All three major benchmarks are pacing for weekly wins
Stock futures are moving lower, as investors mind the potential added volatility for today's triple witching Friday and the release of U.S. manufacturing and services Purchasing Managers' Index (PMI) data. Even though Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) futures are solidly in the red before the opening bell, all three major benchmarks are still pacing for big weekly wins.
Continue reading for more on today's market, including:
- 3 chip stocks worth your consideration.
- Revisiting one of the world's most valuable public companies.
- Plus, SRPT's massive jump; Gilead Sciences' HIV treatment; and CarMax stock posts earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and 1.2 million put contracts exchanged on Thursday. The single-session equity put/call rose to 0.62, while the 21-day moving average stayed at 0.68.
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Sarepta Therapeutics Inc (NASDAQ:SRPT) stock is up 37.9% premarket, after the Food and Drug Administration (FDA) approved an expansion to the indications for the company's treatment for Duchenne muscular dystrophy, Elevidys. Coming into today, SRPT was up 28.1% in 2024.
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Gilead Sciences, Inc. (NASDAQ:GILD) is up 2.8% before the bell, looking to extend yesterday's 8.5% gain. The bounce comes after after the firm's Phase 3 trial of its twice-yearly antiviral injections for HIV prevention was 100% effective. GILD still has some ground to cover if it wants to overcome its 15.5% year-to-date deficit.
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Down 7% since the start of the year, CarMax Inc (NYSE:KMX) is up 1.6% in electronic trading after earnings. The used car retailer reported fiscal first-quarter earnings that beat analysts expectations, while comparable-store used unit sales fell 3.8%.
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Japan's Core Inflation Misses the Mark
Asian markets settled lower after core inflation data out of Japan missed expectations, coming in at 2.5%. Plus, the Japanese yen fell for a seventh-straight session, and SoftBank stock tumbled after CEO Masayoshi Son cited a need for “immense capital” to develop artificial intelligence (AI) robotics. Japan’s Nikkei saw a modest 0.09% loss, while China’s Shanghai Composite dropped 0.2%. Meanwhile, South Korea’s Kospi and Hong Kong’s Hang Seng shed 0.8% and 1.7%, respectively.
European markets are unpacking better-than-expected retail sales data out of the U.K., steady French business confidence data, and lackluster German and British flash PMI readings. Investors are also monitoring elections across the continent, as they continue to digest the Bank of England’s (BoE) decision to keep interest rates unchanged, at 5.25%. London’s FTSE 100, the German DAX, and France’s CAC 40 are all 0.6% lower at last glance.