Dow Futures Flat as Trade Deficit Hits 6-Month High

Stocks notched more notable wins yesterday

Digital Content Manager
Jun 7, 2023 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are flat this morning, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are pointed modestly above breakeven, after stocks nabbed more wins during yesterday's session. Traders are also unpacking U.S. trade deficit data, which surged 23% to $74.6 billion in April -- its highest level since October.

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

  • FDA buzz had options trades blasting AstraZeneca stock. 
  • Poor market breadth may be warning of underperformance.
  • Plus, NFLX upgraded; Stitch Fix beats on earnings; and oil name could deliver big dividends.

Futures 0607

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 870,885 put contracts exchanged on Tuesday. The single-session equity put/call ratio dropped to 0.55 and the 21-day moving average stayed at 0.69.
  2. J.P. Morgan Securities and Wells Fargo both raised their objectives on Netflix Inc (NASDAQ:NFLX) stock to $470 and $500, respectively. The former noted the company's efforts to halt password sharing could drive revenue growth. NFLX was last seen up 3.1% before the open, and sports a 35.4% year-over-year lead.
  3. Stitch Fix Inc (NASDAQ:SFIX) reported better-than-expected third-quarter fiscal earnings. The company attributed the results to a focus on "improving efficiencies, maintaining profitability and cash flow.” Shares are up 8.7% in premarket trading, and have added 18.3% in 2023.
  4. Petroleo Brasileiro (NYSE:PBR) is up 2% ahead of the bell, following an upgrade from Morgan Stanley to "overweight" from "equal weight." The Brazilian oil concern could deliver a bigger-than-usual dividends to investors, according to the analyst in question. PBR has added 18.8% so far this year.
  5. U.S. trade deficit data is on tap, as well as consumer credit information.

OV Buzz June 7

European Stocks Muted as U.K. Housing Prices Dip

Markets in Asia closed mixed this afternoon, after China’s May trade exports fell 7.5% year-over-year, missing analyst expectations. Imports in the region slipped a lower-than-anticipated 4.5%, however. In response, China’s Shanghai Composite closed up 0.08%, while Hong Kong’s Hang Seng added 0.8%. Back from holiday, South Korea’s Kospi settled flat, and Japan’s Nikkei snapped its four-day win streak, shedding 1.8%.

European stocks are struggling for direction today. U.K housing prices fell £7,500 from last year’s high, the first such drop since December 2012. At last check, London’s FTSE 100 is up 0.1%, France’s CAC 40 has added 0.09%, and Germany’s DAX is 0.05% higher.

 

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