S&P 500, Nasdaq Futures Look to Stage Comeback

Dow futures are hovering near breakeven

Digital Content Manager
Feb 6, 2024 at 9:29 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJIA) futures are above breakeven this morning, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are moving higher as well. This comes after all three major benchmarks gapped lower yesterday, amid rising Treasury yields and the Federal Reserve's interest rate comments. Earnings are in focus as well, with Palantir Technologies (PLTR) leading the tech sector after its report.

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

  • Don't sweat Adobe stock's recent pullback.
  • Keep tabs on these key SPX levels this week.
  • Plus, Eli Lilly's blowout results; BP announces share buyback program;

OV 02065 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 917,317 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.65 while the 21-day moving average remained at 0.71.
  2. Eli Lilly And Co (NYSE:LLY) reported a top- and bottom-line win for the fourth quarter, amid strong demand for its new weight loss drug Zepbound, and higher prices for diabetes drug Mounjaro. LLY is up 4.9% in premarket trading, and boasts a 108.3% year-over-year lead.
  3. Oil name BP plc (NYSE:BP) revealed a $1.75 billion share buyback program on the heels of its fourth-quarter earnings results, which beat profit expectations but missed on revenue. BP is up 5.4% ahead of the open, as it looks to distance itself from its  year-over-year breakeven.
  4. Strong artificial intelligence (AI) demand propelled Palantir Technologies Inc
    (NYSE:PLTR) to a fourth-quarter revenue beat -- up 20% from a year ago -- while earnings was in line with estimates. PLTR is up 20% before the bell, and added over 98% in the last 12 months.
  5. Federal Reserve speeches and blue-chip earnings on tap this week.

OV Buzz Chart Feb 6

European Markets Brush Off Retail Sales Data

China’s deep cuts in bank reserves – injecting cash into the economy -- are paying off, as Hong Kong’s Hang Seng finished the day with a 4% gain, while China’s Shanghai Composite jumped 3.2%. In Japan, household spending fell by a higher-than-expected 2.5% annually in December, compared to analyst expectations of 2.1%, while household income fell 7.2% from a year ago. Japan’s Nikkei shed 0.5% after the reports. Elsewhere, the South Korean Kospi posted the largest loss today, dropping 0.6%.

Retail sales in the euro zone fell 1.1% in December, while U.K.’s retail spending slowed in January as well. European bourses are still on the rise, however. London’s FTSE 100 is up 0.6%, while the French CAC 40 rises 0.5%, and the German DAX adds 0.2%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI