Quiet Start to a Busy Week on Wall Street

Investors are already eyeing earnings season and upcoming inflation data

Deputy Editor
Jul 10, 2023 at 8:58 AM
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Stock futures are muted this morning, as investors look ahead to bank earnings later in the week. Dow Jones Industrial Average (DJI) futures are up just 28 points, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) inch lower. Meanwhile, oil prices are pulling back from Friday's surge. 

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

  • Does this red-hot software stock still have room to run? 
  • A quick recap of last week on Wall Street. 
  • Plus, AAP downgraded; FSR pops on convertible notes, and SWAV looks to snap losing streak. 

Futures July10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 937,712 million put contacts exchanged on Friday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average stayed at 0.66.
  2. Advance Auto Parts Inc (NYSE:AAP) is down 2.9% premarket, after Atlantic Equities downgraded the stock to "underweight" from "neutral," with a price-target cut to $50. The firm noted the new CEO's strategic changes as potentially impacting earnings, as well as this year's weak performance. AAP is down 52.8% in 2023. 
  3. Fisker Inc (NYSE:FSR) is off 2.7% in electronic trading, after the company announced a $340 million convertible note offering, the proceeds of which will be used for general corporate purposes. FSR is down 17.5% year-to-date.
  4. Morgan Stanley upgraded Shockwave Medical Inc (NASDAQ:SWAV) to "overweight" from "in-line," with a price-target hike to $335 from $291. Looking to snap a six-day losing streak, the shares are up 2.5% before the bell, adding to their 27.3% year-to-date lead. 
  5. Today will bring wholesale inventories and consumer credit data. In addition, a host of Federal Reserve officials will offer remarks.

Buzz 0710

Inflation Cools in China 

Asian markets were mixed Monday, after China’s consumer price index (CPI) came in at its lowest level since February 2021, while producer prices fell at their fastest rate since December 2015. Investors also unpacked the conclusion of U.S. Treasury Secretary Janet Yellen’s visit to Beijing, which she described as “productive.” In turn, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.6% and 0.2%, respectively. Elsewhere,  South Korea’s Kospi shed 0.2%, and Japan’s Nikkei dropped 0.6%.

European markets are on the rise in response to China’s cooling data, though investors are still eyeing this week’s stateside bank earnings and economic indicators. France’s CAC 40 was last seen leading the gainers with a 0.7% pop, while the German DAX is 0.6% higher, and London’s FTSE 100 is up 0.5%.

 

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