Stock Futures Mixed as June Kicks Off

Investors will unpack manufacturing data later this morning

Deputy Editor
Jun 3, 2024 at 9:27 AM
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Futures on the Nasdaq-100 Index (NDX) are looking to kick off June on a high note, up 94 points premarket. Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are hanging closer to fair value, after all three major indexes notched a sixth monthly win in the last seven on Friday. Investors will be paying close attention to the S&P flash U.S. manufacturing purchasing managers' index (PMI), due out later this morning, as well as construction spending and the ISM manufacturing index. 

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

  • A quick recap of the market last week. 
  • Call traders will love this rallying retail stock.
  • Plus, SAM slips as acquisition rumors fade; NVDA unveils new AI chips; and ADSK's preliminary results beat expectations. 

Futures June 3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.4 million call contracts and 1 million put contracts exchanged Friday. The single-session equity put/call fell to 0.73, while the 21-day moving average stayed at 0.69.
  2. Boston Beer Company Inc (NYSE:SAM) is down 12.3% premarket, after Suntory Holdings denied that it was in talks to acquire the company. The stock added 22% on Friday after rumors of the early negotiations, furthering itself from its May 28 five-year low of $254.40. Coming into today, SAM is down 9.2% year to date. 
  3. Nvidia Corp (NASDAQ:NVDA) is 3.5% higher before the bell, after Nvidia and Advanced Micro Devices (AMD) both unveiled their latest generation of artificial intelligence (AI) chips. Trading near its recent record highs, NVDA is up 121.4% since just the start of the year.
  4. Autodesk Inc (NASDAQ:ADSK) is up 8% in electronic trading, after the company Friday said it had completed its investigation into its accounting and confirmed no changes to its financial results. The company also appointed an interim CFO and announced preliminary first-quarter results above estimates. Year to date, the equity is down 17.2% headed into today. 
  5. A fresh batch of economic data is due out this week. 

Buzz 0603

Upbeat Manufacturing Data Debuts Out of Asia

Stocks in Asia were mostly higher Monday. China’s Caixin surveyed showed the country’s manufacturing purchasing managers’ index (PMI) grew to 51.7 last month for its fastest pace since June 2022. Though the Shanghai Composite still settled 0.3% lower. Hong Kong’s Hang Seng led the gainers with a 1.8% pop, followed by South Korea’s Kospi, which added 1.7% after its May PMI showed manufacturing expansion at its fastest rate in almost three years. Rounding out the region, Japan’s Nikkei tacked on 1.1%.

The major bourses in Europe are all higher this afternoon, ahead of the European Central Bank’s (ECB) interest rate decision that’s due out later this week. At last glance, Germany’s DAX is up 0.7%, France’s CAC 40 sports a 0.4% lead, and London’s FTSE 100 is 0.2% higher.

 

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