Major Indexes Cool Pre-Market After Big Week

Several bouts of upbeat economic data has pushed stocks higher

Emma Duncan

Managing Editor

Aug 16, 2024 at 8:43 AM

Futures on the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are lower after a week of July inflation and retail sales data. Both readings pointed investors toward a more relaxed stance on the economic outlook, specifically next month's expected Fed rate cut. All three indexes are eyeing impressive weekly wins, though the tech-heavy Nasdaq Composite Index (IXIC) and S&P 500 are both on track to mark their best weekly percentage jumps since November.

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

3 solar stocks the watch amid broad-market rally.
Options volume pops on 3 big-name stocks.
Plus, China stock sees post-earnings surge; Pfizer stock pops on trial data; and chip maker lands federal funding.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1.1 million put contracts exchanged on Thursday. The single-session equity put/call fell to 0.58, while the 21-day moving average remained at 0.66.
Shares of JD.Com Inc (NYSE:JD) are up 3.3% before the bell, after the company reported a doubled second-quarter profit. Revenue for Q2 rose 1.2%, and should this morning's gains hold, the equity will look to recover nearly half of its 6% year-to-date deficit.
Pfizer Inc (NYSE:PFE) is inching higher in early market trading, set to open at $28.72 after revealing its Covid-19 and flu combo vaccine with BioNTech (BNTX) met its first of two trial objectives. PFE is flat for 2024, well overdue for a boost.
Semiconductor giant Texas Instruments Inc (NASDAQ:TXN) is up 1.5% pre-market, ready to open near $205 after news broke it will receive funding from the U.S. Department of Commerce worth up to $1.6 billion. This money will come from the CHIPS and Science Act, which is set to support chip plant building in Texas and Utah. Over the past 12 months, TXN has jumped 21%.
Stay up-to-date with the latest earnings and economic schedule.

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Japan's Nikkei Marks Best Week in 4 Years

Asian markets rallied on Friday, as investors unpacked better-than-expected retail sales data out of the U.S. Japan’s Nikkei led the gainers with a 3.6% gain and marked its best week in four years, while South Korea’s Kospi added 2%. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite added 1.9% and 0.07%, respectively.

European markets are mostly higher on the heels of U.K. retail sales data, which was in line with analysts’ estimates. Though the British pound hit its highest level against the U.S. dollar in three weeks, London’s FTSE 100 was last seen 0.5% lower. Meanwhile, the German DAX is up 0.5%, and France’s CAC 40 is 0.1% higher.

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