Nasdaq Futures Up Triple Digits as Markets Rebound
Dow and S&P 500 futures are starting Fed week strong as well
Stock futures are attempting to recover some of last week’s losses, after markets lost steam on mixed inflation data. Nasdaq-100 Index (NDX) futures are sporting a triple-digit lead, while Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are comfortably higher as well.
The star of the show this week is undoubtedly the Federal Open Market Committee’s (FOMC) meeting, which kicks off tomorrow and will bring an interest rate decision by Wednesday. Plus, investors have a preliminary purchasing managers’ index (PMI) reading to unpack later today.
Continue reading for more on today’s market, including:
- Broadcom crossed the $1 trillion market valuation.
- Analyst: Outperforming Upstart stock is a “buy.”
- Plus, MSTR to join NDX; SMCI caught up in delisting fears; and F downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts and 1.3 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.58 and the 21-day moving average remained at 0.62.
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Shares of MicroStrategy Inc (NASDAQ:MSTR) are up 4.3% in premarket trading, following news that the crypto-adjacent stock will join the NDX and Invesco QQQ Trust, Series 1 (QQQ). MSTR already boasts a jaw-dropping 547% lead for 2024.
- Super Micro Computer Inc (NASDAQ:SMCI) stock is down 11.6% ahead of the open, after Bloomberg reported that the tech concern is trying to raise equity and debt capital with the help of Evercore ISI. The company also missed its earnings report deadline, and is leaving the NDX. SMCI is still up 28.2% this year.
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Jefferies downgraded Ford Motor Co (NYSE:F) stock to “underperform” from “hold,” with the firm raising concerns about the automaker’s inventory overhang and valuation. F is down 3.2% before the bell, looking to add to its 13.5% year-to-date deficit.
- Retail sales data will precede Federal Reserve’s interest rate decision this week.
Asian Markets Lower After South Korea’s Impeachment
All early morning gains were quickly reversed for Asian markets, as investors eye big policy decisions due out of the Bank of Japan (BoJ), the People’s Bank of China, and the Fed later this week. Over the weekend, South Korea’s parliament agreed to impeach President Yoon Suk Yeol, and several bouts of Chinese economic data moved into focus. For the session, Hong Kong’s Hang Send shed 0.9%, China’s Shanghai Composite and South Korea’s Kospi both lost 0.2%, and Japan’s Nikkei backpedaled 0.03%.
Stocks are also in bad form in Europe, as traders look to a disappointing credit downgrade from Moody’s for France, which took the region to an Aa3 from Aa2. On deck later this week will be the Bank of England’s (BoE) latest rate cut news, while today investors are taking in a drop in Euro zone employment data and business activity. Bond yields in Germany are tanking before the country’s expected vote on poll confidence in parliament today. At last check, Germany’s DAX and London’s FTSE 100 are both off 0.3%, while France’s CAC 30 is down 0.8%.
