All three major indexes are slipping into the red ahead of the open
After starting the week strong, stock futures are modestly lower this morning. Delayed gross domestic product (GDP) data showed the U.S. economy growing at a 4.3% annual pace in the third quarter, much larger than the 3.2% estimates and the biggest jump in two years.
The 10-year Treasury yield is in focus now, last seen at 4.2%, while more delayed data showed durable goods orders falling by a larger-than-expected 2.2% in October. Elsewhere, gold and silver are notching even more record highs today, with the former above $70 per ounce for the first time ever.
- Selling options premium has been a winning strategy of late, per Schaeffer's Senior V.P. of Research Todd Salamone.
- Options bulls are undeterred in targeting Nvidia stock.
- Plus, NVO scores FDA approval; ZIM takeover interest; and HSIC's financing updates.
5 Things You Need to Know Today
- The Cboe Options Exchange saw over 1.8 million call contracts and more than 1.1 million put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.61, while the 21-day moving average remained at 0.58.
- Pharma stock Novo Nordisk A/S (NYSE:NVO) is up 8.4% premarket, after the U.S. Food & Drug Administration (FDA) approved the company’s GLP-1 pill, Wegovy. Heading into today, NVO sports a 44.1% year-to-date deficit, though it's looking to open at its highest level since October.
- ZIM Integrated Shipping Services Ltd (NYSE:ZIM) stock is up 8.2% before the bell, after reports that the company is reviewing several takeover bids. Should these gains hold, the Israel-based shipping stock will break into positive territory for 2025.
- Healthcare stock Henry Schein Inc (NASDAQ:HSIC) is down 6.5% in electronic trading, after the news that the company updated several financing agreements with major lenders, extending termination dates. Coming into today, HSIC is up 12.1% year to date.
- Even with Christmas coming up, there's plenty to look for on Wall Street this week.
Stocks Mostly Higher Overseas
Asian markets finished mostly higher, as investors bet on the expansion of AI in China and take cue from rising U.S. stocks. For the day, Japan’s Nikkei and China’s Shanghai Composite inched 0.02% and 0.07% higher, respectively. South Korea’s Kospi tacked on 0.3%, while Hong Kong’s Hang Seng was the only loser, dropping 0.1%.
Stocks in Europe are mixed, with several pharmaceutical names in focus, including Novo Nordisk (NVO) after landing FDA approval. At last check, London’s FTSE 100 is up 0.03%, Germany’s DAX is 0.1% higher, and France’s CAC 40 is down 0.2%.