Rising Treasury yields and oil prices weighed on the market yesterday
Stock futures are indicating a higher open Tuesday, as Treasury yields pull back from yesterday's elevated levels. Though the benchmark 10-year note is still hovering near 4% and oil prices remain elevated, both have stabilized enough to help bolster investor optimism in premarket trading. In response, futures tied to the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all above fair-market value.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research notes a pivot point that could seal the SPX's fate.
- These 2 Big Tech stocks were just downgraded.
- Plus, casino stock falls; unpacking Pepsi's earning; and why KeyBanc downgraded QCOM.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 833,684 put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.55 and the 21-day moving average stayed at 0.64.
- Shares of Wynn Resorts, Limited (NASDAQ:WYNN), which has a resort in Macau, are down 4.6% before the bell, after Beijing's announcement that there will be no new stimulus measures, though further details were released. WYNN is on track to pare some of its 16.8% year-to-date lead.
- Results are in for Coca-Cola (KO) rival PepsiCo Inc (NASDAQ:PEP), and shares of the beverage giant are down 0.5% premarket after the event. While Pepsi beat earnings per share estimates, its third-quarter revenue missed the mark. This marks a second consecutive quarter with sales that fell short of expectations, leading the firm to slash its full-year outlook for organic revenue. Coming into today, PEP is down 1.5% since the start of 2024.
- Qualcomm Inc (NASDAQ:QCOM) stock is 1.3% lower before the open, and on track to add to a 20% three-month deficit after a bear note at KeyBanc. The analyst downgraded QCOM to "sector weight" from "overweight," saying the chipmaker's key areas have yet to meaningfully materialize and that it does not expect the company to benefit from the personal computer and smartphone replacement cycle.
- Everything that is on tap this week.
Chinese Markets Return from Golden Week Holiday
China’s Shanghai Composite returned from the Golden Week holiday with a 4.6% pop, after the country released more details regarding its major stimulus plans, though the index pared larger gains by the close. Despite the boost amongst China’s mainland stocks, Hong Kong’s Hang Seng plummeted 9.4%, with pressure from healthcare and non-cyclical consumer stocks. Elsewhere, the South Korean Kospi fell 0.6% following a disappointing forecast from Samsung Electronics, and Japan’s Nikkei lost 1% amid economic data showing a decrease in household spending but an increase in wages.
European bourses are lower at last look, as luxury and mining stocks dip. London’s FTSE 100 is down 1.1%, while the French CAC 40 and German DAX are off 0.6% and 0.1%, respectively.