Stock Futures Ready to Shake Off the Selloff

The Dow and S&P 500 are eyeing their first weekly loss of the month

Managing Editor
May 24, 2024 at 8:58 AM
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Stock futures are pointed higher this morning, ready to put yesterday's ugly selloff in the rear-view mirror. Investors are bracing for a more hawkish Federal Reserve in the wake of last meeting's minutes and Thursday's hotter-than-expected services and manufacturing data. Not even a blowout report from semiconductor stalwart Nvidia (NVDA) could prop up the markets, with the Dow and S&P 500 heading toward weekly losses. 

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

  • Devon Energy stock looks primed for a rally.
  • How tech stocks reacted to Nvidia earnings.
  • Plus, a new Dow candidate; retail stock breakout looming; and Lucid restructures.

OV Futures May 24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 830,589 put contracts traded on Thursday. The single-session equity put/call fell to 0.65, and the 21-day moving average stayed at 0.70
  2. Fresh off yesterday's triumphant earnings report, NVIDIA Corp (NASDAQ:NVDA) stock is up 1.2% before the bell. After the 10-to-1 stock split in July, the chip giant is now a Dow candidate for the summer. NVDA is up 110% year-to-date. 
  3. Deckers Outdoor Corp (NYSE:DECK) stock is 10.5% higher before the open, after the footwear retailer reported an outsized top-line beat for the fiscal fourth quarter. No fewer than 10 price-target hikes have ensued, the highest coming from BTIG to $1,120 from $1,020. Year-to-date, DECK is up 35%. 
  4.  The shares of China-based electric-vehicle maker Lucid Group Inc (NASDAQ:LCID) are 0.7% higher in premarket trading, after the company announced a restructuring plan that will lay off 6% of its workforce. LCID is 35% lower in 2024 and hit a record low of $2.29 on April 24. 
  5. Holiday-shortened week will pack a heavy earnings punch.

OV Buzz Chart May 24

Asian, European Markets Lower

Asian markets finished lower across the board on Friday. Japan’s inflation reading came in at 2.5% in April, which is down from the previous month’s 2.7% and marks a second-straight month of easing inflation. The Nikkei in Japan fell 1.2%, however, as investors unpacked the data and considered the Bank of Japan’s (BoJ) next rate moves. Elsewhere, Hong Kong’s Hang Seng dropped 1.4% and China’s Shanghai Composite shed 0.9%. The South Korean Kospi slipped 1.3% to end the week, as Samsung Electronics stock weighed after Reuters announced its latest HBM chips aren’t ready for use by Nvidia (NVDA).

European markets are lower as well, with London’s FTSE 100 and the German DAX both down 0.4% at last glance, while the French CAC 40 slips 0.2%. U.K. retail sales fell 2.3% in April, as the country’s “wet weather” deterred shoppers.

 

 

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