Dow Futures Rise, Look to End Week on a High Note

The blue-chip index is fresh off a four-day losing streak

Deputy Editor
May 12, 2023 at 9:12 AM
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Dow Jones Industrial Average (DJIA) futures are up triple digits this morning, looking to finish a losing week strong. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are modestly higher as well, as regional bank stocks rebound. U.S. import prices rose for the first monthly gain this year, adding 0.4% in April, while export prices rose 0.2%.

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

  • Energy stock signal has not been wrong.
  • Alphabet stock is loving the AI rollout
  • Plus, FOX downgraded; PACW pauses slide; and FSLR jumps on acquisition.

Futures May12

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 928,719 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.67 and the 21-day moving average stayed at 0.75.
  2. Fox Corp (NASDAQ:FOXA) is down 1.7% premarket, after a downgrade from Wells Fargo to "equal weight" from "overweight," with a price-target cut to $35 from $44. Year-over-year, the equity is down 7.9% coming into today. 
  3. A highly-watched and volatile name in the banking sector recently, PacWest Bancorp (NASDAQ:PACW) is 0.9% higher before the bell, somewhat stabilizing after yesterday's 22.7% drop. Year-to-date, PACW is up 79.5%. 
  4. First Solar Inc (NASDAQ:FSLR) is up 5.1% in electronic trading, after announcing the acquisition of Sweden-based Evolar AB for $38 million upfront, and an additional $42 million subject to milestones achieved. Since the start of 2023, FSLR is up 22.3% heading into today. 
  5. Here is what to watch for next week.   

buzzmay12

Japan Announces Wage Increase

Asian markets closed Friday’s session mostly lower following stateside inflation data. Japan’s Nikkei shrugged off the dour sentiment, adding 0.9% on news that companies in the country are excepted to hike wages by 3.89% this year – the biggest wage raise in 31 years. Meanwhile, South Korea’s Kospi and Hong Kong’s Hang Seng each tumbled 0.6%, while China’s Shanghai Composite turned in a 1.1% loss on sinking academic and educational services stocks.

In Europe, the major bourses are mirroring U.S. overnight gains, as investors in the region assess upbeat first-quarter earnings reports and economic data. France’s CAC 40 is leading the pack, last seen up 0.6%, while Germany’s DAX and London’s FTSE 100 are up 0.4% and 0.2%, respectively.

 

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