Stock futures are firmly lower with bond yields
Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are sporting triple-digit losses this morning, while S&P 500 Index (SPX) futures move lower as well, poised to pull back further from yesterday's record intraday high. As the 10-year Treasury yield slinks back to 4.18%, Wall Street is looking ahead toward this week's jobs data and Fed remarks, with factory orders and the ISM Services Index due out later this morning.
Continue reading for more on today's market, including:
- Market momentum continues to trump sentiment headwinds, says Schaeffer's Senior V.P. of Research Todd Salamone.
- Nvidia stock stays hot amongst options traders.
- Plus, TGT's post-earnings pop; Apple sales slide in China; and Tesla's power outage.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and over 1.1 million put contracts exchanged Monday. The single-session equity put/call ratio rose to 0.64, while the 21-day moving average remained at 0.70.
- Target Corp (NYSE:TGT) stock is up 8.5% premarket after the retailer's stronger-than-expected fourth-quarter report. The company also sees a sales recovery this year. Heading into today, the stock is up 5.6% since the start of the year.
- Shares of Apple Inc (NASDAQ:AAPL) are down 2.3% before the bell, after Counterpoint Research reported that the tech giant's China sales dropped 24% in the first six weeks of 2024 compared to last year. Year to date, Apple stock is down 9.6%.
- Tesla Inc (NASDAQ:TSLA) stock is down 3% in electronic trading, after the electric vehicle (EV) staple halted production at its Berlin plant due to a power outage that could be connected with arson. Since the start of 2024, TSLA is down 24.3% to begin today's trading.
- This week brings the ADP jobs report and more retail earnings.
Inflation Data Out of Asia
Markets in Asia moved mostly lower today, with the exception of China. The Shanghai Composite finished up 0.3%, with defense stocks popping after the region shared plans for a 7.2% spending increase for defense. Meanwhile, Hong Kong’s Hang Seng lagged a steep 2.6% and South Korea’s Kospi shed 0.9%, even after the latter’s gross domestic product (GDP) showed growth for the fourth quarter. In Japan, Tokyo’s inflation saw a rebound of its own, per cabinet officials, sending the Nikkei slightly below breakeven on the day.
All eyes are on the upcoming European Central Bank (ECB) meeting slated for later this week, in which interest rates are expected to remain unchanged. At last glance, London’s FTSE 100, Germany’s DAX, and France’s CAC 40 are all sitting around breakeven midday.