S&P 500 Futures Look to Extend Rally as Bond Yields Rise

Next week's Federal Reserve meeting is already in focus

Digital Content Manager
Jun 9, 2023 at 9:19 AM
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Stock futures are indicating a mixed open this morning. Dow Jones Industrial Average (DJIA) futures are pointed below breakeven at last check, S&P 500 Index (SPX) futures are more flat, while Nasdaq-100 Index (NDX) futures are modestly higher. Wall Street is looking to build upon yesterday's rally, which saw the SPX exit bear market territory and notch its highest close of 2023. Elsewhere, U.S. Treasury yields are moving higher ahead of next week's Federal Reserve meeting.

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

  • Keep tabs on these 3 meme stocks.
  • Fortinet stock may have room to run.
  • Plus, DOCU's strong earnings; Adobe stock upgraded; and disappointing sales for EV maker.

Futures 0609

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and more than 1.1 million put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.58 and the 21-day moving average stayed at 0.69.
  2. DocuSign Inc (NASDAQ:DOCU) announced better-than-expected first-quarter earnings and revenue after yesterday's close. The software company also issued a strong revenue forecast, prompting no fewer than five price-target hikes. DOCU is up 7.8% in premarket trading, and added 33.7% in the last three months.
  3. Wells Fargo upgraded Adobe Inc (NASDAQ:ADBE) to "overweight" from "equal weight" this morning and hiked its price objective to $524 from $420. The software stock also received another four price-target hikes after announcing it will offer an artificial intelligence (AI) tool for generating images to big businesses. ADBE is 3.9% higher ahead of the bell and boasts a 30.5% year-to-date lead.
  4. Electric vehicle (EV) maker Nio Inc (NYSE:NIO) revealed a 0.2% year-over-year drop in sales this morning, with margins and net losses pivoting lower as well. The stock is down 1.7% before the open and has already shed 61.8% in the past 12 months.
  5. Inflation data and interest rate decision coming next week.

OV Buzz Chart June 9

Asian Markets Brush Off China's Economic Data

Asian markets finished the day higher, led by Japan’s Nikkei, which secured a 2% pop with help from retail and industrial stocks. The South Korean Kospi followed with a 1.2% rise, while Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.5% and 0.6%, respectively. Investors unpacked key data out of China, with the country’s consumer price index (CPI) rising 0.2% year-over-year in May, below estimates of a 0.3% rise, while the producer price index (PPI) fell 4.6% in April – its steepest drop since June 2016.

Bourses in Europe are all falling as the week winds down. London’s FTSE 100 is down 0.6% at last check, while the French CAC 40 drops 0.3%, and the German DAX falls 0.2%.

 

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