Stock Futures Eyeing Quiet Close to Breakout Week

Futures on all three major benchmarks are near breakeven

Digital Content Manager
May 17, 2024 at 9:10 AM
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Despite the blue-chip index moving above the 40,000 level for the first time yesterday, Dow Jones Industrial Average (DJIA) futures are flat this morning. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also near breakeven, but the latter benchmark nabbed an intraday high in the previous session, while the former recently topped the 5,300 level. Traders still have leading economic indicators to unpack today, but the earnings confessional is quiet.

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

  • 2 China stocks in focus after earnings.
  • Affordable stocks to add to your portfolio.
  • Plus, why TTWO is sinking; Reddit and OpenAI's deal; and Snowflake's potential acquisition.

Futures 0517

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 984,519 put contracts exchanged on Thursday. The single-session equity put/call rose to 0.59, and the 21-day moving average stayed at 0.70.
  2. Take-Two Interactive Software, Inc (NASDAQ:TTWO) is down 2.5% before the bell, after the video game company said its Grand Theft Auto game is now set for release in the fall of 2025, instead of later this year. TTWO is down 9.2% so far year-to-date.
  3. Wall Street newbie Reddit Inc(NYSE:RDDT) is 10.4% higher in premarket trading, after the company made a deal with OpenAI to use its data to train large a language model. RDDT already sports a 14.3% quarter-to-date lead.
  4. Snowflake Inc (NYSE:SNOW) is in talks to acquire startup Reka AI for more than $1 billion, according to Bloomberg Law. SNOW is 0.3% lower in premarket trading, and down 17% this year.
  5. Retail earnings and economic data are due out next week.


Asian Stocks React to China's Property Market Measures

Hong Kong’s Hang Seng and China’s Shanghai Composite rose 0.9% and 1%, respectively, after China announced several measures to boost the property market, including lowering minimum mortgage down payments. Meanwhile, China’s retail sales rose a lower-than-expected 2.3% in April, while fixed asset investment also missed expectations with a 4.2% rise from January to April. Elsewhere, Japan’s Nikkei shed 0.3%, while the South Korean Kospi dropped 1%.

European markets are lower at last glance, as earnings continue to roll in. London’s FTSE 100 and the German DAX are both down 0.4%, while the French CAC 40 drops 0.5%. Cartier parent Richemont announced an earnings miss on slowing luxury demand, particularly in Asia-Pacific.


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