Stock Futures Quiet After Weak Retail Sales

Bond yields are higher following this morning's data

Deputy Editor
Jun 18, 2024 at 9:19 AM
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Nasdaq-100 Index (NDX) futures are modestly higher this morning, after the tech-heavy benchmark yesterday locked in a sixth-straight win. Elsewhere, futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are oscillating around fair value, as investors unpack this morning's weaker-than-expected retail sales. Sales rose 0.1% in May compared to estimates of 0.2% amid stubborn inflation, pushing Treasury yields lower ahead of the open today. 

  • S&P 500 resistance level to watch, per Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Kroger stock has fallen to potential support ahead of earnings. 
  • Plus, KR's aforementioned dip draws upgrade; SIX rises after announcements; and LZB jumps after earnings. 

Futures June18 2

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.9 million call contracts and 1.2 million put contracts exchanged on Monday. The single-session equity put/call rose to 0.62, while the 21-day moving average stayed at 0.68.
  2. Kroger Co (NYSE:KR) stock is up 1.9% premarket, after an upgrade from BMO to "outperform" from "market perform," with a price-target hike to $60 from $58. The firm cited an attractive entry point after its recent pullback. Just yesterday, Telsey Advisory reiterated its "outperform" rating on KR ahead of the company's first-quarter earnings report, due out before the open on Thursday. Year to date, the equity is up 11.7%. 
  3. Looking to extend 52-week highs in today's trading, Six Flags Entertainment Corp (NYSE:SIX) is up 2.5% before the bell. The amusement park name declared a special $1.53 dividend, as well as the closing date of its 'merger of equals' with Cedar Fair (FUN) on July 1. Since the start of 2024, SIX is up 20.5%. 
  4. La-Z-Boy Inc (NYSE:LZB) is up 9% in electronic trading, after the company's better-than-expected fiscal fourth-quarter earnings results. The furniture retailer is also opening new stores, despite a volatile spending environment. Year to date, LZB is up 7.7%. 
  5. Fed speeches will give insight this week. 

Buzz 0618

Markets Higher Overseas

Asian markets were mostly higher Tuesday. The Nikkei led the region’s gainers with a 1% pop, after Bank of Japan (BOJ) Governor Kazuo Ueda told the country’s parliament that interest rates could be raised in July. Elsewhere, China’s Shanghai Composite added 0.5%, South Korea’s Kospi tacked on 0.7%, and Hong Kong Hang Seng lost 0.1%.

Stocks in Europe are higher this afternoon, led by travel and leisure equities. What’s more, data from the European Union’s (EU) statistical office showed inflation in the single currency euro are rose at an annual rate of 2.6% last month, and investors are keeping their eyes turned towards Thursday’s interest rate decision. At last check, London’s FTSE 100 and France’s CAC 40 are both up 0.4%, and Germany’s DAX sports a 0.2% lead.

 

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