Wall Street is unpacking Trump's tariff proposal
Stock futures are a mixed bag this morning, as investors unpack last night's substantial tariff proposals from President-elect Donald Trump. Futures on the Dow Jones Industrial Average (DJI) are down 168 points, with added pressure from Amgen's (AMGN) roughly 12% premarket drop on its obesity drug trial results. Meanwhile, S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are modestly higher following yesterday's pop.
Continue reading for more on today's market, including:
- 2 risks for bulls, per Schaeffer's V.P. of Research Todd Salamone.
- How options traders doubled their money with this telehealth stock.
- Plus, 2 retail stocks falling after earnings; and EV stock surges on government funding.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.4 million call contracts and more than 1.1 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.48 and the 21-day moving average remained at 0.62.
- Best Buy Co Inc (NYSE:BBY) stock is down 3.3% premarket, after the company announced worse-than-expected third-quarter results and lowered its full-year sales forecast due to slowing demand for its electronics and appliances. Year to date, the equity is up 18.8%.
- Shares of Kohl's Corp (NYSE:KSS) are down 18.8% before the bell, after the retailer's third-quarter earnings and revenue missed expectations. The retailer also announced that Michaels CEO Ashley Buchanan is replacing its current CEO Tom Kingsbury, effective Jan. 15. Should losses hold, KSS may drop to its lowest level since 2020.
- Rivian Automotive Inc (NASDAQ:RIVN) stock is up 7.3% in electronic trading, after the electric vehicle (EV) name received conditional approval for a loan of up to $6.6 billion from the U.S. government. Heading into today, RIVN is down 50.5% year to date.
- What's coming up this Thanksgiving week.
Global Markets Eye Trump's Proposed Tariffs
Asian markets were a choppy bunch today. The Nikkei gave back 0.9%, after Japan’s producer price index (PPI) marginally rose to 2.9% month-over-month. South Korea’s Kospi shed 0.6%, while China’s Shanghai Composite and Hong Kong’s Hang Seng were flat, as the region monitors President-elect Trump’s proposed 10% tariffs in China.
Over in Europe, Trump tariffs are also being unpacked, as is a potential ceasefire between Israel and Hezbollah. Auto stocks fell as trade war rhetoric ramped up. At last check, London’s FTSE 100 is 0.1% lower, while the French CAC 40 and German DAX are both off 0.2%.