The Dow is set to open down over 290 points
Stock futures are resuming their trek lower, brushing off yesterday's tech-fueled rally as oil prices heat back up, with front-month crude last seen 3% higher. Futures on the Dow Jones Industrial Average (DJI) are down over 290 points, while Nasdaq-100 Index (NDX) a S&P 500 Index (SPX) futures are also indicating a modest move lower.
The geopolitical shock of the U.S.-Iran conflict is still fresh on investors minds, with concerns regarding the future interest rate environment fester. Elsewhere, the tech sector is weighing Broadcom (AVGO) earnings, while Challenger jobs data showed planned layoffs decreased in February by 55%.
- Retail stock could be a shrewd pick before earnings.
- Tech troubles? Play it safe with these 16 ETFs.
- Plus, Trade Desk eyes OpenAI; more on Broadcom earnings; and tariffs ding AEO.
5 Things You Need to Know Today
- The Cboe Options Exchange saw 2.1 million call contracts and roughly 1.4 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.65, while the 21-day moving average remained at 0.59.
- Trade Desk Inc (NASDAQ:TTD) stock is 20% higher ahead of the bell, after The Information reported the company was in talks with OpenAI to sell advertisements. TTD is nursing a 33.6% deficit in 2026, and fell to a multi-year low of $21.08 on Feb. 26.
- Chip leader Broadcom Inc (NASDAQ:AVGO) is up 5.9% before the open, after the company reported an earnings triple play for the fiscal first quarter. No fewer than seven brokerages have hiked their price targets in response, the best coming from Truist to $545 from $510. AVGO is poised to test its year-to-date breakeven level today, and is 69.3% higher year-over-year.
- The shares of American Eagle Outfitters Inc (NYSE:AEO) are 4.5% lower in electronic trading. Although the retailer reported a top-line beat for the fourth-quarter, the company expects the tariff impact to reach $60 million by the first half of the year. American Eagle stock is down 14.8% year to date, distancing itself from a Jan. 6, four-year high of $28.46.
- PMI, jobs data define the first week of March.
Korean Kospi Bounces Back With 9.6% Pop
Asian markets recovered, bouncing back from several days of steep losses. South Korea’s Kospi led gains with a 9.6% jump, triggered by a reversal of leveraged selling and an improved oil outlook. China set its gross domestic product (GDP) growth rate to 4.5% to 5% for 2026, a record low, as deflation pressures mount. The Shanghai Composite added 0.6%, Hong Kong’s Hang Seng tacked on 0.3%, and Japan’s Nikkei rose 1.9%.
Stocks in Europe are flat at last look, with sentiment taking a hit after Israel's latest missile strike on Tehran. Tensions between the U.S. and Spain continued to simmer, after the latter refused to let the U.S. use its bases for Iran strikes. At last check, London’s FTSE 100 is marginally higher and both France’s CAC 40 and Germany’s DAX are rangebound.