Stock Futures Muted Ahead of Consumer Credit Data

Nasdaq futures are pointed lower, however

Digital Content Manager
May 7, 2024 at 9:15 AM
facebook X logo linkedin

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.

Futures 0507 2

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.


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%.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI