Stock Futures Flat; Bank Sector Enjoys Tailwinds

Stronger-than-expected economic growth is steadying sentiment

Digital Content Manager
Jun 29, 2023 at 9:26 AM
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Markets remain flat despite major banks passing the Federal Reserve’s annual stress test, and the chip sector rising in tandem with Micron Technology (MU) after the company posted strong earnings. Futures on the Dow Jones Industrial Average (DJIA) are just above breakeven as JPMorgan Chase (JPM) eyes a pop, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are flat.

Wall Street is also unpacking revised gross domestic product (GDP) growth of 2% for the second quarter, which is much higher than the estimated 1.3%. Lastly, jobless claims fell to their lowest level in a month last week.

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

ovfuturesjune29

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 838,993 put contacts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.67.
  2. Credit Suisse downgraded Pfizer Inc. (NYSE:PFE) to "neutral" from "outperform," and cut its price target to $40 from $47. The analyst in question noted the pharma name could be entering an uncertainty period, and said peers present better growth opportunities. PFE is down 0.6% ahead of the open, and has shed 29.2% this year.
  3. Walt Disney Co (NYSE:DIS) stock is down 0.7% in premarket trading, after the media behemoth attracted a downgrade from Keybanc from "overweight" to "sector weight." The brokerage highlighted structural content distribution changes that could impact profitability, and noted a new Florida labor contract that could place margins under pressure. DIS shed 10.6% in the last nine months.  
  4. Meanwhile, Citigroup lifted its price target on Netflix Inc (NASDAQ:NFLX) to $500 from $400, praising the streaming giant's ad-supported tier that reaches roughly 5 million active users each month. Netflix stock is up 1.3% before the bell, and sports a 45.8% year-to-date lead.
  5. Today also features pending home sales data

OV Buzz Chart June 29

European Markets Mixed Amid Rate Hike Jitters

Stocks in Asia closed mostly lower on Thursday, despite a boost from chip stocks following Micron’s upbeat earnings. Japan’s Nikkei was the only winner, adding 0.1%, after the country’s retail sales rose 5.7% year-over-year in May. Hong Kong’s Hang Seng led the losses with a 1.2% drop, while China’s Shanghai Composite fell 0.2%, and the South Korean Kospi lost 0.6%. Japan and South Korea met for their first bilateral finance meeting in seven years, agreeing to revive a $10-billion currency swap deal.

European markets are mixed at last check, as investors consider potential rate hikes stateside and from the European Central Bank (ECB). London’s FTSE 100 is down 0.3%, while the French CAC 40 rises 0.7%, and the German DAX moves 0.3% higher.

 

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