Investors are also eyeing Nvidia earnings, due out after the close
Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are all indicating sluggish opens, as Wall Street weighs a fresh batch of earnings reports. Investors are also eyeing the release of the Federal Reserve's meeting minutes this afternoon, as well as Nvidia's (NVDA) quarterly report after the close. The latter will reveal the impact of China's export restrictions, and the former will provide insight into the central bank's monetary policy stance amid tariff negotiations.
Continue reading for more on today's market, including:
- How to trade growing investor optimism, per Senior V.P. of Research Todd Salamone.
- 2 trendlines could fuel this grocery stock rally.
- Plus, GameStop buys crypto, and two retail stocks to watch after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and over 1 million put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.52, while the 21-day moving average stayed at 0.59.
- GameStop Corp (NYSE:GME) stock is up 2% ahead of the open, after the video game retailer launched its crypto buying plan with the purchase of 4,710 bitcoins, equating to over half a billion dollars. GME added 84.2% over the last nine months.
- Abercrombie & Fitch Co (NYSE:ANF) stock is up 27.2% premarket, after the apparel retailer beat earnings and revenue expectations for the first quarter and raised its 2025 revenue outlook. The company cut its full-years earnings estimates, however. ANF is down 48.4% so far this year.
- Dick's Sporting Goods Inc (NYSE:DKS) beat revenue expectations for the first quarter, and had its fifth consecutive quarter of over 4% same-store sales growth. The sporting goods retailer also maintained its full-year outlook despite tariffs. Year to date, DKS is down nearly 24%.
- The end of May brings a wave of retail earnings, the Federal Reserve's meeting minutes, and more inflation data.
European Markets Slide on Macroeconomic Updates
Asian markets traded mixed Wednesday. South Korea’s Kospi surged 1.3%, hitting its highest intraday level since September, driven by outsized gains in Samsung Electronics and SK Hynix. Elsewhere, Japan’s Nikkei and China’s Shanghai Composite finished flat, while Hong Kong’s Hang Seng shed 0.5%. Bond markets remain in focus, with Japan’s long-dated government yields nearing record highs amid waning demand.
In Europe, stocks are lower as traders digest a deluge of macroeconomic updates. Germany’s DAX is down 0.4% after import prices unexpectedly fell 0.4% in April, while France’s CAC 40 and London’s FTSE 100 were last seen 0.1% and 0.08% lower, respectively. Meanwhile, the sterling and euro are extending losses against the U.S. dollar, and the euro zone’s benchmark bond yields are slipping.