Stock Futures Continue Strong Start to the Week

All eyes are on tomorrow's inflation data

Deputy Editor
Jul 11, 2023 at 9:03 AM
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Stock futures are moving higher this morning, taking cues from yesterday's strong start to the week. Dow Jones Industrial Average (DJI) futures up are up 112 points above fair value at last check, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures sit modestly in the black as well. Investors are looking ahead to tomorrow's inflation data, with bond yields moving lower before the event. 

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

  • Senior V.P. of Research Todd Salamone found a bull signal you should watch. 
  • Coal mining stock could stall out soon. 
  • Plus, bull note boosts ZG; Amazon Prime Day kicks off; and IOVA pulls back. 

Futures July11

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 754,130 put contacts exchanged on Monday. The single-session equity put/call ratio fell to 0.51 and the 21-day moving average stayed at 0.66.
  2. Zillow Group Inc (NASDAQ:ZG) stock is up 5.3% premarket, after Piper Sandler upgraded the real estate company to "overweight" from "neutral," with a price-target hike to $62 from $42. The firm cited product optionality and new initiatives, among other things. Heading into today, ZG is up 49.3% year-to-date. 
  3. Tech giant Inc (NASDAQ:AMZN) is inching 0.6% higher in electronic trading, as the e-commerce platform's Prime Day summer sale kicks off. Plus, Wells Fargo also added Amazon to its Signature Picks list. Year-to-date, the red-hot FAANG stock is up 51.3%. 
  4. Iovance Biotherapeutics Inc (NASDAQ:IOVA) stock is down 13.1% before the bell, after the drugmaker announced the pricing of $150 million public stock offering, putting the 20 million shares of common stock at $7.50 per share. Dropping from yesterday's 24.1% gain, the biotech stock is up 34.5% since the start of 2023. 
  5. Today will bring the National Federation of Independent Business (NFIB) optimism index.


U.K. Wage Growth Hits 3-Month Peak

Asian markets were higher on Tuesday, mirroring their stateside counterparts as investors await U.S. inflation data after Federal Reserve officials spoke in favor of more rate hikes. Pacing the gainers was South Korea’s Kospi with a 1.7% pop, while Kong’s Hang Seng added 1%. Meanwhile,  China’s Shanghai Composite rose 0.6%, and Japan’s Nikkei settled just above breakeven with a 0.04% gain.

European markets are mixed, with London’s FTSE 100 last seen down 0.3% after U.K. wage growth hit a new three-month peak, sparking inflation concerns. In other news, the ZEW German economic sentiment indicator for July slipped below estimates, while economic expectations across the euro zone also moved lower. Nevertheless, France’s CAC 40 is up 1.1%, and the German DAX is 0.6% higher.




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