Futures on Wall Street Rise; Dow Looks to Snap 6-Day Skid

Investors are digging through a pile of earnings reports

Deputy Editor
Apr 16, 2024 at 9:23 AM
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Futures tied to the Dow Jones Industrial Average (DJIA) sport a 205-point lead, as the blue-chip index looks to snap a six-day losing streak. Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are modestly higher, as investors digest a new batch of quarterly reports. Elsewhere, oil prices are pulling back again amid reports the U.S. expects a muted response from Israel after Iran's air attack.

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

  • SPX levels to watch during the expiration week.
  • Don't sweat this casino stock's pullback.
  • Plus, 2 earnings reports to parse, and LYV's potential antitrust lawsuit.

Futures Chart April 162024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 795,106 put contracts exchanged Monday. The single-session equity put/call ratio fell to 0.64, while the 21-day moving average stayed at 0.71.
  2. UnitedHealth Group Inc (NYSE:UNH) is 7.7% higher premarket, after the blue-chip healthcare company reported earnings and revenue for the first quarter that topped expectations. UNH is attempting to pare year-to-date and year-over-year deficits.
  3. Bank of America Corp (NYSE:BAC) stock 1.3% higher before the bell, looking to add to its 6.8% year-to-date gain. The financial name is one of many bank firms to report quarterly results this week, with first-quarter earnings that beat estimates. 
  4. According to The Wall Street Journal, the Justice Department is gearing up to sue Ticketmaster parent Live Nation Entertainment Inc (NYSE:LYV), after alleging the company is stifling competition for live events. LYV is 9% lower ahead of the open, on track to breach its year-to-date breakeven mark. 
  5. The Fed's Beige Book and speeches from central bank presidents are coming this week.

buzzapr16

Asian Markets React to China's Economy Growth

Asian stocks sharply fell today, even after China’s economy grew 5.3% year-over-year for the first quarter, topping the 4.6% estimates. Nevertheless, the Shanghai Composite shed 1.7% and Hong Kong’s Hang Seng dropped 2.1%, as geopolitical tensions in the Middle East overshadowed the upbeat data. South Korea’s Kospi lost 2.3%, with small caps bearing the brunt of the damage. Japan’s Nikkei gave back 1.9%, as the yen approached its weakest level against the dollar since 1990.

Over in Europe, it’s more of the same, with mining and bank stocks leading the losses. London’s FTSE 100 is 1.3% lower, after the U.K. unemployment rate rose to 4.2% from 3.9% for December to January. A post-earnings bear gap from fintech stock Wise is also weighing on the index. The French CAC 40 and the German DAX are off 0.9% and 1% at last check, respectively.

 

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