Stock Futures Pointed Higher Ahead of Holiday Weekend

Consumer sentiment data is on tap today

Digital Content Manager
Jun 16, 2023 at 9:11 AM
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Wall Street is looking ahead to consumer sentiment data ahead of the long weekend, with markets closed on Monday to observe the Juneteenth holiday. Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are all pointed higher, as the major benchmarks head for their best week since March thanks to upbeat inflation data and the Federal Reserve's decision to pause its interest-rate hike campaign. 

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

  • Travel stock poised to topple technical resistance.
  • Juneteenth: Organizations and events to support.
  • Plus, Adobe's earnings beat; Virgin Galactic prepares for liftoff; and iRobot surges on cleared acquisition.
futures chart 2 june 162023 

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and over 1 million put contacts exchanged on Thursday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average stayed at 0.68.
  2. Adobe Inc (NASDAQ:ADBE) is up 4.9% in premarket trading, after the software name reported better-than-expected earnings and revenue for the second quarter, and raised its fiscal third-quarter and full-year guidance. No fewer than 10 analysts have lifted their price target in response. Year-to-date, ADBE is up 45.9%.
  3. Virgin Galactic Holdings Inc (NYSE:SPCE) announced earlier its first commercial space tourism flight is set for departure later in June, with another flight scheduled for early August. The security is up 41.8% ahead of the open, and up 16.7% so far in 2023.
  4. British regulators today approved Amazon.com's (AMZN) acquisition of iRobot Corporation (NASDAQ:IRBT) for $1.7 billion. The equity is up 19.9% before the bell, but shed 27.7% in the last nine months.
  5. Consumer sentiment data is due out today.

Asian Markets Higher After Japan's Rate Decision

Asian markets finished higher on Friday, after the Bank of Japan (BoJ) left interest rates unchanged. Investors also eyed Hong Kong’s producer price index (PPI), which rose 1% year-over-year in the first quarter. Japan’s Nikkei and the South Korean Kospi both added 0.7%, while China’s Shanghai Composite rose 0.6%, and Hong Kong’s Hang Seng tacked on 1.1%.

Yesterday’s rate hike by the European Central Bank (ECB) is still in focus, and the U.K. two-year gilt today extended gains to hit its highest mark since April 2008. London’s FTSE 100 is up 0.2%, while the French CAC 40 rises 1%, and the German DAX moves 0.4% higher.

 

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