Stock Futures Bounce Back From Yesterday's Breather

The S&P 500 and Nasdaq snapped their win streaks last session

Deputy Editor
Nov 10, 2023 at 9:09 AM
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Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are marching higher this morning, after yesterday snapping their longest win streaks in roughly two years. Dow Jones Industrial Average (DJIA) futures are sporting a comfortable triple-digit lead, as investors continue to react to Federal Reserve Chairman Jerome Powell's hawkish comments on the central bank's steps to combat inflation. Elsewhere, Treasury yields are muted following last session's rise. 

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

  • How subscribers scored a quick profit with Best Buy stock.
  • Retail stock in focus ahead of earnings. 
  • Plus, two stocks plummeting after earnings; and a med tech stock to watch. 

futures nov10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and more than 1 million puts traded Thursday. The single-session equity put/call ratio fell to 0.86 and the 21-day moving average stayed at 0.89.
  2. Unity Software Inc (NYSE:U) stock is down 14% premarket, after the video game company's third-quarter revenue miss and suspended full-year guidance. Plus, Macquarie downgraded the stock to "neutral," while no fewer than nine other analysts lowered their price targets. Should these losses hold, U could hit fresh record lows.
  3. Plug Power Inc (NASDAQ:PLUG) stock is taking a nosedive before the bell today, down 37.1% at last glance. The hydrogen fuel cell company reported disappointing results after the close yesterday and is receiving a flood of bear notes after “unprecedented challenges” caused a shortage in hydrogen supply last quarter. RBC Capital slashed its rating to "sector perform," while J.P. Morgan Securities downgraded the stock to "neutral," amid a host of other bear notes. PLUG is already down 52% since the start of the year. 
  4. Doximity Inc (NYSE:DOCS) stock is up 17% in electronic trading, looking to recover some of its 38.9% year-to-date deficit. The medtech company raised its full-year forecast and authorized the repurchase of up to $70 million of common stock, after which a handful of analysts threw in minor price-target hikes.
  5. See what economic data is due out next week.  

buzz nov 10

Stocks Lag in Asia, Europe

Stocks in Asia fell to close out the week. Hong Kong’s Hang Seng paced the laggards with a 1.8% drop, followed by South Korea’s 0.7% drop – the latter still managing to turn in a weekly pop after reimposing a short-selling ban. Elsewhere, China’s Shanghai Composite erased 0.5% after the country’s largest chipmaker SMIC suffered an 80% drop in third-quarter profits, and Japan’s Nikkei dropped 0.2%.

European markets are substantially lower midday, following comments from U.S. Federal Reserve Chair Jerome Powell. At last glance, London’s FTSE 100 is off 1.3%, while France’s CAC 40 is down 1%, and Germany’s DAX tumbles 0.6%.


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