Stock Futures Look to Build Off Last Week's Rally

Last week, the major indexes logged their best weekly gains of 2023

Deputy Editor
Nov 6, 2023 at 9:05 AM
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Stock futures are inching higher this morning, poised to build upon last week's rally, in which all three major benchmarks marked their best week of 2023. Investors are looking ahead to a slew of corporate earnings reports this week, including Walt Disney (DIS), as well as a handful of economic data. 

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

  • How these 4 earnings reports shaped Wall Street. 
  • Wall Street has put October losses in the rear view mirror.
  • Plus, a rallying biotech stock; and two downgrades to monitor.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.7 million call contracts and 935,477 puts traded Friday. The single-session equity put/call ratio fell to 0.54 and the 21-day moving average stayed at 0.68.
  2. Celldex Therapeutics Inc (NASDAQ:CLDX) stock is up 31.5% premarket, after the biotech company's experimental treatment showed promising results in treating both hives and inflammatory skin disease. Fresh off five consecutive wins as it rises from its late-October 52-week lows, CLDX is down 41.7% in 2023. 
  3. B. Riley downgraded Workhorse Group Inc (NASDAQ:WKHS) to "neutral" from "buy." The specialty electric vehicle stock is so far brushing off the bear note, up 0.6% before the bell, though it already sports a hefty 71.9% year-to-date deficit. 
  4. Paramount Global (NASDAQ:PARA) is down 3.7% in electronic trading, after BofA Global Research double downgraded the streaming stock to "underperform," citing the company's lack of asset sales. Even after a post-earnings bull gap, PARA is down 18.5% in 2023. 
  5. See what economic data is scheduled this week.  

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Asian Markets Finish With a Flurry

Stocks in Asia finished substantially higher Monday. South Korea’s Kospi led the gainers, logging its best session since March 2020 after adding 5.7% following a ban on short selling until the end of June 2024. Japan’s Nikkei followed behind with a 2.4% gain, despite last month’s business activity expanding at its slowest pace this year. Rounding out the region, Hong Kong’s Hang Seng and China’s Shanghai Composite added 1.7% and 0.9%, respectively.

Meanwhile, the major European bourses are mixed this afternoon. Amid subdued premarket trading stateside, London’s FTSE 100 was last seen 0.1% higher, while France’s CAC 40 and Germany’s DAX are down 0.4% and 0.2%, respectively. 

 

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