Nasdsaq-100 Index (NDX) and S&P 500 Index (SPX) futures are higher this morning, after a federal judge ruled Google parent Alphabet (GOOGL) will not have to spin off its Chrome browser, but can no longer make exclusive search deals and must share its data with competitors. The ruling is stirring the tech sector, as Apple (AAPL) stock continue to rise. These gains are not spilling over into Dow Jones Industrial Average (DJIA) futures, however, which were last seen down triple digits.
Continue reading for more on today's market, including:
- How options traders reacted to Nvidia earnings.
- Mind seasonality and this SPX signal in September.
- Plus, more on Alphabet's antitrust win; Macy's beat-and-raise; and why this biotech stock is higher.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts and more than 1.1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.68, while the 21-day moving average stayed at 0.59.
- The shares of Alphabet Inc (NASDAQ:GOOGL) are up 7% premarket, after news that news the Department of Justice's (DoJ) antitrust case against the tech giant will not result in the split of its Chrome browser and Android operating system units. The equity attracted no fewer than 10 price-target hikes in response, with Oppenheimer Securities also initiating coverage with an "outperform" rating. GOOGL is up 29.4% in the last 12 months.
- Macy's Inc (NYSE:M) stock is up 14.8% before the open, after the retailer shared better-than-expected earnings for the second quarter, and raised its full-year profit and sales guidance. The equity is now looking to trim a 20.3% year-to-date deficit.
- TG Therapeutics Inc (NASDAQ:TGTX) stock is up 1.8% before the bell, after the biotech company's board of directors approved a $100 million share repurchase program. Longer term, the security already sports a 26.6% year-over-year lead.
- There's plenty of economic data scheduled this week.
European Markets React to Economic Data, Rising Yields
Asian markets mostly closed the day lower. Japan’s Nikkei slipped 0.9%, as 30-year government bond yields hit their highest level in decades. Hong Kong’s Hang Seng also saw a dip, falling 0.6% after several employees at the country’s Exchanges and Cleaning index and the Securities and Futures Commission came under investigation for insider trading. Mainland China struggled, too, with the Shanghai Composite dropping 1.2%. South Korea was the region’s lone bright spot, scraping together a 0.4% gain after its second-quarter GDP was revised higher than previously estimated.
European markets are faring much better in their session. London’s FTSE 100 was last seen up 0.6%, boosted by a fourth consecutive monthly rise in the U.K. Global Composite Purchasing Managers Index (PMI) and 30-year bond yields climbing to multi-decade highs. France’s CAC 40 is swinging up 0.9% on similar bond strength, while Germany’s DAX is chiming in with a 0.7% increase.
