Stock Futures Eye Muted Open; Durable Goods Orders Sink

Housing and consumer confidence data are due out later today

Digital Content Manager
Feb 27, 2024 at 9:13 AM
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Futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are trading hesitantly this morning, after the major indexes pulled away from record highs in the previous session. Investors have plenty of key economic indicators to unpack today, starting with durable goods orders, which saw a bigger-than-expected 6.1% dip in January as Boeing (BA) struggled to secure airplane contracts. Housing and consumer confidence data will come out later today as well.

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

  • Analysts turned bullish on Snowflake stock before earnings.
  • Senior V.P. of Research Todd Salamone on what key levels investors should be watching right now.
  • Plus, LOW brushes off quarterly win; ROKU downgraded; and Macy's issues downbeat forecast.

Futures 0227

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 Monday. The single-session equity put/call ratio rose to 0.70, while the 21-day moving average remained at 0.70.
  2. Home improvement retailer Lowe's Companies Inc (NYSE:LOW) is brushing off a fourth-quarter earnings and revenue beat due to slowing sales, as well as a dismal  2024 sales outlook. LOW is down 0.1% before the bell, but sports a 14.8% year-to-date lead.
  3. Wells Fargo downgraded Roku Inc (NASDAQ:ROKU) to "underweight" from "equal weight," citing Walmart's (WMT) buyout of Vizio as a potential headwind. ROKU is down 2.5% ahead of the open, and has already shed almost 30% so far this year. 
  4. Macy's Inc (NYSE:M) announced a fourth-quarter revenue miss and issued a disappointing sales forecast for 2024 due to weak demand. The retail giant also noted it will close 150 stores. The shares are down 0.6% in premarket trading, but added 58.7% in the last six months.
  5. Fed remarks and the personal consumption expenditures (PCE) index are on tap this week.

OV Buzz Chart Feb 27

Tepid Market Movement Overseas as Well

Japan’s Nikkei rose just 0.01% today, after data showing the country’s core consumer price index (CPI) climbed 2% year over year in January, in line with analyst expectations. Hong Kong’s Hang Seng and China’s Shanghai Composite rose 0.9% and 1.3%, respectively, while the South Korean Kospi shed 0.8%.

European bourses are moving hesitantly at last glance. London’s FTSE 100 is up 0.01%, after the U.K.’s shop price inflation slowed to 2.5% in February from the previous month’s 2.9%, its lowest rate in nearly two years. Elsewhere, the French CAC 40 is 0.05% higher, while the German DAX rises 0.6%.

 

 

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