Markets in Dour Mood Ahead of Fed Testimony

Investors are brushing of last week's strong performance

Digital Content Manager
Jun 20, 2023 at 9:06 AM
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Investors are returning from the holiday weekend in a dour mood, despite last week's strong performance. Attention is now shifting to incoming comments from the Federal Reserve, with New York Fed President John Williams and Fed Vice Chair Michael Barr expected to speak at a corporate governance event later today, and Fed Chair Jerome Powell set to testify before Congress tomorrow. At last glance, Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are all pointed lower.

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

  • Snag this biotech ETF right now.
  • Weekly wins are becoming a thing in 2023.
  • Plus, DICE's multi-billion buyout; CAR upgraded; and a C-suite shakeup at Alibaba.

Futures 0620

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.5 million call contracts and more than 1.1 million put contacts exchanged on Friday. The single-session equity put/call ratio fell to 0.46 and the 21-day moving average stayed at 0.68.
  2. Dice Therapeutics Inc (NASDAQ:DICE) is up 37.7% in premarket trading, after Eli Lilly (LLY) said it would buy the company for roughly $2.4 billion in an all-cash deal. Year-over-year, DICE is already up 156.6%.
  3. Morgan Stanley upgraded Avis Budget Group Inc (NASDAQ:CAR) to "overweight" from "equal weight," and lifted its price target to $230 from $182, a 12.6% premium to Friday's close. The analyst praised the car rental name's risk management and operating expenses. CAR is up 3.3% before the bell, and sports a 24.6% lead in 2023.
  4. After announcing plans to restructure into six business groups, Alibaba Group  (NYSE:BABA) revealed earlier CEO Daniel Zhang will step down to be replaced by co-founder Eddie Wu. The China-based  e-commerce stock is down 2% ahead of he open, and shed 9.2% in the past 12 months.
  5. Today brings housing starts data

OV Buzz Chart June 20

Asian Markets Edge Lower After Loan Prime Rate Cuts

Asian markets were mostly lower on Tuesday, after China’s central bank cut its one-year and five-year loan prime rates by 10 basis points to 3.55% and 4.20%, respectively. Hong Kong’s Hang Seng dropped 1.5%, as healthcare and tech stocks weighed, while China’s Shanghai Composite shed 0.5%, and the South Korean Kospi lost 0.2%. Japan’s Nikkei managed a minor win, adding 0.06%.

London’s FTSE 100 is up 0.09% at last glance, after U.K. grocery price inflation came in at 16.5% -- its lowest level this year. The French CAC 40 is down 0.1%, while the German DAX is off 0.4%, as investors remain cautious globally.

 

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