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Rise in equity futures; Wall Street on track to break weekly losses

All three major indexes are higher ahead of the open

The broader market is looking to break a three-week losing streak today, despite the fact that recession concerns always occupy the minds of investors. Dow Jones Industrial Average (DJIA) futures are up 200 points ahead of the open, with the blue-chip index on course for just its sixth weekly win of 2022, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) also point to solid gains. Meanwhile, the FTSE Russell will complete its annual index rebalancing, which could lead to more volatility today.

Keep reading to learn more about the current market, including:

  • Targeted options traders Stock CarMax before this morning’s report.
  • Flight cuts weigh on United Airlines stock.
  • Moreover, the DRI increases after the profits; Warren Buffet Increases OXY Stake; and SNOW gets an upgrade.

futures on June 24

5 things you need to know today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million buy contracts and 814,350 sell contracts traded on Thursday. The single-session sell/buy ratio rose to 0.67 and the 21-day moving average remained at 0.64.
  2. FedEx Corporation (NYSE:FDX) is up 2.7% pre-market, following the company’s more anticipated full-year guidance. The shipping giant topped fiscal fourth-quarter earnings estimates of $6.87 by 1 cent, but posted lower-than-expected revenue. No fewer than four analysts raised their price targets after the event, including UBS to $312 from $300.
  3. Citi named Microsoft Corporation (NASDAQ: MSFT) a top pick, saying the sell-off in the software sector is almost over. The stock is up 0.9% in e-commerce, looking to continue its rebound from its one-year lows in mid-June. Since the start of the year, shareholders’ equity is down 23%.

  4. Modernized Goldman Sachs Wolfspeed Inc. (NYSE: WOLF) to “buy” from “neutral,” citing the risk/reward profile of the semiconductor stock after its recent pullback. Year-to-date, WOLF is down 43.7%.

  5. Today will bring the University of Michigan (UM) consumer confidence index, five-year inflation expectations and new home sales data.

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Higher stocks in Europe and Asia

Asian stocks rose on Friday as tech stocks, particularly in Hong Kong, strengthened. Investors kept an eye on Hong Kong logistics company GoGoX, which made its debut today before closing well below its offer price of HK$21.50. Meanwhile in Japan, SoftBank Group chief executive Masayoshi Son has announced that the semiconductor name Arm may see a Nasdaq listing, although a final decision has yet to be made. In response, Hong Kong’s Hang Seng rose 2.1%, China’s Shanghai Composite gained 0.9%, South Korea’s Kospi gained 2.3% and Japan’s Nikkei jumped 1. 2%.

In Europe, stocks are also higher as investors continue to weigh the possibility of a recession and look at retail data out of the UK, which showed sales down 0, 5% weaker than expected for May. At last glance, London’s FTSE 100 is up 1.6%, France’s CAC 40 is up 2.2% and Germany’s DAX is up 1%.