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.


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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