Wall Street is experiencing some profit taking as November winds down
Stocks don't seem to be sticking the landing in November, with futures on all three major benchmarks inching lower before the bell. While Wall Street is still headed for a stellar month of gains, profit taking has reared its ugly head in recent sessions. Today, investors will be eyeing home prices and consumer confidence data later this morning, as part of a busy week of economic data.
Continue reading for more on today's market, including:
- SPX pessimism could be good for contrarian bulls, says Schaeffer's Senior V.P. of Research Todd Salamone.
- How are options traders playing Palantir stock?
- Plus, BA upgraded; Carlyle joins MidCap Index; and analyst pumps SHOP brakes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 993,528 call contracts and 868,512 put contracts traded Monday. The single-session equity put/call ratio fell to 0.87 and the 21-day moving average stayed at 0.69.
- Boeing Co (NYSE:BA) stock is up 1.6% premarket, after RBC Capital upgraded the blue-chip aerospace giant to "outperform" from "sector perform," with a price-target hike to a street-high $275 from $200. BA has been flying up the charts this month, with only four negative closes all of November. Since the start of the year, the equity is up 15.1%.
- Investment stock Carlyle Group Inc (NASDAQ:CG) is up 6.1% in electronic trading, after news that the company will join the S&P MidCap 400, effective Thursday. Eyeing its 10th-straight day of gains, CG is up 10% year-to-date.
- Shopify Inc (NASDAQ:SHOP) is down 1.4% before the bell, after a downgrade from Piper Sandler to "underweight" from "neutral," with a price-target cut to $56 from $58. Looking to drop from yesterday's 52-week highs, Shopify stock is up 112.6% in 2023. This pullback is also happening despite the e-tailer company's record sales over Black Friday/Cyber Monday.
- There's more than just inflation data due out this week.
European Markets Inching Lower
Stocks in Asia were all over the place today, though oil prices eased following Qatar’s announcement that the truce between Israel and Hamas will be extended by two additional days. Hong Kong’s Hang Seng lost 1%, even after government data showed the first annual increase in exports since April 2022. Elsewhere, China’s Shanghai Composite added 0.2%, South Korea’s Kospi tacked on 1.1%, and Japan’s Nikkei lost 0.1%.
The major European bourses are lower this afternoon, with yesterday’s sour sentiment leaking into today’s trading. Shares of French videogame maker Ubisoft slumped 9%, after the company announced it raised $541.2 million in placement bonds of convertible into equity, dragging the French CAC 40 0.6% lower at last glance. Rounding out the region, London’s FTSE 100 was last seen down 0.4%, while Germany’s DAX fell 0.2%.