Stock Futures Stumble After 4th of July Holiday

All eyes are on the upcoming Fed meeting minutes from June

Managing Editor
Jul 5, 2023 at 9:05 AM
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Futures on the Dow Jones Industrial Average (DJIA) are down triple digits, joining the S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) in the red as investors await the Fed meeting minutes due out later today.

The minutes are expected to give better direction on monetary policy, as confusion continues to circle after the Fed suggested more rate hikes could take place later this year. Factory data for May is also on tap today, while the 2-year Treasury yield has pulled back this morning by one basis point to 3.8%, likely contributing to today's tech sector slide. 

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

  • Why did options traders hammer AstraZeneca stock?
  • United Airlines stock brushed off flight disruptions.
  • Plus, RIVN breaks out; Coinbase stock downgraded; and a big bull note for Hertz.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 601,316 million put contacts exchanged on Monday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average stayed at 0.67.
  2. Shares of electric vehicle (EV) maker Rivian Automotive Inc (NASDAQ:RIVN) are up more than 5% before the bell, after the company reported 12,640 second-quarter deliveries. This is a 59% increase from Q1. RIVN remains off 23% year-over-year.
  3. Coinbase Global Inc (NASDAQ:COIN) is off 3% in pre-market trading following a downgrade to "neutral" from "overweight" at Piper Sandler. The firm cited a discrepancy in crypto prices and trading volume, as well as a grim volume outlook. COIN is holding onto a 63% 12-month gain.
  4. Car rental service Hertz Global Holdings Inc (NASDAQ:HTZ) is up 1.9% before the open, after Jefferies began coverage with a "buy" recommendation, with space for strong margins as its catalyst. HTZ has marked a win in five of the last six sessions and now sports a 20% 2023 gain.
  5. The ADP employment report is also due out today.

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Activity Data Sends Asian Markets Lower

Asian markets settled lower on Wednesday, as investors digested June’s slowing services activity growth in Japan and China, though both still expanded. Hong Kong’s Hang Seng paced the laggards with a 1.6% drop, while China’s Shanghai Composite shed 0.7%. Elsewhere, South Korea’s Kospi and Japan’s Nikkei fell 0.6% and 0.3%, respectively.

European markets are also lower, after the euro zone purchasing managers’ index (PMI) for June showed a contraction in business output, amid weak demand and a sharp drop in new manufacturing orders. London’s FTSE 100 and the German DAX were last seen down 0.6%, while France’s CAC 40 is 0.7% lower.

 

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