Stock Futures Muted Ahead of Consumer Credit Data

Nasdaq futures are pointed lower, however

Digital Content Manager
May 7, 2024 at 9:15 AM
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Futures tied to the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are flat this morning, after another batch of earnings reports featuring bigwigs Walt Disney (DIS) and Palantir Technologies (PLTR). Meanwhile, Nasdaq-100 Index (NDX) futures are just below breakeven, as optimism takes a breather. Wall Street is also eyeing consumer credit data, which is due out later today.

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

  • Roku stock looks fated for more losses.
  • Price action could stay choppy this week.
  • Plus, what's hurting DIS; GPS upgraded; and Palantir's dismal guidance.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.4 million call contracts and 936,473 put contracts traded on Monday. The single-session equity put/call fell to 0.63, while the 21-day moving average stayed at 0.70.
  2. Walt Disney Co (NYSE:DIS) announced better-than-expected fiscal second-quarter profits and revenue that was in line with estimates, but reported weakness in its TV business and the box office. DIS is down 5.3% ahead of the open, looking to chip away at its 29% year-to-date lead.
  3. Citi upgraded Gap Inc (NYSE:GPS) to "buy" from "neutral," and lifted is price target to $28 from $21. The brokerage firm noted the apparel retailer could beat earnings estimates for the first quarter. GPS is 3.6% higher in premarket trading, and added over 156% in the last 12 months.
  4. Despite announcing a revenue beat for the first quarter, Palantir Technologies Inc (NYSE:PLTR) stock is down 11.3% ahead of the bell. Weighing on the shares instead is a disappointing outlook for the year. PLTR is looking to chip away at its 240% year-over-year lead.
  5. Consumer sentiment data and Fed speeches are on tap this week.

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Asian Markets Rise After Japanese Services Data

Stocks in Asia finished mostly higher on Tuesday, with the exception of Hong Kong’s Hang Seng, which posted a 0.5% drop. The South Korean Kospi came back from holiday with a 2.2% gain, while Japan’s Nikkei returned with a 1.6% rise, after the headline au Jibun Bank Japan services business activity index came in at an eight-month high of 54.3 in April. Elsewhere, China’s Shanghai Composite added 0.2%.

European markets are higher at last glance as well, as investors unpack the latest earnings reports. London’s FTSE 100 is up 1.1%, while the French CAC 40 rises 0.3%, and the German DAX tacks on 0.6%.

 

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