Stock Futures Gain as Bond Yields Dip

The 10-year Treasury yield fell to its lowest level since September

Deputy Editor
Nov 22, 2023 at 8:58 AM
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Yesterday's breather could be short-lived, as stock futures are on the rise once again ahead of tomorrow's Thanksgiving holiday. Falling bond yields are giving the market a boost, with the 10-year Treasury yield dropping to its lowest level since September. Futures on the Nasdaq-100 Index (NDX) are up 60 points at last look, while Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures sit higher as well. 

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

  • How stocks tend to perform after Black Friday, per Schaeffer's Senior Quantitative Analyst Rocky White.
  • Why eBay stock entered the spotlight yesterday. 
  • Plus, Nvidia's earnings; a software stock in trouble, and SPCE downgraded. 

Futures Nov22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1 million call contracts and more than 1.2 million put contracts traded Tuesday. The single-session equity put/call ratio rose to 1.10 and the 21-day moving average stayed at 0.69.
  2. Nvidia Corp (NASDAQ:NVDA) stock is up 0.3% premarket, after the chipmaker's better-than-expected third-quarter results, overshadow a warning due to export restrictions in countries such as China. A flood of analysts lifted their price targets after the event, including Wells Fargo to $675 from $600. Should the stock build on these gains, it could surpass its recent record highs
  3. Autodesk Inc (NASDAQ:ADSK) stock is down 6.2% in electronic trading, following the software company's disappointing current-quarter forecast. Piper Sandler downgraded the stock to "neutral" from "overweight," with a price-target cut to $215 from $240, while a slew of other analysts lowered their price objectives as well. Since the start of the year, the equity is up 16.5%. 
  4. Virgin Galactic Holdings Inc (NYSE:SPCE) stock is down 4.7% before the bell, after a downgrade from Morgan Stanley to "underweight" from "equal weight," with a price-target cut to $1.75 from $4.00. In 2023, SPCE is carrying a 38.8% deficit. 
  5. See what economic data is due out this week.  

OV Buzz Chart Nov 22

Stocks Mixed Overseas

Asian markets were mixed Wednesday, following the stateside central bank update. China’s Shanghai Composite lost 0.8%, while Hong Kong’s Hang Seng finished the session flat. South Korea’s Kospi turned in a fraction gain, and Japan’s Nikkei added 0.3%.

Stocks in Europe are also mixed after the U.S. Federal Reserve signaled its monetary policy will remain restrictive. At last glance, London’s FTSE 100 is down 0.08%, while Germany’s DAC and France’s CAC 40 are up 0.5% and 0.4%, respectively.

 

 

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