Stock Futures Muted on Heels of Wild Trading Session

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Dow futures are flat this morning

Stock futures are flat this morning, falling slightly from yesterday’s last-minute wins as spring volatility continues on Wall Street. Futures on the Dow Jones Industrial Average (DJIA) are slightly lower, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures both sit just below fair value as well. Meanwhile, the 10-year Treasury yield is cooling from yesterday’s three-year highs above 3%. Investors are looking toward tomorrow’s Federal Open Market Committee (FOMC) meeting, as well as today’s Job Openings and Labor Turnover (JOLTS) reading, due out at 10 a.m. ET. 

Continue reading for more on today’s market, including:

  • It might be time to give this tech stock a chance. 
  • This blue chip’s post-earnings selloff might not be over just yet. 
  • Plus, HLT shares revenue miss; PFE cuts guidance; and NTR breaks higher after earnings.  

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.03 million call contracts traded on Monday, and 672,280 contracts. The single-session equity put/call ratio fell to 0.65, and the 21-day moving average rose to 0.59.
  2. The shares of Hilton Hotels Corporation (NYSE:HLT) are down 1.5% this morning, even after the company beat earnings expectations for its first quarter. Weighing on the stock this morning is Hilton’s lower-than-anticipated full-year profit forecast and a slight revenue miss. In the past 12 months, HLT has added 20.8%. 

  3. Pfizer Inc. (NYSE:PFE) stock is also falling in premarket trading, last seen down 1.5% after the blue-chip drugmaker slashed its full-year guidance, which overshadowed its first-quarter earnings and revenue beat. The move has PFE adding to its 14.7% year-to-date deficit. 
  4. One stock that’s rallying ahead of the bell is Nutrien Ltd (NYSE:NTR), following the company’s top- and bottom-line earnings beat, as well as a lifted full-year forecast. NTR cited sky-high prices for crop nutrients, and its stock is up 4.9% in premarket trading as a result, building on its 30.3% year-to-date lead. 
  5. Factory orders, and motor vehicle sales are expected to come out today.

European Stocks Brush Off Yesterday’s “Flash Crash”

Asian markets edged lower on Tuesday, after Australia’s larger-than-expected interest rate hike, which was the first of its kind since November 2010. Hong Kong’s Hang Seng settled slightly breakeven with a 0.06% loss, after shares of Alibaba (BABA) tumbled on the heels of an unconfirmed Chinese report that founder Jack Ma is involved in a national security investigation. Elsewhere, South Korea’s Kospi finished 0.3% lower, while Japan’s Nikkei and China’s Shanghai Composite were both closed for a holiday.

Stocks in Europe are mostly higher, brushing off yesterday’s “flash crash” that followed a misplaced sell order trade by Citigroup (C) involving Swedish companies. Plus, investors are digesting news that the Germany’s 10-year Bund yield surged above 1% for the first time since 2015. This week’s U.S. Fed announcement and the Russia-Ukraine war are also in focus. As a result, France’s CAC 40 is 0.3% higher, the German DAX is up 0.2%, and London’s FTSE 100 is down 0.6%.