All three major indexes are lower before the bell
The major indexes are moving lower this morning, with futures on the Dow Jones Industrial Average (DJIA) down 88 points as investors unpack a mixed batch of earnings reports. Semiconductor stock Micron Technology (MU) is down roughly 5% ahead of the open despite its strong results, as its guidance disappointed Wall Street's towering artificial intelligence (AI)-driven expectations. Meanwhile, mega cap tech stocks are continuing to rebound, while tomorrow's inflation report remains highly anticipated.
Continue reading for more on today's market, including:
- Call traders eyed FedEx stock's post-earnings surge.
- 3 gold stocks to watch ahead of inflation data.
- Plus, LEVI plummets on revenue miss; USB downgraded; and IP's merger talks disappear.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1 million put contracts exchanged on Wednesday. The single-session equity put/call fell to 0.54, while the 21-day moving average remained at 0.67.
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Levi Strauss & Co (NYSE:LEVI) is down 16.1% premarket, after
the company's fiscal second-quarter revenue missed estimates. Falling further from its early-June two-year highs, the equity is looking to put a large dent in its 39.8% year-to-date lead.
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U.S. Bancorp (NYSE:USB) is off 1.7% before the bell, after a downgrade from J.P. Morgan Securities to "neutral" from "overweight." Since the start of the year, USB is down 8.2%.
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The shares of International Paper Co (NYSE:IP) are down 11.6% in electronic trading, after Suzano ended acquisition talks. Looking to drop further from this week's two-year highs, IP is up 28.9% in 2024.
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Japanese Yen Hits 38-Year Lows
Asian markets settled lower on Thursday as the Japanese yen dropped to 38-year lows, while the country’s year-over-year retail sales growth for May beat expectations. Meanwhile, official data showed China’s industrial a 3.4% year-over-year rise in profits from January to May. Pacing the laggards was Hong Kong’s Hang Seng with a 2.1% drop that placed it near two-month lows. China’s Shanghai Composite shed 0.9%, while Japan’s Nikkei and South Korea’s Kospi settled 0.8% and 0.3% lower, respectively.
European markets are also mostly in the red, as investors look ahead to tomorrow’s stateside inflation data, which will likely influence the U.S. Federal Reserve’s next moves. France’s CAC 40 is down 0.6%, London’s FTSE 100 is 0.3% lower, and the German DAX is up 0.3%.