Stock Futures Muted Ahead of Big Week for Tech

All three major indexes are fresh off weekly wins

Deputy Editor
Jan 29, 2024 at 9:09 AM
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It's looking like a quiet Monday start after last week's winning week on Wall Street. Stock futures are little changed, as investors await this week's Big Tech earnings and two-day Federal Reserve policy meeting starting tomorrow. Meanwhile, Amazon.com (AMZN) terminated its deal with iRobot (IRBT) due to European Union (EU) regulations, and the latter is now cutting 31% of its workforce. 

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

  • Dow earnings boost last week's gains. 
  • What is open interest? A quick explanation. 
  • Plus, an upgrade and downgrade to monitor; and PHG's earnings fumble. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 964,637 put contracts traded on Friday. The single-session equity put/call ratio fell to 0.66 while the 21-day moving average remained at 0.71.
  2. Dollar Tree Inc (NASDAQ:DLTR) stock is up 3.2% before the bell, after J.P. Morgan Securities upgraded the discount retailer to "overweight" from "neutral." The firm also lifted its price target to $157 from $122, citing potential earnings growth over the next three years. The stock's recent dip has found support at its 50-day moving average, as well as the $130 level. 
  3. Shares of chocolate maker Hershey Co (NYSE:HSY) are enjoying a 1.9% pre-market gain, after Bernstein upgraded the stock to "outperform" from "market perform." The firm pointed to a lift in market volume trends. HSY is slated to report earnings before-the-open on Thursday, Feb. 8, and currently sports a 13% year-over-year deficit. 
  4. Koninklijke Philips NV (NYSE:PHG) stock is down 8.4% in electronic trading, after the medical equipment name's fourth-quarter results missed estimates. The company also made an agreement with the Food and Drug Administration (FDA) over a ventilator recall. Fresh off three-straight losing weeks, PHG is looking to extend Friday's 8% drop. Since last January, the equity is up 30%. 
  5. Plenty more earnings reports to unpack this week. 

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Evergrande Ordered to Liquidate

Asian markets were mostly higher Monday, with only China’s Shanghai Composite turning in a loss. The index fell 0.9%, after Chinese property developer Evergrande was ordered to liquidate by Hong Kong’s high court. This dragged the company’s shares more than 12% before trading was halted. Meanwhile, Hong Kong’s Hang Seng managed an 0.8% pop. Rounding out the region, Japan’s Nikkei rallied from Friday’s rut with an 0.8% rise, and South Korea’s Kospi added 0.9%.

European markets are more mixed this afternoon, as investors in the region ready for this week’s deluge of economic updates. At last glance, London’s FTSE is 0.1% higher, France’s CAC 40 sports a modest 0.03% deficit, and Germany’s DAX is down 0.5%.

 

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