Stock Futures Take a Breather After Blowout Session

Investors have more earnings to unpack this morning

Digital Content Manager
Feb 23, 2024 at 9:25 AM
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After a record-setting session on the heels of a Big Tech rally, Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are quietly above breakeven. While investors have more earnings to unpack this morning and Fed officials have taken a less than optimistic tone toward interest rate cuts, the three major benchmarks are well on their way to weekly wins. 

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

  • Analyst ratings can be a solid contrarian indicator.
  • This semiconductor stock benefited form a halo lift.
  • Plus, Carvana's first annual profit; Block beats on revenue; and WBD sinks post-earnings.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.66, while the 21-day moving average remained at 0.70.
  2. Carvana Co (NYSE:CVNA) stock is up 26.6% in premarket trading, despite the car e-tailer's fourth-quarter profit and revenue miss. The company shared its first annual profit thanks to debt cutting, however. Raymond James upgraded CVNA to "market perform," while William Blair raised its rating to "outperform." In the last 12 months, the stock added 420.5%.
  3. Block Inc (NYSE:SQ) stock is up 16.5% ahead of the open, after thepayments giant beat fourth-quarter revenue expectations thanks to Cash App and Square strength. For 2024, SQ carries a 12.1% deficit.
  4. Warner Bros Discovery Inc (NASDAQ:WBD) reported a fourth-quarter earnings and revenue miss due to slower ad revenue, but still saw higher free cash flow. Shares are down 6.1% before the bell, and sport a 38% year-over-year deficit.
  5. Fed remarks and the personal consumption expenditures (PCE) index are on tap next week.

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European, Asian Markets Quiet Despite Economic Data

Asian markets moved tepidly to end the week. China’s Shanghai Composite added 0.5% for a ninth-straight win, after data showed China’s sale prices of newly built commercial housing in first-tier cities fell 0.3% on a monthly basis in January. Hong Kong’s Hang Seng shed 0.1%, while South Korean Kospi rose 0.1%, one day after the Bank of Korea (BoK) kept interest rates unchanged. Japan’s Nikkei was closed for the Emperor’s birthday holiday.

European bourses are modestly higher at last glance. London’s FTSE 100 is up 0.1%, after data showed U.K. consumer confidence dipped in February, while the French CAC 40 rises 0.7%, and the German DAX adds 0.07%. Germany’s economy contracted 0.3% in the fourth quarter, per gross domestic product (GDP) data.

 

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