Dow Futures Rise Alongside Banking Sector

Bank stocks are continuing to bounce back

Deputy Editor
May 8, 2023 at 9:15 AM
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Futures on the Dow Jones Industrial Average (DJIA) are up 80 points to start the week, while the S&P 500 Index (SPX) sits just above breakeven, and the Nasdaq-100 Index (NDX) slips into the red. The rising bank sector is giving the market a boost, as PacWest Bancorp (PACW) continues its rally, while investors look ahead to Wednesday's key inflation data. 

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

  • Nike stock boasts favorable technical setup. 
  • A quick rundown of the market last week.  
  • Plus, AAL jumps on upgrade, TSN falls after results; and FTNT receives 2 bull notes. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 1.1 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.69 and the 21-day moving average stayed at 0.76.
  2. American Airlines Group Inc (NASDAQ:AAL) is up 3.1% premarket, after J.P. Morgan Securities upgraded the stock to "overweight" from "neutral," with a price-target hike to $29 from $26. The firm cited an attractive valuation, as well as the "big 3" airlines success compared to sector peers. Year-to-date, the equity is up 9%. 
  3. Tyson Foods Inc (NYSE:TSN) is down 9.5% before the bell, after the meat industry giant posted disappointing second-quarter results and slashed its full-year forecast. Year-to-date, TSN is down 2.5%. 
  4. The shares of Fortinet Inc (NASDAQ:FTNT) are up 3.6% in electronic trading, after BofA Global Research upgraded the cybersecurity name to "buy" from "neutral." Citigroup also upped its price target to $73 from $67. FTNT is up 32.1% since the start of the year. 
  5. There is no economic data of note today. 

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Stocks Mostly Higher in Asia, Europe

Asian stocks were mostly higher Monday, as investors reacted positively to Wall Street’s big Friday win. Japan’s Nikkei bucked the broader market sentiment, however, shedding 0.7% after the country’s central bank expressed concern over inflation’s acceleration. In South Korea, the Kospi added 0.5%, after a Morgan Stanley strategist made a bullish call on the country’s market, citing monetary policy, corporate earnings, and a capital reform initiative. Rounding out the region, Hong Kong’s Hang Seng and China’s Shanghai Composite rose 1.2% and 1.8%, respectively, ahead of a deluge of pertinent trade and inflation data.

Markets in Europe are modestly higher this morning, as traders in the area look ahead to the U.K.’s pending interest rate decision.  At last glance, London’s FTSE 100 is up 1%, while France’s CAC 40 sports a 0.3% lead, and the German DAX is 0.2% higher.

 

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