Can the Dow keep moving above 40,000?
Dow Jones Industrial Average (DJIA) futures are muted to start the week, after the blue-chip index closed above 40,000 for the first time in the previous session. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are modestly higher as well, on the heels of a breakout week, as Wall traders eyes key economic readings and await the Federal Reserve's meeting minutes.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 2.1 million call contracts and 1.2 million put contracts exchanged on Friday. The single-session equity put/call fell to 0.54, and the 21-day moving average stayed at 0.70.
- Morgan Stanley upgraded Micron Technology Inc (NASDAQ:MU) stock to "equal weight" from "underweight." The firm said it underestimated the company's artificial intelligence (AI) memory business. MU is up 2.3% in premarket trading, and sports an 89.2% year-over-year lead.
- China-based electric vehicle (EV) maker Li Auto Inc (NASDAQ:LI) is 4.6% lower ahead of the open, after posting a first-quarter earnings miss and disappointing current-quarter guidance. LI has already shed 28% this year.
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Reuters reported
tech giant Apple Inc (NASDAQ:AAPL) is implementing massive discounts on iPhones in China, pushing shares down 0.2% before the bell. AAPL is still up 9% in the last 12 months.
- Retail earnings and economic data are due out this week.
Asian Markets Higher on China's Rate Decisions
Asian markets finished higher on Monday, after China kept its one- and five-year loan rates steady at 3.45% and 3.95%, respectively. Despite a dip in property stocks, China’s Shanghai Composite added 0.5%, still buzzing on Friday’s jump that came after the country rolled out measures to boost the property market. Hong Kong’s Hang Seng rose 0.4%, while the South Korean Kospi added 0.6%, and Japan’s Nikkei tacked on 0.7% to start the week.
European markets are also higher at last glance. London’s FTSE 100 is up 0.1%, with plenty of attention surrounding Shein’s potential listing on the index, while the French CAC 40 rises 0.6%, and the German DAX moves 0.5% higher.