A cooler-than-expected jobs report is also powering premarket gains
Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are up triple digits this morning, with upbeat earnings from Salesforce (CRM) and Marvell Technologies driving premarket gains. S&P 500 Index (SPX) futures are confidently higher as well, as investors unpack a cooler-than-expected ADP jobs report that saw private payrolls grow by 146,000 last month, below expectations of 163,000. Also in focus is commentary from Federal Reserve Chairman Jerome Powell later today.
Continue reading for more on today's market, including:
- Strong second half of December ahead, per Senior Quantitative Analyst Rocky White.
- Electrical stock ready to keep charging higher.
- Plus, more on CRM and MRVL earnings; and Foot Locker stock selling off.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts and more than 809,567 put contracts exchanged Tuesday. The single-session equity put/call ratio fell to 0.55 and the 21-day moving average remained at 0.62.
- The shares of Salesforce Inc (NYSE:CRM) are up 11.9% in premarket trading, brushing off a third-quarter earnings miss after revenue easily beat estimates. The cloud company's fiscal fourth-quarter sales outlook also pleased investors. CRM is 26% higher in 2024 heading into today.
- Marvell Technology Inc (NASDAQ:MRVL) stock is up 13.1% before the bell, on the heels of upbeat fiscal-fourth quarter guidance due to artificial intelligence (AI) demand. The company also reported a top- and bottom-line win for the third quarter and saw no fewer than 17 price-target hikes, including from Rosenblatt Securities to $140 from $120. MRVL is looking to extend a 49% year-to-date lead.
- Foot Locker Inc (NYSE:FL) stock is down 16.1% ahead of the open, after the retailer reported a third-quarter earnings and revenue miss. The company also issued a downbeat forecast for the holiday quarter amid weak demand and big promotions. FL sports a 22.4% year-to-date deficit.
- There's a flood of economic data scheduled for this week.
Asian Markets in Focus Amid South Korea's Martial Law
Markets in Asia finished flat or lower today, as focus remained on South Korea, where President Yoon Suk Yeol is being pressured to leave his post after initiating martial law earlier this week. Impeachment efforts are well underway, with Yeol’s chief of staff and senior employees giving their resignations. In response, the country’s Kospi finished 1.4% lower, China’s Shanghai Composite shed 0.4%, while Japan’s Nikkei and Hong Kong’s Hang Seng closed flat.
Political turmoil is also rife in France, as a no-confidence vote is scheduled in the National Assembly regarding Prime Minister Michel Barnier. Over in Germany, the OECD slashed its economy’s outlook to 0.7% for 2025, with anticipation for stagnant gross domestic product (GDP). Meanwhile, euro zone business data out of the HCOB showed its purchasing managers’ index (PMI) at 48.3 for November. At last check, London’s FTSE 100 is off 0.3%, Germany’s DAX is up 0.6%, and France’s CAC 40 is 0.3% higher.