Nasdaq Futures Down Triple Digits Ahead of More Economic Data

Wholesale inventories are due out today

Digital Content Manager
May 8, 2024 at 9:23 AM
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Dow Jones Industrial Average (DJIA) futures are pointed lower this morning, putting the blue-chip index at risk of snapping its longest win streak this year. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also in the red, with the latter eyeing a triple-digit drop at the open. Investors are awaiting wholesale inventories data as they parse through the latest batch of earnings reports and bond yields edge higher.

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

  • Waning optimism could spell trouble for stocks.
  • Why Peloton stock got attention in the options pits.
  • Plus, Reddit's first-quarter report; Shopify's dismal outlook; and Uber's booking revenue disappoints.

Futures Chart 2 May 82024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 957,637 put contracts traded on Tuesday. The single-session equity put/call rose to 0.72, and the 21-day moving average stayed at 0.71.
  2. Reddit Inc (NYSE:RDDT) is 10.3% higher before the open, after its first quarterly report since its March market debut. The social media company shared a revenue beat, as well as upbeat fiscal second-quarter and annual outlooks. RDDT has added 11.1% so far this month.
  3. Shares of Shopify Inc (NYSE:SHOP) are 19.2% lower in premarket trading, after the e-commerce name predicted year-over-year revenue to drop in the second quarter. If these losses hold, the security could extend its slim year-to-date loss.
  4. Uber Technologies In(NYSE:UBER) is brushing off a first-quarter revenue beat, down 8.6% ahead of the bell. Weighing on shares instead is disappointing booking revenue, which slipped below analysts' expectations. UBER is looking to chip away at its 14.4% year-to-date lead.
  5. Consumer sentiment data and Fed speeches are on tap this week. 

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European Stocks Higher on Swiss Rate Cut

Asian markets settled mostly lower on Wednesday, with the exception of the South Korean Kospi’s 0.4% gain. Japan’s Nikkei led the losses, falling 1.6% as investors unpacked earnings reports from Toyota Motor and Mitsubishi -- the former saying it expects annual operating profit to decline 20%. Elsewhere, Hong Kong’s Hang Seng dropped 0.9%, while China’s Shanghai Composite slid 0.6%.

European markets are modestly higher today, amid news that Sweden’s central bank cut interest rates for the first time in eight years. London’s FTSE 100 is up 0.3%, the French CAC 40 is 0.8% higher, while the German DAX sports a 0.3% lead.

 

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