Dow Futures Up Triple Digits as Jobs Data Surprises
Posted On March 24, 2022
There are three global summits underway today that are in focus
Futures on the Dow Jones Industrial Average (DJIA) are up 125 points before the bell, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures point higher as well, as the market looks to continue its back-and-forth week. Initial jobless claims dropped to 187,000 last week — their lowest level since 1969.
Meanwhile, durable goods orders fell 2.2% in February –steeper than the expected 0.5% decline — while core capital orders fell 0.3%. There will be three summits to watch today; NATO, G-7, and the European Union. U.S. President Biden will be attending all three, as global leaders look to add pressure to Russia.
Continue reading for more on today’s market, including:
- A look at HNST ahead of today’s quarterly report.
- This real estate stock has long-term support in place.
Plus, analyst buys the dip on LOGI; DRI slips after quarterly miss; and NKLA surges on EV production.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts traded on Wednesday, and 746,595 put contracts. The single-session equity put/call ratio fell to 0.48, and the 21-day moving average stayed at 0.57.
- BofA Global Research initiated coverage on Logitech International SA (NASDAQ:LOGI) with a “buy” rating, citing growth prospects and an attractive entry point. Logitech stock is up 3.9% ahead of the open but down 12.9% year-to-date.
- The shares of Darden Restaurants Inc (NYSE:DRI) are down 2.4% premarket, after the Olive Garden parent reported lower-than-expected fiscal third-quarter earnings and revenue. The company pointed to the Covid-19 omicron variant impacting guest demand.
Nikola Corp (NASDAQ:NKLA) is up 18.7% in electronic trading, after the electric vehicle (EV) maker announced that is has started production on its electric truck at a facility in Arizona. Year-over-year, the stock is down 39%.
Today will bring core capital orders, and the current account deficit, as well as inflation data by way of the flash Markit manufacturing PMI, in addition to the services PMI for March.
Europe Eyes NATO Meeting
Asian markets were mostly lower on Thursday, with oil prices taking a hit after surging 5% yesterday. The only gainer was Japan’s Nikkei, which rose 0.3%. Meanwhile, Hong Kong’s Hang Seng shed 0.9%, after Tencent Music Entertainment (TME) reported its slowest quarterly revenue growth in history. Elsewhere, China’s Shanghai Composite settled 0.6% lower, while South Korea’s Kospi posted a 0.2% loss.
European markets are mixed, as investors eye today’s NATO meeting to discuss the Russia-Ukraine war. Additional sanctions on Russia could be announced, with NATO leaders also expected to increase troops posted in its eastern flank. In other news, business growth in the euro zone and the U.K. beat expectations for March. At last check, the German DAX is 0.2% lower, France’s CAC 40 is slightly below breakeven with a 0.06% loss, and London’s FTSE 100 is up 0.1%.