Dow Futures up more than 300 points as earnings season approaches
Nasdaq and S&P 500 futures are also trending higher this morning
Yesterday’s wild trade is bleeding this week as equity futures attempt to recoup the heavy losses suffered at the end of the day on Friday. Futures on the Dow Jones Industrial Average (DJI) are looking up around 344 points, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also up.
Investors are keeping their eyes peeled for the slew of third-quarter earnings reports, with several bank names, including Bank of New York Mellon (BK) and Bank of America (BAC), reporting better-than-expected quarterly results this morning.
Keep reading to learn more about the current market, including:
- Box Gap stock reconquer a double-digit territory?
- Everything you need to know about Kroger’s huge acquisition.
- In addition, LAC obtains an increase in its income; AAPL is a “first choice” at Morgan Stanley; and Meta is not meeting subscriber goals.
5 things you need to know today
- The Cboe Options Exchange (CBOE) saw more than 1.42 million buy contracts and 890,509 sell contracts traded on Friday. The single-session sell-to-buy ratio fell to 0.63, while the 21-day moving average remained at 0.68.
- Bank of American Corp (NYSE: BAC) is up 2.8% this morning after the financial firm reported third-quarter earnings and revenue that beat expectations. BAC noted an increase in net interest income for the pace. The stock has lost 31.4% this year, although it has rebounded strongly from last week’s yearly low of $29.31.
- Morgan Stanley named Apple Inc. (NASDAQ:BAC) a “top pick”, citing the tech giant’s resilience as the economy suffers. Apple stock is up 1.7% before the bell as it tries to cut its deficit by nearly 24% year-to-date.
- Meta Platforms Inc. (NASDAQ: META) is up 1.4% before the bell as it clears a Wall Street Journal report that the company’s key metaverse product “Horizon Worlds” is not meeting its targets. According to internal documents, the product has less than 200,000 monthly active users, below its original target of 500,000 and its revised target of 280,000 by the end of the year. META has lost 62.2% over the past 12 months.
Today, investors will review Empire State Manufacturing Index.
Asian markets try to dismiss fears of recession
Asian markets were mostly higher on Monday, despite recession fears weighing on investors ahead of this week’s regional inflation data set, which will include China’s prime lending rate decision. Separately, Chinese President Xi Jinping warned that Taiwan was witnessing “interference by outside forces” during the opening ceremony of the 20th National Congress of the Communist Party of China. The winners were the latter’s Shanghai Composite with a pop of 0.4%, while South Korea’s Kospi added 0.3%. Elsewhere, Hong Kong’s Hang Seng rose 0.2% and Japan’s Nikkei lost 1.2%.
European markets were last seen higher, after Britain’s new finance minister, Jeremy Hunt, reversed almost all of the planned tax cuts that were part of Prime Minister Liz Truss’ budget, pushing prices up. government bond prices and the pound sterling. At last check, Germany’s DAX is up 1.2%, while London’s FTSE 100 and France’s CAC 40 are both up 0.9%.