Markets Eye Quiet Start to Last Week of June

Oil prices are edging higher after Russia's attempted insurrection

Digital Content Manager
Jun 26, 2023 at 9:22 AM
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Wall Street is heading quietly into the last week of June, after all three major indexes snapped their weekly win streaks. Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all flat, with little economic data on tap to sway markets. Elsewhere, oil prices were last seen trading at $74.35, as investors monitor the impact of Russia's attempted insurrection on supplies.

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

  • How Fed fatigue spoiled Wall Street's impressive wins.
  • Apparel stock downgraded on laundry list of issues.
  • Plus, MRNA scores upgrade; bank stock pops on portfolio sale; and what's hurting Tesla stock.

Futures 0626

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and over 1.1 million put contacts exchanged on Friday. The single-session equity put/call ratio remained at 0.64 and the 21-day moving average stayed at 0.67.
  2. UBS upgraded Moderna Inc (NASDAQ:MRNA) to "buy" from "neutral," with the analyst in question noting the potential upside from other vaccines isn't yet priced into its valuation. MRNA is up 2.7% ahead of the open, but still carries a 34% year-to-date deficit.
  3. Ares Management (ARE) acquired a $3.5 billion specialty finance loan portfolio from PacWest Bancorp (NASDAQ:PACW), which consists of high quality, senior secured, asset-backed loans. PacWest stock is up 5.3% in premarket trading, but remains down 68.5% in 2023.
  4. Electric vehicle (EV) concern Tesla Inc (NASDAQ:TSLA) is down 1.1% before the bell, after a downgrade from Goldman Sachs to "neutral" from "buy." The analyst in question cited the stock's recent rally and the pricing environment for EVs. TSLA is still up 108.3% this year, though.
  5. Check out what economic indicators are on tap this week.

OV Buzz June 26

Stocks in Asia Mostly Lower on Japan's Inflation Data

Stocks in Asia started out the week mostly lower, except for the South Korean Kospi, which added 0.5%. Japan’s services producer price index (PPI) rose 1.6% year-over-year in May, the same as April. The Nikkei in Japan dropped 0.3% for the day, while Hong Kong’s Hang Seng fell 0.5%, and China’s Shanghai Composite dropped 1.5% as academic and education stocks weighed.

European markets finished the day mixed, with much of the focus of the weekend on Yevgeny Prigozhin’s armed rebellion against Russian President Vladimir Putin, and the resulting rise in oil prices. London’s FTSE 100 is down 0.04%, while the French CAC 40 is up 0.2%, and the German DAX falls 0.2%.

 

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