Stock Futures Mixed as Debt Ceiling Bill Moves Forward

Investors are unpacking private payrolls data this morning

Digital Content Manager
Jun 1, 2023 at 9:19 AM
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Though the U.S. House of Representatives yesterday passed the bill to raise the debt ceiling, stocks futures are mixed this morning as the motion heads to the Senate. Dow Jones Industrial Average (DJIA) futures are off 96 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are flat. Traders are unpacking higher-than-expected private payrolls data for May, as well as fewer jobless claims for last week than anticipated. Either could inspire the Federal Reserve to hike interest rates.

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

Future 0601

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and more than 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.81 and the 21-day moving average stayed at 0.69.
  2. Macy's Inc (NYSE:M) is down 5.8% in premarket trading, after the retail giant lowered full-year earnings and sales forecasts, despite announcing better-than-expected first-quarter results. The shares yesterday hit a two-year low of $13.42, and are today pacing for their third-straight daily drop while carrying a 34.2% year-to-date deficit.
  3. J.P. Morgan Securities downgraded Target Corp (NYSE:TGT) to "neutral" from "overweight," with the analyst in question noting recent controversies as well as high inflation, and tighter consumer spending. Last seen down 1.7% before the bell, TGT is looking to extend its nine-day losing streak after slipping to a nearly three-year low in the previous session. 
  4. Artificial intelligence (AI) name Inc (NYSE:AI) is down 18.8% ahead of the open, brushing off better-than-expected fiscal fourth-quarter results after issuing a dismal fiscal first-quarter outlook. The shares are pulling back from a May 30, more than one-year high of $44.02, but are still up an impressive 257.6% in 2023.
  5. See what economic data and earnings are scheduled for the rest of this week. 

OV Buzz Chart June 1

European Markets Rising on Easing Inflation

Asian markets were mixed on Thursday, as investors eyed economic data as well as debt ceiling negotiations stateside. China’s S&P Global purchasing managers’ index (PMI) rose to 50.9 in May from the previous month’s 49.5, which is above the 50-mark and signaling growth, while South Korea’s S&P global PMI came in at 48.4. Meanwhile, Japan’s manufacturing PMI rose to 50.6. The South Korean Kospi shed 0.3% for the day, while China’s Shanghai Composite finished flat, and Japan’s Nikkei added 0.8%. Hong Kong’s Hang Seng finished the day with a 0.1% loss after briefly touching bear market territory.

European markets are on the rise, after the euro zone’s consumer price index (CPI) rose 6.1% on an annual basis, which is less than April’s 7% and below the 6.3% anticipated by analysts, showing easing inflation. London’s FTSE 100 and the French CAC 40 are both up 0.4% at last glance, while the German DAX rises 0.9%.


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