Stock Futures Lower on Tech Overvaluation Concerns

Nvidia will report quarterly results after today's close

Digital Content Manager
Feb 21, 2024 at 9:19 AM
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After a bout of profit taking in the previous session, futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are pointed firmly below breakeven. Nvidia's (NVDA) earnings report, due out after the close, has traders on edge, with some speculating the tech sector has become overvalued. The Federal Reserve meeting minutes for January will come out later today as well, and possibly shed light on the future of interest rates.

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

  • Albemarle stock's bear gap could deepen.
  • Schaeffer's Senior V.P. of Research Todd Salamone shares SPX levels to watch amid a short covering wave.  
  • Plus, Amazon.com to join the Dow; PANW gaps lower on downbeat forecast; and Teladoc's revenue miss.

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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 789,418 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.53, while the 21-day moving average fell to 0.70.
  2. Amazon.com Inc (NASDAQ:AMZN) stock is up 0.7% in before the bell, following news that it will replace Walgreens Boots Alliance (WBA) on the Dow effective on Monday, Feb. 26. The e-commerce giant already sports a 71.9% year-over-year lead.
  3. Palo Alto Networks Inc (NASDAQ:PANW) is down 24.6% in premarket trading, brushing off better-than-expected fiscal second-quarter results, after the company issued a downbeat full-year growth forecast. Over the last 12 months, PANW has risen 116.3%.
  4. Teladoc Health Inc (NYSE:TDOC) announced a fourth-quarter revenue miss, as well as a dismal current-quarter outlook. TDOC is down 21.7% ahead of the open, with no fewer than seven price-target cuts already doled out, and shed more than 31% in the past year.
  5. All eyes will be on tonight's release of the latest Fed meeting minutes

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European, Asian Markets a Mixed Bag

Asian markets finished on both sides of the aisle today. Hong Kong’s Hang Seng paced the region with a 1.6% win, and was up as much as 3% earlier in the day, while China’s Shanghai Composite followed with a 1% rise. The South Korean Kospi fell 0.2%, while Japan’s Nikkei dropped 0.3%, as investors assessed economic data. According to the Reuters monthly poll, Japan’s consumer sentiment reading fell to -1 in February from the previous month’s 6 – its first negative reading since April and one week after recent data indicated a technical recession. Meanwhile, the country’s exports rose a higher-than-expected 11.9% in January.

European bourses are mixed as well, with all eyes on corporate earnings. London’s FTSE 100 is down 0.8% at last glance, while the French CAC 40 and German DAX rise 0.1% and 0.3%, respectively.

 

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