Stock Futures Higher; Wall Street Looking to Rally

China kept its prime loan rates unchanged

Deputy Editor
Apr 22, 2024 at 9:15 AM
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Stock futures are higher Monday, as Wall Street attempts to recover from last week's slump. Futures tied the Dow Jones Industrial Average (DJIA) boast a triple-digit lead, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are are also well above fair-market value. 

Earnings season is in full swing, too. This week, investors will unpack a deluge of tech earnings, including reports from Alphabet (GOOGL), Microsoft (MSFT), and Tesla (TSLA).

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

Futures Chart April 222024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw nearly 1.8 million call contracts and more than 1.2 million put contracts exchanged Friday. The single-session equity put/call ratio fell to 0.65, while the 21-day moving average stayed at 0.71.
  2. NVIDIA Corp (NASDAQ:NVDA) stock is 1.3% higher before the bell, looking to add to its 53.9% year-to-date lead. Shares of the artificial intelligence (AI) chipmaker are rebounding from their worst single-day percentage loss in over n four years, following a broader pullback in tech equities. 
  3. Electric vehicle (EV) manufacturer Tesla Inc (NASDAQ:TSLA) lowered prices on its Model Y, S, and X vehicles. Adding to demand fears, the company also cut prices in China and Europe. TSLA is 4.2% lower in premarket trading, and carries a nearly 41% year-to-date deficit. 
  4. Verizon Communications Inc. (NYSE:VZ) reported better-than-expected first-quarter earnings today, as well as a revenue miss. The telecommunications giant also showed a smaller-than-expected 158,000 loss in consumer wireless postpaid phone users.  Ahead of the open, VZ is 2.5% higher and up 28.3% over the last six months. 
  5. Manufacturing and services data is due out this week, in addition to the personal consumption expenditures price (CPE) index.

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China Holds Prime Loan Rates Steady

Asian stocks mostly started the week off strong. China held its one- and five-year prime loan rates at 3.45% and 3.95%, respectively, sending the Shanghai Composite down 0.7%. A sector-wide selloff from electric vehicle stocks Li Auto (LI) and Tesla (TSLA) is also weighing on equities in China. Elsewhere, Hong Kong’s Hang Seng added 1.8% while Japan’s Nikkei tacked on 1%. Small caps led the South Korean Kospi to a 1.5% gain.   

Over in Europe, stocks are moving higher. London’s FTSE 100 is eyeing a fourth-straight gain, up 1.6% at last check, as investors put all their chips on an interest rate cut from the Bank of England (BoE) in May. The French CAC 40 and German DAX are up 0.2% and 0.5%, respectively.

 

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