Futures on the Dow Jones Industrial Average (DJI) are up 117 points this morning, while S&P 500 Index (SPX) and Nasdaq Composite Index (NDX) futures move higher as well, as the latter two look to wrap up a winning first quarter. All three indexes are eyeing weekly and monthly wins. 

Investors are unpacking a flood of data this morning as well. The personal consumption expenditures (PCE) price index rose 0.3% in February, below estimates of 0.4%, while the core PCE rose 4.6% year-over-year. Personal income, meanwhile, increased 0.3%, while consumer spending rose 0.2%. 

Continue reading for more on today's market, including:

• Zillow Group stock flashing historically bullish signal. 
• 3 stocks options traders are circling.
• Plus, BB falls after earnings; BBBY eyes more record lows; and GNRC hit with downgrade.  

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and 773,894 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.66 and the 21-day moving average stayed at 0.78.
2. BlackBerry Ltd (NYSE:BB) is down 2.8% premarket, after the software name's disappointing fourth-quarter results and full-year forecast. Still, TD Securities upgraded BB to "hold" from "reduce," with a price-target hike to $4 from $3.75. Pacing for its third-straight weekly gain, BB is up 22.7% year-to-date. 
3. Bed Bath & Beyond Inc (NYSE:BBBY) is down 6.8% in electronic trading, and looking to extend yesterday's 26.2% drop, after the company announced plans to sell $300 million in shares, and warned of bankruptcy. Headed for new record lows, BBBY is down 76.4% since the start of the year. 
4. BofA Global Research downgraded Generac Holdings Inc (NYSE:GNRC) to "underperform" from "neutral," with a price-target cut to $91 from $141. Down 2.2% before the bell, the equity is up 11.2% year-to-date. 
5. Today features the Chicago business barometer and final consumer sentiment reading.

European Markets Higher Following Euro Zone Drop

Asian markets closed out Friday with gains, following Wall Street’s tech rally and encouraging stateside jobless data. Investors also looked ahead to the U.S. PCE price index. South Korea’s Kospi paced the gainers with a 1% pop, followed by the Japanese Nikkei’s 0.9% rise. Meanwhile, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.5% and 0.4%, respectively.

European markets are also higher, after a preliminary reading showed euro zone inflation staged its sharpest drop on record, falling to 6.9% in March from 8.5% in February. In other news, German retail sales fell last month, while the U.K. economy grew 0.1% in the fourth quarter. France’s CAC 40 was last seen up 0.5%, the German DAX is 0.4% higher, and London’s FTSE 100 sports a 0.2% lead.

The Dow added 141 points on Thursday, completing a V-shaped recovery after briefly dipping into negative territory earlier in the session. The S&P 500 scored a solid win as well, settling at its highest level since Feb. 17, while the Nasdaq closed above the psychologically-significant 12,000 level.

Encouraging jobless claims have traders optimistic the Federal Reserve will stick to its plan of slowing the pace of interest rate hikes. Elsewhere, the Cboe Volatility Index (VIX) marked its fifth-straight loss and lowest close since March 6.

Continue reading for more on today's market, including:

• IBM stock facing off historically bearish trendline.
• These 3 stocks were a hit with options traders.
• Plus, EV stock on the rise; bull note for WMT; and a bank stock in trouble.

5 Things to Know Today 

1. Ford Motor (F) hiked prices of its F-150 Lightning electric pickup truck as production resumes after a battery in one of its completed trucks recently caught fire. (CNBC)
2. Bed Bath & Beyond (BBBY) stock hit a record low after warning of a big sales miss and announcing a large “at-the-market” common stock offering .(MarketWatch)
3. Impressive quarterly revenue boosted this EV stock.
4. Analyst: Multiple tailwinds blowing for Walmart stock.
5. Charles Schwab stock downgraded on recovery timeline.

Big Day for Gold, Oil Prices 

Oil futures pivoted higher on Thursday to settle at their highest level in more than two weeks. Stronger global demand as maintenance season for oil refiners comes to an end boosted black gold today. May-dated crude added $1.40, or 1.9%, to close at $74.37 per barrel.

Gold prices rallied as well, notching their highest close in more than 12 months after briefly topping $2,000. The safe-haven metal surged amid the prospect of lower interest rates expectations, a weaker U.S. dollar, and strong demand in China. June-dated gold rose $13.20, or 0.7%, to settle at $1,997.70 per ounce.

Zillow Group Inc (NASDAQ:Z) stock is down 1.5% to trade at $42.61 at last check, but has added over 32% in 2023. After pulling back to the $38 level earlier this month, the security has struggled to overcome pressure from the $44 area, which first emerged in February. That ceiling may soon become a thing of the past, though, as Z is currently within striking distance of a historically bullish trendline. 

Specifically, Zillow Group stock is within one standard deviation of its 60-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the security saw five similar signals over the last three years, and was higher one month later 80% of the time to average a 13.5% gain. A comparable move from its current perch would place shares over $48-- well above that level of resistance.

Though short sellers are already hitting the exits, there's still plenty of pessimism left to unwind, which could generate additional tailwinds. Short interest dipped 3.8% in the last reporting period, but the 18.47 million shares sold short still make up 12.2% the equity's available float, or over one week's worth of pent-up buying power.

IBM Common Stock (NYSE:IBM) has struggled on the charts since pulling back from its Dec. 13 three-year high of $153.21. The blue-chip tech concern was last seen 0.2% lower at $129.51, and trading near its 40-day moving average, a trendline that happens to flash a signal for short-term options bears, if history is any indicator.

According to Schaeffer's Senior Quantitative Analyst Rocky White, there were five prior instances of IBM stock trading within one standard deviation of its 40-day moving average after a lengthy stretch of time spent below it (defined as 80% of the time over the preceding two months, and at least eight of the previous 10 trading days), looking back three years. The stock was lower one month later 80% of the time, averaging a 2.5% loss. 

An unwinding of optimism among options traders could generate additional headwinds, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), IBM's 10-day call/put volume ratio of 2.37 sits higher than 96% of annual readings, indicating long calls have been picked up at a much quicker-than-usual clip.

For those that want to take advantage, IBM stock is seeing well-priced premiums at the moment. The security's Schaeffer's Volatility Index (SVI) of 27% stands in the relatively low 28th percentile of readings from the past 12 months, implying that options players are pricing in low volatility expectations at the moment. 

The major indexes are on the rise today, as Wall Street remains optimistic regarding the bank sector's recovery. In the meantime, here are three stocks making moves midday. 

Options Traders Target PM After Upgrade

J.P. Morgan Securities upgraded Philip Morris International Inc (NYSE:PM) to "overweight" from "neutral," with a price-target hike to $116 from $109. The firm cited several factors, including easing supply chain constraints and the company's nicotine alternatives. PM is up 2.6% at $97.20 at last glance, on track for its fifth-straight daily gain after bouncing off the $90 level. Today's pop also has the stock back above its 200-day moving average. Year-to-date, the equity is still down roughly 4%. 

Options traders are leaning bearish in their rush to pick up PM today. So far, 3,660 calls and 8,966 puts have been exchanged, which is five times the intraday average amount. The June 97.50 put is the most active contract, with new positions opening there. 

Biopharmaceutical Stock Higher on Update

Emergent BioSolutions Inc (NYSE:EBS) is surging, up 11.9% at $10.46 at last glance, after the U.S. Food and Drug Administration (FDA) approved Narcan, its nasal spray used for overdose reversal. The company expects the product to be available over-the-counter by late summer. This positive price action has EBS further removing itself from its March 23, 15-year low of $7.74. Call traders are chiming in at eight times the intraday average after the news, with the most activity at the April 10 call. 

Roku Stock Pulling Back Midday

Roku Inc (NASDAQ:ROKU) is reversing its earlier gains, down 5.2% at $60.57 at last glance, after news that the company is laying off another 200 workers in its latest round of job cuts. Support at the $60 level is keeping losses in check, as the stock holds on to a 48.2% year-to-date lead. 

Consistently a popular stock amongst options traders, ROKU is seeing double the intraday average options volume. So far, 54,000 calls and 31,000 puts have crossed the tape. The weekly 3/31 63 put is the most popular, followed by the weekly 3/31 64 call. 

Morgan Stanley downgraded Charles Schwab Corp (NYSE:SCHW) to "equal weight" from "overweight," and cut its price target to $68 citing an "extended earnings recovery timeline." SCHW is dropping in response, down 4.4% at $52.81 at last check, adding to its 36.4% year-to-date deficit. 

The security slipped to a Mar. 13, two-year low of $45 at the height of the bank sector selloff, after careening below long-termsupport at the $75 level as well as its 200-day moving average. Now, some pressure appears to be forming at the $56 level. 

Of the 22 analysts in coverage, seven carried a "hold" or worse rating coming into today, with the majority still leaning bullish. The equity could see some more bear notes, as the 12-month consensus price target of $80.42 is a hefty 51.4% premium to current levels. 

The shares of electric vehicle (EV) firm EVgo Inc (NASDAQ:EVGO) are surging this morning, after the company reported fourth-quarter revenue that rose 282.4% year-over-year -- nearly four-fold -- vastly beating expectations. In addition, the EV charging company reported adjusted losses of 6 cents per share, which was lower than estimates.

EVgo stock was last seen up 24.2% to trade at $7.14, now trading at its highest level in more than a month and adding to its 28.6% year-to-date lead. EVGO is also has a shot at closing above its 140-day moving average for the first time since September.

Call volume is running at 46 times the volume typically seen at this point, with more than 8,900 bullish bets crossing the tape so far today. The most popular contract by far is the April 7 call, followed by the 8 call in the same monthly series, with new positions being opened at the latter. 

Analyst have yet to chime in, though there's room for pessimism to unwind. Of the seven covering brokerages, just three rate EVgo stock a "strong buy," while four say "hold" or worse. Short sellers are hitting the exits, too. Short interest is down 8.8% in the last two reporting periods, and the 23.37 million shares sold short make up 34.2% of EVGO's available float. 

Stock futures are looking to extend yesterday's gains, as optimism regarding the bank sector's recovery continues. Futures on the Dow Jones Industrial Average (DJI) are up 213 points ahead of the open, while Nasdaq Composite Index (SPX) and S&P 500 Index (SPX) futures sit firmly higher as well. Meanwhile, initial jobless claims rose by 7,000 to a higher-than-anticipated 198,000. 

Continue reading for more on today's market, including:

• Several options strategies for today's market climate. 
• Take a look at what's scheduled for the first week of April. 
• Plus, RH dropping after earnings; SCHW downgraded; and analyst sees entry point for FLNC. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and 734,577 put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.64 and the 21-day moving average dropped to 0.78.
2. RH (NYSE:RH) is down 6.4% premarket, after the company's fiscal fourth-quarter results miss and disappointing current-quarter and full-year forecast. No fewer than seven analysts slashed their price targets after the event. Heading into today, the stock is down 8% year-to-date. 
3. Morgan Stanley downgraded Charles Schwab Corporation (NYSE:SCHW) to "equal weight" from "overweight," citing an "extended earnings recovery timeline." SCHW is down 1.3% before the bell, and looking to add to its 33.7% year-to-date deficit. 
4. Fluence Energy Inc (NASDAQ:FLNC) is up 8.7% in electronic trading, after Goldman Sachs upgraded the stock to "buy" from "neutral," seeing an attractive entry point after the stock's recent pullback, while Susquehanna initiated coverage with a "neutral." FLNC is down 5.2% since the start of the year. 
5. A second revision to GDP is on tap today. 

Bank Sector Tailwinds Overseas

Asian markets settled mostly higher on Thursday, mirroring Wall Street’s overnight gains in the face of a bank and tech sector rally. China’s Shanghai Composite added 0.7%, while Hong Kong’s Hang Seng rose 0.6%. Elsewhere, South Korea’s Kospi scored a 0.4% pop, while Japan’s Nikkei shed 0.4%.

European markets are also enjoying tailwinds, with the European Union’s (EU) Single Resolution Board Chair Dominique Laboureix expressing confidence in the region’s banking system. The retail sector is also boasting oversized gains after a strong quarter for H&M. At last check, France’s CAC 40 is up 1.3%, the German DAX is 1.2% higher, and London’s FTSE 100 sports a 0.9% lead.

Stocks settled firmly higher on Wednesday, as investors bet on a bank sector recovery and tech stocks rallied. Cooling bond yields inspired some of this optimism, with the 10-year Treasury note falling to 3.6%.

The Dow added 323 points and closed near its session highs, scoring its fourth win in five sessions alongside the S&P 500, which saw more modest gains. The tech-heavy Nasdaq also notched a triple-digit win. Wall Street's fear gauge, the Cboe Volatility Index (VIX), logged its fourth-straight loss. 

Continue reading for more on today's market, including:

• EV stock stalled despite layoffs.
• Why options bulls targeted this silicon battery stock.
• Plus, 3 of today's top analyst calls.

5 Things to Know Today 

1.  Apple's (AAPL) week-long annual developer’s conference will kick off on June 5, and could bring the tech name's virtual and augmented reality headset. (CNBC)
2. The Biden administration today announced a new strategy to meet the goal of expanding offshore wind energy to 30 gigawatts by 2030. (MarketWatch)
3. Lululemon stock earned a slew of post-earnings bull notes.
4. Brokerage called Medtronic's growth potential into question.
5. Analyst says recession could weigh on Foot Locker stock.

Gold, Oil Prices Move Lower

Oil futures settled lower on Wednesday, reversing earlier gains that came after the Energy Information Administration (EIA) reported this year's biggest weekly dip in U.S. crude supplies so far. May-dated crude shed 23 cents, or 0.3%, to close at $72.97 per barrel.

Gold prices finished lower as well, as investors weighed the potential for more bank bailouts and a potential recession. June-dated gold fell $5.90, or 0.3%, to settle at $1,984.50 per ounce.