Dow, S&P 500 Futures Lower Ahead of Early Close

Investors will have manufacturing data to unpack before 4th of July

Digital Content Manager
Jul 3, 2023 at 9:15 AM
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Futures on the Dow Jones Industrial Average (DJIA) and the S&P 500 Index (SPX) are pointed lower this morning, while Nasdaq-100 Index (NDX) futures are higher. Wall Street has the Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI) and the S&P Global manufacturing PMI to sift through later, before markets close at 1 p.m. for Independence Day.

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

  • Rare earnings miss weighed on Nike stock.
  • How the second quarter ended.
  • Plus, delays and cancellations weigh on UAL; TSLA surges on delivery results; and what's hurting AstraZeneca stock.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1 million put contacts exchanged on Friday. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average stayed at 0.67.
  2. United Airlines Holdings Inc (NASDAQ:UAL) is down 0.3% ahead of the open, with the company seeing the most flight cancellations and delays Friday amid bad weather, even as Fourth of July travel ramps up. Year-to-date, UAL is up 45.5%.
  3. Tesla Inc (NASDAQ:TSLA) reported better-than-expected second-quarter delivery and production results earlier, with deliveries up 83% year-over-year. The security is up 6.1% in premarket trading, and sports an impressive 112.5% year-to-date lead.
  4. AstraZeneca plc (NASDAQ:AZN) is down 6.9% before the bell, after preliminary results for its phase three trial of its lung cancer treatment indicated data for overall survival were not statistically significant. In the last nine months, AZN still sports a 30.5%.
  5. Markets will be closed tomorrow for Independence Day.

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Asian Markets Rise on Manufacturing Data

Stocks in Asia closed Monday higher, following a deluge of manufacturing data. Hong Kong’s Hang Seng led the gainers with a 2.1% pop, while China’s Shanghai Composite settled 1.3% higher after the country’s Caixin manufacturing purchasing managers’ index (PMI) came in higher than expected in June. Japan’s Nikkei added 1.7%, closing at a 33-year high amid improving business sentiment in the area. Finally, South Korea’s Kospi added 1.5% despite manufacturing activity remaining in contraction for a 12th consecutive month.

The major European bourses are mixed midday, following a strong first half of the year. Investors are unpacking cooler-than-expected euro zone inflation for June, though core inflation still increased. At last glance, London’s FTSE 100 is up 0.3%, while France’s CAC 40 sports a fractional lead, and Germany’s DAX sits just below breakeven.

 

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