Wall Street Pacing for Modest Monday Trading

Oil and gold prices are both lower this morning

Deputy Editor
Aug 7, 2023 at 9:19 AM
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Stock futures are moving higher, on track to pare some of last week's losses as investors look ahead to more corporate earnings and inflation data due out later this week. At last glance, Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are all above fair market value. Elsewhere, rising bond yields are dragging down gold prices, while a strengthening U.S. dollar weighs on oil.

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

  • Analyst bull note boosted tech stock.
  • Revisiting last week's biggest headlines.
  • Plus, Tyson Foods' earnings report, and 2 bull notes to know.

Futures Chart August 72023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call and 1.3 million put contracts exchanged on Friday. The single-session equity put/call ratio rose to 0.66, while the 21-day moving average stayed at 0.65.
  2. Tyson Foods Inc (NYSE:TSN) stock is 7.9% lower in electronic trading, after the company's fiscal third-quarter earnings of 15 cents per share and revenue of $13.14 billion both missed Wall Street's estimates. The major food manufacturer reported a 12-month decline in sales, a time during which the shares shed nearly 35%.
  3. DraftKings Inc (NASDAQ:DKNG) stock was last seen up 1.9% before the bell following a post-earnings bull note from Wells Fargo. The analyst upgraded DKNG to "overweight" from "neutral," saying "EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. momentum to continue." Year-to-date, DraftKings stock is already up almost 179%.
  4. Sporting a 45.7% year-to-date lead, DaVita Inc (NYSE:DVA) is 1.4% higher in premarketing trading, after UBS upgraded the shares to "buy." The Wall Street brokerage firm told clients that it sees "tailwinds that support out Street-high earnings estimates and contrarian Buy rating.  
  5. Consumer credit data is due out later today.

Buzz 0807

Bank of Japan Reiterates Interest Rate Stance

Asian markets moved lower on Monday, with the exception of Japan’s Nikkei, which managed a 0.2% pop. The Bank of Japan (BoJ) noted there is still a “long way to go” before it revises its stance on its negative interest rate policy. Hong Kong’s Hang Seng inched 0.01% lower, while China’s Shanghai Composite dropped 0.6%, and the South Korean Kospi fell 0.9%, as investors looked ahead to this week’s inflation data out of China.

Stocks in Europe are lower as well, with London’s FTSE 100 down 0.5%, and the French CAC 40 and German DAX off 0.2% and 0.4%, respectively. In the U.K., housing prices dropped 2.4% year-over-year in July, and 0.3% for the month.

 

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