Stock Futures Pointed Lower as Treasury Yields Dip

Why large bank stocks are taking a hit

Digital Content Manager
Jun 6, 2023 at 9:14 AM
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Despite yesterday's fresh intraday highs, stock futures are pointed lower this morning. Futures on the Dow Jones Industrial Average (DJIA) are looking to open 28 points lower, with the bank sector taking a hit as regulators consider raising capital requirements and Treasury Yields dip. Nasdaq-100 Index (NDX) futures are also lower as Apple's (AAPL) price action weighs on the tech sector. The S&P 500 Index (SPX) is eyeing an open just below breakeven.

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

  • Bulls bet on rebounding Cleveland-Cliffs stock.
  • Last week's SPX rally may have long-term implications.
  • Plus, more on AAPL's breather; spice stock upgraded; and GTLB surging after quarterly beat.

Futures 0606

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 868,601 put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.57 and the 21-day moving average stayed at 0.69.
  2. Apple Inc (NASDAQ:AAPL) stock is down 2.7% in premarket trading, despite the tech giant revealing its Vision Pro mixed-reality headset, which is priced at $3,499. The stock is fresh off a record high, but D.A. Davidson downgraded it to "neutral" from "buy," and cut its price target to $185 from $193.
  3. Bank of America double upgraded McCormick & Company Inc (NYSE:MKC) stock to "buy" as volume challenges ease, with the analyst in coverage calling it a “growthy staple.” MKC is up 1.8% ahead of the bell, and has added more than 21% in the last three months.
  4. Gitlab Inc (NASDAQ:GTLB) stock is up 29.3% ahead of the open, after the software name reported smaller-than-expected first-quarter losses and a revenue beat. The shares are set to open at their highest trading level since March, but are down 13.5% year-over-year.
  5. Check out which economic indicators are on tap later this week.

OV Buzz Chart June 6

European Markets Lower After Manufacturing Data

Asian markets were mostly lower today, with the exception of Japan’s Nikkei, which is continuing its surge past the 32,000 mark, and finished the day with a 0.9% rise. Household spending in Japan fell 4.4% in April year-over-year, which is larger than the 2.3% drop anticipated by analysts and the sharpest decline since July 2021. Elsewhere, Hong Kong’s Hang Seng fell 0.05%, while China’s Shanghai Composite shed 1.2%. The South Korean Kospi was closed for holiday.

Markets in Europe are lower at last glance, with London’s FTSE 100 down 0.2%, while the French CAC 40 and German DAX fall 0.2% and 0.04%, respectively. Manufacturing orders in Germany dropped an unexpected 0.4% in April, compared to analysts’ expected 3% increase.

 

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