Stock Futures Eye Dismal End to Lackluster Trading Week

All three major benchmarks at risk of snapping weekly win streaks

Digital Content Manager
Jun 23, 2023 at 9:20 AM
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Wall Street is looking to wrap up its dismal week on a low note, with futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) eyeing triple-digit losses, and the S&P 500 Index (SPX) sitting firmly lower as well. All three major benchmarks are at risk of snapping weekly win streaks. The prospect of more rates hikes weighed on sentiment over the past few days, leading investors to take profits.

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

Futures 0623

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 974,903 million put contacts exchanged on Thursday. The single-session equity put/call ratio rose to 0.64 and the 21-day moving average stayed at 0.67.
  2. CarMax, Inc (NYSE:KMX) announced better-than-expected first-quarter revenue earlier, thanks in part to its cost-cutting efforts. The equity is up 7% in premarket trading, and sports a 28.6% lead for 2023.
  3. Starbucks Corp (NASDAQ: SBUX) is down 1.9% in before the bell, after a worker union said 150 stores will be striking next week after the company allegedly did not allow its locations decorate for Pride month. Year-over-year, SBUX is still up 37.6%.
  4. Wells Fargo downgraded Under Armour Inc (NYSE:UAA) to "equal weight" from "overweight," following job cuts at its Baltimore headquarters. The brokerage firm noted the company's excess inventory, overexposure in North America, and brand new CEO. UAA is down over 27% in 2023, and 4% lower ahead of the open.
  5. Today brings the S&P flash U.S. services purchasing managers' index (PMI) and manufacturing PMI.


Slew of Economic Data Sends Asian Markets Lower

Asian markets fell sharply, after a host of economic data was released out of Japan. The country’s inflation rate and core inflation rate both came in at 3.2%, while the composite purchasing managers index (PMI) fell to 52.3 in June from May’s 54.3. Notably, Japan’s manufacturing PMI fell into contraction territory as it dropped below 50 with a reading of 48.4. Hong Kong’s Hang Seng led the losses with a 1.7% drop, while Japan’s Nikkei shed 1.5%, China’s Shanghai Composite fell 1.3%, and the South Korean Kospi lost 0.9%.

Stocks are lower in Europe, too, as investors eye global interest rates. The euro zone’s flash PMI fell to 50.3 from 52.8, nearing contraction territory. The U.K.’s consumer confidence rose for the fifth-straight month, while retail sales rose 0.3% in May. London’s FTSE 100 is down 0.5% midday, while the French CAC 40 is off 0.4%, and the German DAX falls 1%. 


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