Nasdaq, S&P 500 Futures Look to Extend Records

Fed Chair Jerome Powell will speak later today to the Senate Banking Committee

Digital Content Manager
Jul 9, 2024 at 9:02 AM
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On the heels of yesterday's record closes, futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are slightly higher. Futures on the Dow Jones Industrial Average (DJIA) are just below breakeven, as investors await Federal Reserve Chairman Jerome Powell's speech before the Senate Banking Committee later today. Elsewhere, Wall Street is monitoring any pre-earnings volatility from Delta Air Lines (DAL) and PepsiCo (PEP) ahead of their quarterly reports on Thursday.

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

  • Bears tripled their money with Mosaic stock.
  • These breadth indicators are giving bulls new life.
  • Plus, NFLX's lofty new bull note; BP impairment woes; and Corning stock stays hot.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 855,971 put contracts traded on Monday. The single-session equity put/call dropped to 0.50, while the 21-day moving average remained at 0.67.
  2. Netflix Inc (NASDAQ:NFLX) stock is up 0.9% to trade at $691.60 ahead of the bell, after the streaming giant received a price-target hike to $775 from $725 at TD Cowen. NFLX sports a 40.8% year-to-date lead.
  3. BP plc (NYSE:BP) expects to see a $2 billion impairment for the second quarter, as well as lower refining margins. The oil stock is down 4.3% in premarket trading, and heading into today was already facing a 13% nine-month deficit.
  4. Corning Inc (NYSE:GLW) stock is looking to extend yesterday's 12% gain, up 0.9% before the open thanks to an upbeat second-quarter earnings and revenue forecast. At least four analysts also lifted their price targets, including J.P. Morgan Securities to $47 from $43. GLW is up 41.4% so far this year.
  5. Slew of bank earnings and inflation data due out this week.

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Asian Markets Rise; Nikkei Nabs Record High

Japan’s Nikkei hit a record high earlier today, finishing the day with a 2% rise. Elsewhere, China’s Shanghai Composite rose 1.3%, while the South Korean Kospi added 0.3% despite Samsung’s union strike. Hong Kong’s Hang Seng closed flat.

European bourses are lower Tuesday, as investors continue to unpack France’s surprise election results. The French CAC 40 is down 0.8% at last look, while London’s FTSE 100 slips 0.2%, and the German DAX drops 0.5%.

 

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