Wall Street is fresh off its worst week since 2023
Fresh off their worst week in over a year, Wall Street is struggling for direction out of the gate. Futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are pointed lower, while the Nasdaq-100 Index (NDX) has pared earlier losses, now inching higher in the wake of recent trade war volatility. The latest salvo coming from the Trump administration is reportedly 'no exemptions' from auto and steel tariffs. Elsewhere, retail sales rose 0.2% in February, below the estimated 0.6% Dow Jones estimate.
Continue reading for more on today's market, including:
- This week's must-watch earnings report.
- Starbucks stock is testing a key trendline.
- Plus, AFRM rival steps up; food retailer upgraded; and China's 'Google' unveils AI.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.6 million call contracts and 1.5 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.57, while the 21-day moving average stayed at 0.60.
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Affirm Holdings Inc (NASDAQ:AFRM) stock is 9% lower before the bell, under pressure after fintech rival Klarna, inked a partnership with Walmart (WMT) just ahead of its initial public offering (IPO). AFRM was down 22% this month alone, prior to today's gap.
- Sprouts Farmers Market Inc (NASDAQ:SFM) stock is 1.2% higher ahead of the open, after the food retailer was upgraded to "buy" from "hold" at Deutsche Bank. The analyst in coverage also hiked its price target to $190 from $163, citing same-store sales momentum and an intriguing entry point. SFM is 7.6% higher in 2025.
- The shares of Baidu Inc (NASDAQ:BIDU) are 1.8% higher premarket, after the China-based search engine giant unveiled a new artificial intelligence (AI) model. BIDU is up 11.2% year-to-date.
- Investors will be hoping for no Fed fireworks this week.
Asian Stocks Enjoy Outsized Gains
Markets in Asia enjoyed a full sweep in today’s session, with sentiment climbing on the back of a 4.0% hike in retail sales out of China for January-February. China’s State Council also announced a “Special Action Plan to Boost Consumption” to aid in the economy’s growth. Meanwhile, Japan’s Nikkei added 0.9%, as the 30-year Japanese bonds (JGBs) tapped a 19-year peak of 2.63% ahead of the country’s interest rate meeting. China’s Shanghai Composite added 0.2%, South Korea’s Kospi climbed 1.7%, and Hong Kong’s Hang Sang topped 0.8%.
European stocks are higher as well, as Germany looks to reform its debt brake rule, which would increase government defense spending. Bond yields in the region are falling in response, while the euro and British pound climbs against the U.S. dollar. London’s FTSE 100 and Germany’s DAX were last seen up 0.2%, while the French CAC 40 is 0.3% higher.