Dow Futures Rise, Look to Extend Rebound

All three major indexes are on track for weekly gains

Deputy Editor
May 19, 2023 at 9:15 AM
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Dow Jones Industrial Average (DJIA) futures are up 94 points ahead of the open, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures inch higher as well. The blue-chip index is looking to score a weekly gain despite a rough start to the week, while the SPX and Nasdaq Composite (IXIC) are headed for the best weeks since March. Elsewhere, oil prices opened higher to recover yesterday's losses, with June-dated crude up 1.9% at $73.18 per barrel. 

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

  • Volatility can be your friend, options traders.
  • Nike stock flashing historically bullish signal. 
  • Plus, FTCH soaring; upgrade bumps up BE, and DE rises on beat-and-raise. 

Futures May19

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 989,322 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.65 and the 21-day moving average stayed at 0.73.
  2. Farfetch Ltd (NYSE:FTCH) is up 21% premarket, after the retailer's narrower-than-expected first-quarter losses per share of 16 cents, despite revenue missing estimates. Two analysts chimed in with price-target hikes and should these gains hold, FTCH will jump back above its year-to-date breakeven level. 
  3. Bloom Energy Corp (NYSE:BE) is up 5.9% before the bell, after J.P. Morgan Securities upgraded the stock to "overweight" from "neutral." The firm sees an attractive entry point for the shares after their recent slide. Year-to-date, the alternative energy stock is down 28.6% heading into today. 
  4. Deere & Company (NYSE:DE) is up 3.7% in electronic trading, after the machinery giant announced strong fiscal second-quarter earnings and raised its full-year profit outlook on healthy demand and strong order books. DE is sitting just above fair value year-over-year but sports a 13.6% deficit for 2023. 
  5. What to expect next week for earnings and economic data. 

buzzmay19

Japan's Nikkei Marks Highest Level in 33 Years

Asian markets were mixed to close out the week. Japan’s Nikkei added 0.8%, jumping to its highest level since 1990 and notching its best week since October, as leaders from the Group of 7 get ready to meet in Hiroshima. South Korea’s Kospi, meanwhile, gained 0.9%. Mainland stocks struggled, with Hong Kong’s Hang Seng and China’s Shanghai Composite shedding 1.4% and 0.4%, respectively.

The major European bourses are higher this afternoon, led by France’s CAC 40, which was last seen 0.8% higher. Germany’s DAX is up 0.7% at last glance, holding near its highest mark since January 2022. Rounding out the region, London’s FTSE 100 boasts a 0.4% midday lead, as investors continue to watch U.S. debt ceiling talks.

 

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