The OPEC+ output cut is still driving oil prices higher
Stock futures are edging higher on Tuesday, as oil prices extend their climb after a surprising output cut from the Organization of the Petroleum Exporting Countries (OPEC+). Nasdaq Composite Index (NDX), Dow Jones Industrial Average (DJI), and S&P 500 Index (SPX) futures all sport double-digit leads, as the latter two indexes look to extend their four-day win streak.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone is keeping an eye on the SPX.
- Options traders are targeting this EV giant.
- Plus, Virgin Orbit's bankruptcy, and 2 stocks moving in opposite directions after bull notes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.2 million call contracts and 743,620 put contracts traded on Monday. The single-session equity put/call ratio and 21-day moving average fell to 0.61 and 0.78, respectively.
- Virgin Orbit Holdings Inc (NASDAQ:VORB) is down 22.6% in premarket trading, after the company filed for Chapter 11 bankruptcy protection and said it would let go of most of its workforce. In the last 12 months, VORB is down nearly 100%.
- Comcast Corporation (NASDAQ:CMCSA) is 0.6% higher before the bell, after KeyBanc upgraded the shares to "overweight," and set a price target that implies 16% upside. The analyst in coverage is optimistic about the company's margins moving forward. Year-to-date, CMCSA is up 8.7%.
- Burlington Stores Inc (NYSE:BURL) scored an upgrade at Loop Capital to "buy" from "hold," with the firm noting "improved values and brands in stores" will likely increase the company's market share. The shares are brushing off the bull note, last seen down 0.5% ahead of the open, though they sport a fractional year-to-date lead.
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European Markets Unpacking OPEC+ Cut
Markets in Asia mostly finished higher, with the exception of Hong Kong’s Hang Seng, which finished the day with a 0.7% drop. The South Korean Kospi added 0.3%, after the country’s consumer price index (CPI) came in at 4.2% year-over-year in March, just below analyst expectations of 4.3%. while China’s Shanghai Composite and Japan’s Nikkei rose 0.5% and 0.4%, respectively.
Meanwhile, European markets are in the black at last glance. London’s FTSE 100 is inching 0.01% higher, while the French CAC 40 rises 0.6%, and the German DAX tacks on 0.9%. Energy stocks are still highlighted, as investors continue to unpack yesterday’s OPEC+ output cut decision.