Dow Futures Sink, target profit warning for investors

Dow futures are down 251 points ahead of the open

Stock futures are firmly down this morning, seemingly unable to build on those of yesterday modest gains. Dow Jones Industrial Average (DJIA) futures are off 251 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) also sink into the red. Target’s (TGT) profit warning weighs on the retail sector, after the company said it expects lower profits in the near term due to its aggressive plan to dump excess inventory. Meanwhile, the U.S. trade deficit narrowed 19.1% in April – falling from its record lows of $87.1 billion, although it is still on track for a record trade gap for the year.

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

  • Senior Vice President of Research, Todd Salamone, lays out the good news and the bad news from the SPX May doji candle.
  • Register with these 2 new S&P 500 components.
  • Additionally, KSS pounces on a potential takeover; Fintech stock extends yesterday’s decline; and GTLB jumps after results exceed estimates.

futures june7

5 things you need to know today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million buy contracts traded on Monday and 680,503 sell contracts. The single-session sell/buy ratio fell to 0.60 and the 21-day moving average remained at 0.62.
  2. Kohls Corporation (NYSE: KSS) is booming pre-market, up 10.2% at last glance, after revealing it was ahead takeover talks with retail holding company Franchise Group (FRG) – parent company of The Vitamin Shoppe. As of today, KSS is down 14.7% year-to-date.
  3. Affirm Holdings Inc. (NASDAQ: AFRM) is down 3.5% in e-commerce, after news that Apple (AAPL) is adding “buy now-pay later” options to its Apple Pay service. Additionally, the sector, which has grown rapidly over the past two years, may soon come under regulatory pressure.

  4. Software inventory Gitlab Inc (NASDAQ: GTLB) is up 10% before the bell, following the company’s better-than-expected first-quarter results and higher guidance. Additionally, BofA Global Research and RBC both raised their price targets to $66.

  5. Today will bring consumer credit file.

OV Buzz Chart June 7

Inflation fears cast a shadow over Europe

Asian markets saw mixed settlements on Tuesday as investors watched the latest rate hike from the Reserve Bank of Australia. The central bank raised its key rate by 50 basis points to 0.85%, which is much higher than expected. In response, China’s Shanghai Composite rose 0.2%, Hong Kong’s Hang Seng fell 0.4%, Japan’s Nikkei added 0.1% and South Korea’s Kospi fell 1. 7%.

European markets fell today as inflation fears continue to cast a shadow over global markets. The French CAC 40 and the German DAX are both down 1.1% at the midpoint. Meanwhile, London’s FTSE 100 is down 0.2% as British Prime Minister Boris Johnson has just won a vote of confidence from Conservative Party lawmakers, even as discontent over Johnson’s leadership increases.

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