Stock Futures Mixed Ahead of Slew of Economic Data

Investors are unpacking another rise in durable goods orders

Digital Content Manager
Jun 27, 2023 at 9:03 AM
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Markets are a mixed bag this morning, as investors eye today's batch of economic indicators. For one, U.S. durable goods orders rose for a third-straight month in May. Still, Dow Jones Industrial Average (DJIA) futures are sitting just below breakeven, after Walgreens Boots Alliance (WBA) posted disappointing earnings results. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are modestly higher. 

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

  • Now is the time to bet on this oil and gas stock.
  • Are we repeating the March-June 2022 price action?
  • Plus, behind Walgreens' quarterly miss; Delta hikes earnings outlook; and LLY pops on promising drug data.

Futures 0627

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 785,811 put contacts exchanged on Monday. The single-session equity put/call ratio fell to 0.55 and the 21-day moving average stayed at 0.67.
  2. Walgreens Boots Alliance Inc (NASDAQ:WBA) reported worse-than-expected fiscal third-quarter earnings earlier, and slashed its full-year outlook amid a decline in consumer spending and demand for Covid-19 vaccines and testing. WBA is off 7.9% ahead of the open, and is 24.1% lower year-over-year.
  3. Delta Air Lines, Inc. (NYSE:DAL) is up 1.8% in before the bell, after the company lifted its full-year earnings guidance thanks to strong demand and lower fuel costs. Year-to-date, DAL is up 31.3%.
  4. Eli Lilly And Co (NYSE:LLY) released mid-state trial data earlier today showing its obesity drug led to weight loss of up to 24.2% after 48 weeks, beating results from its competitors. LLY is up 1.8% in premarket trading, and sports a 39% year-over-year lead.
  5. Today also brings the S&P Case-Shiller home price index, new home sales, and consumer confidence data. 

OV Buzz Chart June 27

European Markets Sink on ECB Rate Comments

Hong Kong’s Hang Seng snapped a five-day losing streak on Tuesday, closing 1.9% higher, while China’s Shanghai Composite followed behind with a 1.2% pop. The South Korean Kospi inched 0.03% lower, while the Nikkei in Japan shed 0.5%, as the Japanese yen lingers at seven-month lows.

European markets are firmly lower, as investors unpack comments from European Central Bank (ECB) Governing Council member Mārtiņš Kazāks, after he said 2024 was “way too early” to start cutting rates, and that he sees rate hikes past July. London’s FTSE 100 is down 0.2% at last check, while the French CAC 40 and German DAX move 0.3% lower.

 

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