Stock Futures Mixed as Tech Cools Off

The Dow and S&P 500 are trading near breakeven

Fernanda Horner

Digital Content Manager

Dec 9, 2024 at 9:20 AM

Futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are struggling for direction this morning, the latter cooling off from last week's record highs. Nasdaq-100 Index (NDX) futures are pointed lower, as the tech sector takes a breather from its torrid run higher. Later today, traders will be eyeing the release of wholesale inventories data for October. Plus, chip giant Nvidia (NVDA) is now under Chinese investigation.

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

Bitcoin stole the spotlight last week.
Unpacking Ulta Beauty stock's surge.
Plus, RDDT upgraded; more on NVDA; Macy's attracts activist investor scrutiny.

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5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw over 2.6 million call contracts and more than 1.6 million put contracts exchanged Friday. The single-session equity put/call ratio rose to 0.54 and the 21-day moving average remained at 0.62.
Morgan Stanley upgraded Reddit Inc (NYSE:RDDT) stock to "overweight" from "equal weight" this morning, and raised its price target to $200 from $70. The analyst in coverage noted the social network's strong ad revenue growth. RDDT is 4.5% higher in premarket trading, and has added over 146% in 2024.
Chip stock Nvidia Corp Inc (NASDAQ:NVDA) is down 2.3% before the bell, amid news that China is now investigating the chipmaker for a possible antimonopoly law violation. NVDA still boasts a 205.7% year-over-year lead.
Macy's Inc (NYSE:M) stock is up 3.1% ahead of the open, following a laundry list of requests from Barington Capital. The activist investor group asked the retailer to create a real estate unit, modify its capital allocation plan, and reassess options for its Bloomingdale’s and Bluemercury operations. M is down 18.3% this year.
There's a host of inflation data and earnings ahead.

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Asian Stocks Mixed on Economic Data, Political Buzz

Markets in Asia finished mixed, the Hang Seng in Hong Kong managing to eke out a surge in the last hour of trading after China committed to being “more proactive” with its monetary policy in 2025. The index jumped 2.8% in response. Consumer price index (CPI) data in China showed a 0.2% year-over-year increase, lower than the expected 0.5%. In South Korea, President Yoon Suk Yeol avoided impeachment after his recent controversial implementation of martial law. For the session, China’s Shanghai Composite slid 0.05%, South Korea’s Kospi fell 2.8%, and Japan’s Nikkei inched 0.2% higher.

European markets are also moving in both directions, as geopolitical tensions continue to ramp up investor concern. At last check, London’s FTSE 100 and France’s CAC 40 are up 0.5%, while Germany’s DAX slides 0.1%.

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