Stock Futures Flat as Indexes Eye Steep Monthly Losses

3M is stuck with a $6B lawsuit settlement

Aug 29, 2023 at 9:19 AM
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Stock futures are eyeing a mostly flat open on the heels of yesterday's out-of-character daily August win. Investors are preparing for steep monthly losses from all three indices, two of which will likely be their worst since 2022. The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all sitting just below fair market value.

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

  • Schaeffer's Senior Market Strategist Matthew Timpane shares some comforting thoughts for the choppy month.
  • Revisiting China's stimulus implications.
  • Plus, Oracle stock lands a "buy;" BBY's Q2 beat; and chip stop agrees to $6 billion settlement.

Futures Chart August 2932023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.1 million call and 857,266 put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.77 and the 21-day moving average stayed at 0.65.
  2. Oracle Corp (NYSE:ORCL) stock is 3% higher before the bell, after UBS upgraded the software company to “buy” from “neutral,” citing artificial intelligence (AI) tailwinds. ORCL is up 43% in 2023 heading into today, with support in place at its rising 80-day moving average. 
  3. Best Buy Co Inc (NYSE:BBY) stock is up 2.6% ahead of the open, after the electronics retailer reported second-quarter earnings and revenue that exceeded analyst expectations. The only damper was Best Buy trimming its full-year outlook. BBY was nursing a 7.6% deficit before the report, but will now be reclaiming its year-over-year breakeven level with today’s potential bull gap.

  4. The shares of 3M Co (NYSE:MMM) are 5.1% higher in electronic trading, after the company agreed to a $6 billion settlement over lawsuits pertaining to defective combat earplugs to the U.S. military. 3M stock is 13% lower on the year, but is poised to add to its 4% monthly gain today.

  5. Investors will digest job openings, consumer confidence data, and the S&P Case-Shiller home price index today.

Buzz 0829

Stocks in Asia, Europe Move Higher

Asian markets rose on Tuesday. Hong Kong’s Hang Seng led the charge with a 2% pop, while China’s Shanghai Composite added 1.2%. The South Korean Kospi rose 0.3%, while Japan’s Nikkei moved 0.2% higher, after the region’s unemployment rate for July came in at a higher-than-expected 2.7%, compared to analyst expectations of 2.5%.

European markets are moving higher as well, with yesterday’s winning day on Wall Street boosting sentiment. London’s FTSE 100 is up 1.5% at last glance, while the French CAC 40 and German DAX both jump 0.3%.

 

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