Dow Futures Inch Higher After 2 Perfect Weeks

It will be a busy week of earnings, with the Fed's policy decision on tap as well

Deputy Editor
Jul 24, 2023 at 9:09 AM
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Futures on all three major indexes are inching higher before the bell, with Dow Jones Industrial Average (DJI) futures up 29 points following the blue-chip benchmark's 10th consecutive daily win. Earnings and the Federal Reserve's monetary policy meeting will highlight the upcoming week.

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

Futures July24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.4 million call contracts and over 1.3 million put contacts exchanged on Friday. The single-session equity put/call ratio fell to 0.56 and the 21-day moving average remained at 0.65.
  2. Tesla Inc (NASDAQ:TSLA) received a downgrade from UBS to "neutral" from "buy" after the stock's most recent rally, with the firm seeing strong demand already priced in. The firm also lifted its price target to $270 from $220, however. Year-to-date, the electric vehicle (EV) name is up 111.1%, but is down 1.5% ahead of the open.
  3. United Parcel Service Inc (NYSE:UPS) is off 0.7% in electronic trading, as a potential union strike looms, with less than a week before the current contract expires. Since the start of the year, the equity is up 7.7%. 
  4. AMC Entertainment Holdings Inc (NYSE:AMC) stock is soaring before the bell, up 36.4%, after a judge blocked the company's proposed stock conversion settlement that would allow it to issue more shares. The movie theater name has since revised its proposal. Should these gains hold, AMC will shoot out of penny stock territory. 
  5. See what is on tap for earnings and economic data this week. 

buzzjul24

Slowing Business Activity in Europe

Asian markets were mixed on Monday, with China setting forth measures to boost economic activity. Pacing the laggards was Hong Kong’s Hang Seng, which shed 2.1% as real estate stocks tumbled, while China’s Shanghai Composite fell 0.1% for its fifth loss in six sessions. Elsewhere, South Korea’s Kospi extended its win streak to three with a 0.7% pop, and Japan’s Nikkei added 1.2% after the country expanded business activity for a seventh consecutive month.

Spain’s election stalemate, as well as an incoming slew of quarterly earnings reports have European markets mixed as well. Investors are also digesting new data that pointed to slowing business activity in France, Germany, and the U.K. in July, as they look ahead to the European Central Bank’s (ECB) meeting on Thursday. At last check, France’s CAC 40 and London’s FTSE 100 are down 0.5% and 0.2%, respectively, while the German DAX is slightly below breakeven with a 0.07% deficit.

 

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