Dow futures are down triple digits this morning
Stock futures are a mixed bag this morning, fresh off Wall Street's first losing week in 10 weeks. Dow Jones Industrial Average (DJI) futures are down triple digits, S&P 500 (SPX) futures lay flat, and Nasdaq-100 Index (NDX) futures sit modestly higher. The blue-chip index could face pressure today after Boeing (BA) grounded some of its 737 MAX planes, after a section of an aircraft blew out during an Alaska Airlines (ALK) flight. Investors are also gearing up for inflation data later this week that could shift stock market sentiment back to the bulls.
Continue reading for more on today's market, including:
- These stocks already made big moves in 2024.
- DoorDash stock is one of Schaeffer's top picks for the year.
- Plus, retail stock surges on new guidance; and two upgrades to watch today.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 994,784 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.70, and the 21-day moving average also remained at 0.69.
- American Eagle Outfitters Inc (NYSE:AEO) stock is up 6.9% premarket, after the retailer lifted its full-year forecast following a strong holiday season. Trading back near a Jan. 2 22-month peak of $21.62, the equity is up 34.1% over the past year.
- American Airlines Group Inc (NASDAQ:AAL) stock is up 2% in electronic trading, after an upgrade from Morgan Stanley to "overweight" from "equal weight." This bull note has AAL brushing off the airline sector's slide today, after Boeing's (BA) woes. Over the last six months, AAL is down 25.9%.
- Dell Technologies Inc (NYSE:DELL) stock is up 2.8% before the bell, after J.P. Morgan Securities upgraded the tech giant to "overweight" from "neutral," while UBS named the company a top pick among its peers in 2024. Year over year, DELL is up 85.6%.
- Upcoming inflation data this week, as well as bank earnings.
More Lending Drama in China
Stocks in Asia were mostly lower to start the week. Hong Kong’s Hang Seng led the laggards with a 1.9% dip, while China’s Shanghai Composite followed with a 1.4% drop after shadow banking conglomerate Zhongzhi Enterprise Group – a major lender to property developers in the country – filed for bankruptcy after Friday’s close. Elsewhere, South Korea’s Kospi erased 0.4%, amid expectations that the country’s central bank will leave interest rates unchanged. Japan’s markets were closed for a holiday.
The major European bourses are mixed Monday afternoon, as investors look to shake off the negative sentiment seen at the beginning of 2024. Oil and gas stocks are the worst performing sector so far today, following news that Saudi Arabia is slashing prices for customers in Asia. At last glance, London’s FTSE 100 is 0.1% lower, while France’s CAC 40 is near breakeven, and Germany’s DAX is up 0.2%.