Investors are eyeing the Federal Reserve's meeting minutes
Futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are pointed lower this morning, while Nasdaq-100 Index (NDX) futures are flat. All three major indexes are set to take a breather from yesterday's gains, as traders unpack retail earnings ahead of the release of the Federal Reserve's meeting minutes and existing home sales data.
Continue reading for more on today's market, including:
- Week of Memorial Day points to SPX headwinds.
- This retail stock could be a solid contrarian play.
- Plus, Target's quarterly miss; Lululemon's C-suite departure; and PDD surges after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.2 million call contracts and 748,610 put contracts traded on Tuesday. The single-session equity put/call rose to 0.59, and the 21-day moving average stayed at 0.70
- Target Corp (NYSE:TGT) stock is down 8.3% before the open, after the retail giant reported a first-quarter earnings miss and a 3% drop in sales, amid lower consumer spending on discretionary items. If losses hold, they will eat away at Target stock's 9.4% year-to-date lead.
- Apparel retailer Lululemon Athletica Inc (NASDAQ:LULU) announced its chief product officer left, and that it will implement a new integrated design structure. LULU is 4% lower in premarket trading, and is already down more than 36% in 2024.
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PDD Holdings Inc (NASDAQ: PDD) is 6.1% higher ahead of the bell, after the
China-based name reported better-than-expected revenue for the first quarter. Shares are up 130.7% in the last 12 months.
- Retail earnings and economic data are due out this week.
Asian, European Markets Lower After Data Barrage
Asian markets closed mostly lower, amid a flood of economic data out of Japan. A key gauge for capital expenditure, the country’s machinery orders rose 2.7% on an annual basis versus an expected 2.3% climb, while core machinery orders blew expectations out of the water on a monthly basis, rising 2.9% compared to the anticipated 2.2% fall. Japan’s imports and exports both rose 8.3% year-over-year, though exports fell short of estimates, while business sentiment showed a slight improvement in May. The Nikkei in Japan fell 0.9%, while Hong Kong’s Hang Seng and the South Korean Kospi dropped 0.1% and 0.03%, respectively. China’s Shanghai Composite was the only gainer, inching 0.02% higher.
Stocks are slipping in Europe as well, with London’s FTSE 100 and the French CAC 40 both down 0.6% at last look, while the German DAX sheds 0.3%. U.K.’s inflation reading came in at 2.3% year over year in April, above the forecast of 2.1%, but a large improvement from March and near the Bank of England’s (BoE) 2% target.