments and non-farm payroll data. At last check, both France’s CAC 40 and German DAX are up 0.3%, while London’s FTSE 100 is 0.6% lower.


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