Stock Futures Flat Ahead of Big Tech Earnings

Earnings season is still in full swing this week

Deputy Editor
Apr 24, 2023 at 9:11 AM
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Stock futures are flat Monday, as Wall Street looks ahead to another jam-packed week of earnings. Most notably, several mega-cap tech firms will enter the earnings confessional this week, including Alphabet (GOOGL), Microsoft (MSFT), Amazon.com (AMZN), and Facebook parent Meta Platforms (META). At last glance, Dow Jones Industrial Average (DJIA) futures are inching lower, while Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures hover around breakeven. 

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

  • How the Dow snapped a four-week win streak.
  • These tech stocks are perfect for contrarian bulls.
  • Plus, Bed Bath & Beyond's bankruptcy update; Coca-Cola's earnings; and First Solar's bear note.

futures Chart April 242023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 999,943 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.61 and the 21-day moving average stayed at 0.78.
  2. Meme stock Bed Bath & Beyond Inc (NASDAQ:BBBY) is down roughly 40% premarket, after the company filed for Chapter 11 bankruptcy protection. The writing was on the wall for months, with the retailer declaring the need for more capital in order to keep operations running. Coming into today, BBBY was already down nearly 100% over the last 12 months.
  3. Coca-Cola Co (NYSE:KO) is up 1.6% before the bell and looking to add to a fractional year-to-date lead, after the beverage behemoth announced better-than-expected first-quarter earnings. Hiked prices and higher demand were cited as catalysts for the profit beat, while revenue was in line with estimates.
  4. Citi downgraded First Solar Inc (NASDAQ:FSLR) to "sell" from "neutral," sending the shares 2.6% lower in electronic trading. Despite a 44.8% year-to-date gain, the Wall Street analyst says the solar concern's long-term outlook is challenging.
  5. There is no economic data of note due out today.

OV Buzz April 24

Investors Eye Bank of Japan's Policy Meeting 

Asian markets started the week lower, with the exception of Japan’s Nikkei, which finished the day up 0.1%. Investors will be eager to unpack the Bank of Japan’s (BoJ) policy meeting later this week, which will be led by new BoJ governor Kazuo Udea. The South Korean Kospi and China’s Shanghai Composite both shed 0.8%, while Hang Kong’s Hang Seng lost 0.6% as sports equipment giant Li Ning (LNNGF) dropped 4.4%.

Over in Europe, bourses are struggling for direction at last glance; London’s FTSE 100 is up 0.08% midday, the French CAC 40 is flat, and the German DAX rises 0.06%. Meanwhile, Louis Vuitton parent LVMH Moet Hennessy Louis Vuitton SA (LVMUY) has become the first European company to surpass $500 billion in market value.

 

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