Futures on the Dow and Nasdaq are up triple digits
Yesterday's downturn appears to have been short-lived, as stock futures rally once again. Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are up triple digits, with the former on track to set another record high. S&P 500 Index (SPX) futures sit in the black as well.
This morning's economic data appears to be injecting some optimism into the market. Initial jobless claims came in at 218,000, remaining near four-month lows, while durable goods orders were flat in August, compared to estimates of a 3% decline. According to the commerce department, gross domestic product (GDP) rose at a 3% annualized rate in the second quarter.
Continue reading for more on today's market, including:
- 2 EV stocks facing sector headwinds.
- Why KB Home stock fell sharply from last week's record.
- Plus, 3 stocks moving after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts and 780,332 put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average remained at 0.65.
- CarMax Inc (NYSE:KMX) is down 7.1% premarket, despite better-than-expected second-quarter sales. Larger losses from its car loan business were also in focus. Coming into today, KMX is down 2.9% year to date.
- Southwest Airlines Co (NYSE:LUV) is up 4.8% before the bell, after the company raised its summer revenue forecast and announced a $2.5 billion share buyback plan. Should these gains hold, the stock will break into positive territory for 2024.
- Shares of semiconductor stock Micron Technology Inc (NASDAQ:MU) are up 17.6% in electronic trading, after the company posted a stronger-than-expected first-quarter revenue forecast on growing artificial intelligence (AI) demand. Fiscal fourth-quarter earnings and revenue beat estimates as well. Since the start of the year, the equity is up 12.2%.
- What's coming up for the rest of this week on Wall Street.
Stocks Rise in Asia, Europe
The major indexes in Asia enjoyed healthy gains today, with eyes on China’s top officials after they backed the government’s plans of stimulus and economic improvement. China’s Shanghai Composite rose 3.6%, while Hong Kong’s Hang Seng added an impressive 4.2%, hitting a multi-month high. Chip stocks jumped in South Korea, pushing the country’s Kospi 2.9% higher. Japan’s Nikkei rose 2.8% for the session.
European stocks are also moving higher, as the household goods, tech, and mining sectors outperform. Several luxury French retailers are sporting noteworthy gains as well. London’s FTSE 100 is up 0.1%, France’s CAC 40 has added 1.5%, and Germany’s DAX is up 1.2% at last check.