Investors aren't making big moves ahead of progress on a deal with China
Stock futures are steady yet unspectacular this morning, with Wall Street seemingly content to sit idly by until more details on the U.S.-China trade talks come out. U.S. Commerce Secretary Howard Lutnick said negotiations are “going well, and we’re spending lots of time together.” At last check, Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are virtually flat, while Nasdaq-100 (NDX) futures are inching higher. Bond yields are also static, with the 10-year Treasury note last seen at 4.46%.
Continue reading for more on today's market, including:
- Senior V.P. of Research Todd Salamone on why 6,000 is so important for the SPX.
- Oracle stock on the move ahead of earnings.
- Plus, Smucker smacked by guidance; DIS churns; and TSM stays hot.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and over 1 million put contracts traded on Monday. The single-session equity put/call ratio slid to 0.52, while the 21-day moving average stayed at 0.59.
- J M Smucker Co (NYSE:SJM) stock is down 7.9% before the bell, after the peanut butter and coffee maker's 2026 fiscal guidance overshadowed a fiscal fourth-quarter earnings beat. Revenue also missed expectations. SJM is flat for the year, but could test $100 with today's gap lower.
- Walt Disney Co (NYSE:DIS) stock is 0.3% lower ahead of the open, even after the company finalized a $4.4 billion deal to acquire full control of Hulu. The stock is also brushing off a price-target hike to $130 from $125 at Loop Capital. DIS is up 3.9% year to date, and yesterday closed at its highest level since early December.
- The shares of Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) are 2.2% higher in electronic trading, after the chipmaker announced a roughly 40% year over year revenue increase for May. TSM yesterday closed at its highest level since Feb. 10, and is 25.9% higher in the last 12 months.
- All eyes on inflation data this week.
South Korea's Kospi Quietly Roaring
Asian markets were mixed on Tuesday as investors monitored U.S.-China trade negotiations in London, which will continue for a second day. South Korea’s Kospi led the charge with a 0.6% pop, notching its fifth-straight gain, while Japan’s Nikkei added 0.3%. Meanwhile, Hong Kong’s Hang Seng settled slightly below breakeven with a 0.08% loss, and China’s Shanghai’s Composite dropped 0.4%.
European stocks are also mixed but are off their session lows. Investors are also unpacking U.K. retail sales data for May, which pointed to lower non-essential spending. Slowing pay growth data has also sent the sterling careening against the dollar. Elsewhere, a new Boston Consulting Group study showed economic pessimism is rising in the region, particularly in the U.K. and France. London’s FTSE 100 is up 0.5%, France’s CAC 40 is flat, and the German DAX is down 0.3%