Oil prices are on the rise today
Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all firmly lower this morning, after Israel formally declared war on Palestine over the weekend on the heels of a Hamas-led invasion and Israeli response that left more than 1,000 dead overall. Oil prices are on the rise, while the bond market is closed in observance of Columbus Day.
Continue reading for more on today's market, including:
- Recapping October's data-heavy start.
- Keep tabs on these 2 sectors this month.
- Plus, Nelson Peltz's fund hikes Disney stake; and 2 stocks seeing analyst notes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.3 million call contracts and 897,835 put traded exchanged on Friday. The single-session equity put/call ratio fell to 0.68 and the 21-day moving average stayed at 0.67.
- Walt Disney Co (NYSE:DIS) stock is up 1.4% in premarket trading, following news that Trian Fund Management, which is owned by activist investor Nelson Peltz, lifted its stake in the entertainment name to $2.5 billion and could seek several board seats. DIS is down 17.1% in the last 12 months.
- Evercore ISI upgraded Oracle Corp (NYSE:ORCL) stock to "outperform" from "in line" this morning, noting how its recent pullback has created an attractive entry point. ORCL is up 0.7% before the open, and sports a 34.5% lead for 2023.
- The shares of Spotify Technology SA (NYSE:SPOT) are down 2.2% before the bell, after the music streaming name attracted a downgrade from Redburn Atlantic to "neutral" from "buy," with the analyst in coverage citing gross margin dilution. SPOT still boasts a 103.3% lead for the year.
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There is no economic data in observance of Columbus Day.
European Markets Mixed Amid Israeli-Palestinian Conflict
China’s Shanghai Composite fell 0.4% in the first trading session following the Golden Week holiday, while the South Korean Kospi and Japan’s Nikkei were closed for holiday for holiday on Monday. Trading on the Hong Kong Hang Seng was canceled for the morning amid a typhoon warning, but the index ended up adding 0.2% for the day.
In Europe, all eyes are on the Israeli-Palestinian conflict, which broke out in extreme violence over the weekend. London’s FTSE 100 is up 0.1% at last glance, while the French CAC 40 and German DAX fall 0.6% and 0.8%, respectively.