Stock Futures Churn Lower After Retail Data

All three indexes just marked their highest closes of 2023

Deputy Editor
Jul 18, 2023 at 9:06 AM
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Stock futures are inching lower this morning, as U.S. retail sales rose for the third-straight month but only by 0.2% in June, lower than the 0.5% rise economists had projected. Investors are also unpacking a slew of corporate reports from the likes of Morgan Stanley (MS), Lockheed Martin (LMT), and Bank of America (BAC). At last glance, futures on the Nasdaq-100 Index (NDX) are down 21 points, while Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are slightly below fair value. 

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

  • Schaeffer's Senior V.P. of Research Todd Salamone has two SPX markers to watch this expiration week.
  • Retail stock flashing bull signal on the charts. 
  • Plus, MASI plummets on outlook; PINS upgraded; and PNC drops after earnings. 

Futures July18

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and over 1.1 million put contacts exchanged on Monday. The single-session equity put/call ratio rose to 0.56 and the 21-day moving average remained at 0.65.
  2. Masimo Corp (NASDAQ:MASI) is down 28.7% premarket, after the tech company's disappointing second-quarter sales forecast. Stifel downgraded the stock to "hold" from "buy," with a price-target cut to $120 from $205, while two other analysts slashed their price objectives as well. Heading into today, the equity is up 15.1% year-over-year and hovering at breakeven for 2023. 
  3. Evercore ISI upgraded Pinterest Inc (NYSE:PINS) to "outperform" from "in-line," and raised its price target to $41 from $30 -- a new street high -- while Bernstein lifted its price target to $27 from $23. PINS is up 3.6% before the bell, and sporting a 20% year-to-date lead. 
  4. PNC Financial Services Group Inc (NYSE:PNC) is down 3% after the bank's mixed second-quarter report, which included a revenue miss. Deposits and net interest both fell as well. On the charts, PNC has been facing a stiff line of pressure at the $130 level. Year-to-date, the stock is down 19.5%. 
  5. Today will bring business inventories, industrial production, capacity utilization data, and the home builder confidence index. 

Buzz 0718

Stocks Quiet Overseas As Well

Technology and real estate stocks weighed on Asian markets on Tuesday. Hong Kong’s Hang Seng shed 2.1%, despite China’s promises to “restore and expand” consumption, while the Shanghai Composite dropped 0.4%. South Korea’s Kospi settled 0.3% lower amid its first Nuclear Consultative Group meeting with the U.S., and Japan’s Nikkei added 0.3% ahead of key inflation data.

European markets are muted, as investors unpack earnings from Swiss pharma name Novartis and British delivery group Ocado. They are also eyeing stateside quarterly reports and retail sales data. At last check, France’s CAC 40 and London’s FTSE 100 are near breakeven with a 0.05% dip and 0.03% gain, respectively, while the German DAX is 0.1% lower.

 

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