Nasdaq Futures Cool Off Amid Retail Earnings

Several Fed officials will deliver remarks today

Digital Content Manager
May 21, 2024 at 9:09 AM
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Nasdaq-100 Index (NDX) futures are pointed slightly below breakeven this morning, as the tech-heavy benchmark takes a breather from yesterday's closing high. Meanwhile, futures on both the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are muted following a big batch of retail earnings. Investors will also be monitoring Federal Reserve remarks today, with several officials expected to deliver speeches.

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

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts and 795,624 put contracts exchanged on Monday. The single-session equity put/call fell to 0.53, and the 21-day moving average stayed at 0.70.
  2. Palo Alto Networks Inc (NASDAQ:PANW) reported a fiscal third-quarter earnings and revenue beat after yesterday's close, but the security slipped due to its weaker-than-expected billings outlook. The shares are down 5.8% ahead of the open, set to chip away at a 9.8% year-to-date lead.
  3. Macy's Inc (NYSE:M) stock is 3.9% higher in premarket trading, after the retailer's first-quarter earnings and revenue beat. The company also raised its profit outlook thanks in part to cost cuts. Over the last 12 months, Macy's stock has added 29.1%.
  4. Shares of Lowe's Companies Inc (NYSE:LOW) are up 3% before the bell, after the home improvement retailer's first-quarter earnings and revenue surpassed estimates. Plus, the security sports an 11.1% year-over-year lead.
  5. Retail earnings and economic data are due out this week.

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Asian, European Markets Move Lower

Asian markets finished firmly lower on Tuesday, despite the stateside tech rally. Hong Kong’s Hang Seng led the losses with a 2.1% loss, with help from Li Auto’s (LI) sharp post-earnings drop. China’s Shanghai Composite shed 0.4%, and the South Korean Kospi lost 0.7%. Japan’s Nikkei snapped a three-day win streak with a 0.3% loss.

European markets are down at last glance as well, as optimism wanes globally. London’s FTSE 100 is off 0.4%, while the French CAC 40 and German DAX fall 1% and 0.5%, respectively.

 

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