After snapping its historic, record-breaking run yesterday, Wall Street is up off the mat today. Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all pointed higher before the bell, as investors focus on earnings season and bet on geopolitical tailwinds. A number of blue chips have entered the confessional, with UnitedHealth Group (UNH) and RTX (RTX) both beating expectations.
Tonight marks the deadline for the U.S.-Iran ceasefire, though President Donald Trump said he expects to make a 'great deal.' Eyes will also be on Federal Reserve chair nominee Kevin Warsh's hearing in Washington.
- Excessive pessimism could have bullish implications for the SPX, says Senior V.P. of Research Todd Salamone.
- Airline stock facing pre-earnings headwinds.
- Plus, more on UNH earnings; Tim Cook steps down; and GE dinged by fuel prices.
5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 2.2 million call contracts and 1.2 million put contracts traded Monday. The single-session equity put/call ratio rose to 0.54, while the 21-day moving average stayed at 0.60.
- UnitedHealth Group Inc (NYSE:UNH) stock is up 7.9% premarket after the health insurance provider reported an impressive top-line beat for the first quarter, and also hiked its full-year outlook. Should these gains hold, UNH will move back above its year-to-date breakeven mark.
- Apple Inc (NASDAQ:AAPL) stock is trading 0.4% lower before the open, after CEO Tim Cook announced his last day will be Sept. 1, to be replaced by John Ternus. Cook will move into the role of executive chairman. AAPL is contending with its year-to-date breakeven level but is up 38.6% year over year.
- The shares of GE Aerospace (NYSE:GE) are dropping 4.3% ahead of the bell, brushing off a first-quarter earnings and revenue beat after warning flight volumes will slow as fuel gets more expensive. GE has pulled back since a Feb. 25 record high of $348.48, but remains 67% higher year-over-year.
- Major blue-chip earnings are due out this week.
European Stocks Struggle as Deadline Looms
Asian markets finished mostly higher today. Of the standouts, South Korea’s Kospi nabbed a record high and scored a 2.7% gain, with tech titans Samsung and SK Hynix leading the charge. Japan’s Nikkei added 0.9%, while Hong Kong’s Hang Seng gained 0.5%, with Victory Giant’s Hong Kong Stock Exchange debut making waves. China’s Shanghai Composite finished just above breakeven.
European markets are struggling for direction, as the ceasefire deadline looms large. Investors are monitoring unemployment data out of the U.K., with the rate falling 4.9% for the first quarter, sharper than the anticipated unchanged rate at 5.2%. Wages grew at their weakest rate since February 2020. At last look, London’s FTSE 100 is down 0.1%, while the French CAC 40 is off by 0.2%. The German DAX is 0.4% higher.
