Stock Futures Climb as Memorial Day Week Kicks Off

Nasdaq futures are up triple digits at last check

Deputy Editor
May 30, 2023 at 9:09 AM
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Over the Memorial Day weekend, President Joe Biden and House Majority Leader Kevin McCarthy finally reached a tentative deal regarding the debt ceiling. Ahead of a holiday-shortened week, Wall Street's attention remains on Washington, with congress set to vote on the legislation later today. Stocks are a mostly higher this morning, with tech-heavy Nasdaq-100 Index (NDX) futures up triple digits before the bell amid more artificial intelligence (AI) optimism. 

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

Futures May30

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 922,965 put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average dropped to 0.63.
  2. ChargePoint Holdings Inc (NYSE:CHPT) is up 6.4% premarket, after BofA Global Research upgraded the EV charging stock to "buy" from "neutral." Before today, CHPT is trading near its May 19 all-time lows, down 10.9% year-to-date. 
  3. Nvidia Corporation (NASDAQ:NVDA) is up 4.7% before the bell, and looking to continue its rally following last week's blowout earnings report. The chipmaker is also nearing its $1 trillion market cap. Should these gains hold, NVDA will trade at new record highs. 
  4. Paramount Global (NASDAQ:PARA) is up 2.1% in electronic trading, and looking to extend Friday's 5.9% pop after a major shareholder secured a $125 million investment deal. The streaming stock is down 11.7% year-to-date. 
  5. See what economic data and earnings are scheduled for the rest of this week. 

buzzmay30

Japan's Nikkei Stays Red Hot

Stocks in Asia were higher Monday, as investors in the region assessed U.S. debt ceiling talks before the June 1 deadline. Japan’s Nikkei added 0.3% and continues to hold more than 30-year highs, after the country’s unemployment rate fell to 2.6% in April. South Korea’s Kospi tacked on 1%, after defense stocks in the area jumped on news that North Korean military officials revealed plans to launch a spy satellite to monitor the U.S. Rounding out the region, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.2% and 0.09%, respectively.

European markets are mostly lower this afternoon, as traders wait for U.S. lawmakers to make strike a deal to avoid a default. London’s FTSE 100 was last seen 0.5% lower, after shop price inflation in the U..K. rose at a record rate in May. France’s CAC 40 is down 0.4% at last glance, while Germany’s DAX is up 0.5%.

 

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