Morning Dose: Morning Rebound Signals Strength in Futures Markets
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Good morning and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. Futures are pointing to a rebound this morning. After a rough end to last week, we’re potentially shaking off the negativity and poised for a higher open.
Overnight Headlines
Overseas, Europe is trading nicely in the green with positive news from BP’s oil and gas discovery and talks of rate cuts by the Bank of England. In contrast, Asia saw Japan’s Nikkei fall about one-point-three percent, signaling mixed sentiments.
Economic Announcements
Today’s economic calendar is light with the focus shifting to corporate news and earnings. Keep an eye on the June Factory Orders report at 10:00 AM Eastern time as the main economic event for the day.
Earnings Highlights
- Tyson Foods (TSN) delivered strong results, beating on both earnings per share and revenue while raising their full-year outlook.
- Other winners include BioNTech and IDEXX Labs with solid earnings beats.
Top Movers
- Steelcase (SCS) saw a surge of over forty percent in pre-market trading following HNI Corporation’s acquisition deal worth two-point-two billion dollars.
- Spotify is up about five percent after announcing a price hike for premium subscriptions.
- Apple is making moves in the A I space to compete with products like ChatGPT.
Quick Trade Ideas
Technically, the market is in a tug-of-war with key support around 624 for the S&P 500 and resistance near 630. Watch how the market reacts between these levels today. Pay attention to sectors like tech and communications showing strength but also consider staying defensive and monitoring for sector leadership indications.
Key Takeaway
Traders should be extremely nimble today, closely monitoring S&P levels and sector performance for potential cues on market direction. The focus is on the follow-through to gauge the market’s conviction after the previous sell-off.