All three benchmarks are higher to start the holiday-shortened week
Fresh off a three-week losing streak on Wall Street, stock futures are kicking off the holiday-shortened week notably higher. August’s S&P U.S. services purchasing managers’ index (PMI) and the Institute for Supply Management (ISM) services index are due out today. It’s also worth noting that the Organization of the Petroleum Exporting Countries and partners (OPEC+) surprised investors by agreeing on a small production cut over the long weekend.
Continue reading for more on today’s market, including:
- A look at 5 red-hot weed stocks in Schaeffer’s Cannabis Stock News Update.
- Investor reveals stake in plant-based meat staple.
- Plus, FDX gets downgraded; an intriguing cruise stock; and a tragedy adding to BBBY’s woes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.18 million call contracts traded on Friday, and 957,986 put contracts. The single-session equity put/call ratio dipped to 0.81, while the 21-day moving average rose to 0.67.
- FedEx Corporation (NYSE:FDX) is down 1.5% before the bell, after Citigroup downgraded the transportation stock to “neutral” from “buy,” and lowered its price target to $225 from $270. The firm believes FDX, which stands more than 20% lower in the last 12 months, faces mounting pressure to its earnings growth this year.
- Stifel called Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) a “long-term buying opportunity,” which is helping the shares add around 2% in electronic trading. Right now does seem like an intriguing entry point, as, coming into today, NCLH is nearly 50% lower year-over-year.
- Bed Bath & Beyond Inc (NASDAQ:BBBY) is down 15% in premarketing trading, after the death of CFO Gustavo Arnal on Friday. If these early morning losses hold, it will mark BBBY’s fifth-straight daily loss.
- Another look at the economic data due out today and this week.
European Markets Rise Despite Ongoing Energy Crisis
Asian markets were mostly higher on Tuesday, on the heels of another interest rate hike in Australia. Plus, the People’s Bank of China (PBC) yesterday announced it will lower the foreign exchange reserve requirement ratio, which will increase financial institutions’ leverage with foreign exchange funds. The top gainer was China’s Shanghai Composite, which rose 1.4%, while South Korea’s Kospi added 0.3%. Elsewhere, Japan’s Nikkei settled slightly above breakeven with a 0.02% gain, and Hong Kong’s Hang Seng shed 0.1%.
European markets are higher as well, though the energy crisis continues to grip the continent. Investors are still weighing a potential recession in the wake of halted gas supplies from Russia via the Nord Stream 1 pipeline. Meanwhile, incoming British Prime Minister Liz Truss is working to freeze energy bills for U.K. households. The German DAX was last seen up 0.8%, France’s CAC 40 is 0.3% higher, and London’s FTSE 100 is looking to add 0.1%.