October 3, 2023
Inventory market right this moment: Reside updates

Shares shut decrease for the day and the month

The key averages fell on Tuesday to spherical out a troublesome month for the inventory market.

The Dow Jones Industrial Common fell misplaced about 234.11 factors, or 0.7% to 32,654.98. The S&P 500 shed 0.3% to finish the day at 3,969.69, and the Nasdaq Composite closed 0.1% decrease at 11,455.54.

For the month, the Dow ended 4.19% decrease for the month and has dipped 1.48% yr up to now. The S&P 500 and Nasdaq Composite misplaced about 2.61% and 1.11% in February, respectively, however are nonetheless greater year-to-date.

— Tanaya Macheel

Gold and silver shut out worst months in additional than a yr

Gold and silver posted their worst month-to-month performances in additional than a yr.

Gold closed down 5.58% for February. That is the worst month for the metallic since June 2021, when it misplaced 7.02%.

Silver had its worst month since 2020, ending February down 11.6%. It final noticed a much bigger month-to-month drop in September 2020, when the metallic tumbled 17.84%.

— Gina Francolla, Alex Harring

Morgan Stanley says noninvasive well being monitoring has large potential for Apple

Apple is making progress in monitoring blood glucose ranges and not using a blood pattern, in accordance with a current Bloomberg report. If the tech big is profitable, Morgan Stanley mentioned the event has the potential to be an enormous disruptor.

“Disruption will probably take time, however given Apple has type in displacing incumbents in fields with massive [total addressable markets], we are going to proceed to observe this know-how and its pace of miniaturisation,” Morgan Stanley analysts wrote in a analysis be aware.

The system reportedly makes use of lasers and measures the sunshine coming again to the sensors to gauge the quantity of glucose within the physique’s interstitial fluid. One of many greatest obstacles is how the parts of the system might be shrunk all the way down to be included inside an Apple Watch.

The businesses with essentially the most on the road are Abbott Laboratories, DexCom and Medtronic. All three make steady glucose screens, however DexCom is extra intensely centered on the diabetes and well being administration market. Its inventory tumbled final week when the information broke and in current buying and selling classes it has but to recoup all of its losses.

—Christina Cheddar Berk

Traders ought to have a look at credit score markets, in accordance with Perception Funding

Whereas excessive rates of interest are rattling the fairness market, fixed-income credit score markets may have their second, in accordance with Gautam Khanna, co-head of U.S. Multi Sector Fastened Earnings at Perception Funding. 

“With peak Fed charges arriving and turning into entrenched this yr, fairness markets should wait even longer for the ‘Fed put’ to return as central banks concentrate on protecting monetary situations tight,” Khanna wrote on Tuesday. “Whereas excessive charges will make life tough for equities, it probably creates a candy spot for fastened earnings.”

Khanna added that compelling yields at the moment are achievable on decrease and better threat credit score property.    

“Funding  Grade  Credit score  seems to be engaging – notably the entrance finish,” he continued. “We consider an energetic method can push this as much as north of 6%. The inverted yield curve affords worth on the entrance finish.”   

— Hakyung Kim

Buybacks under seasonal traits over the previous month, BofA says

Inventory buybacks are one of many core tenets of a bullish case for the market in 2023, as some count on buybacks to prime $1 trillion for the primary time.

Nevertheless, company America should choose up the tempo to set a brand new file, in accordance with Financial institution of America strategist Jill Carey Corridor.

“Corp. consumer buybacks accelerated however have been under typical seasonal traits for the final 4 weeks. Resulting from a robust begin in Jan., corp. consumer buybacks YTD as a % of S&P 500 mkt. cap (0.044%) are monitoring slightly below ’22 data right now (0.046%). However new buyback bulletins have nonetheless been sparse,” Carey Corridor mentioned in a be aware to shoppers on Tuesday.

One space the place buyback bulletins have been robust is the power sector, the place Occidental Petroleum on Monday introduced a brand new $3 billion authorization for buybacks and a dividend hike.

—Jesse Pound

Analysts keep impartial on Zoom after earnings report

Pandemic-darling Zoom Communications posted better-than-expected earnings and a strong outlook Monday after the bell. Nevertheless it wasn’t sufficient to get some on Wall Avenue off the sidelines.

Earnings for the quarter got here in at $1.22 per share, adjusted, which is above the consensus estimate of 81 cents from analysts polled by Refinitiv. Income additionally got here in above expectations at $1.12 billion in contrast with the $1.1 billion anticipated by analysts.

Whereas Zoom administration issued a robust earnings outlook for the yr, it additionally mentioned development would proceed to sluggish as the corporate strikes additional away from its pandemic period increase.

“Whereas the top-line story stays weak, issues seem to have stopped getting worse,” mentioned UBS analyst Karl Keirstead in a be aware to shoppers Tuesday. “We stay Impartial-rated.”

Slightly below 70% of analysts had been impartial on the inventory as of Tuesday, in accordance with FactSet. Simply over 1 / 4 of analysts charge the inventory as chubby or a purchase, whereas simply 6% suggest being underweight or promoting. That is little modified from the place analysts stood in January.

Credit score Suisse was additionally impartial on the inventory coming off the report, citing conflicting alerts. The agency pointed to the corporate’s contact heart, telephone enterprise and potential inside the synthetic intelligence house as areas that would assist shift the corporate’s narrative positively in 2024.

“ZM continues to face the aftermath of the pandemic associated pull ahead of demand, notably within the On-line enterprise,” mentioned analyst Fred Lee in a be aware to shoppers Tuesday. “However owing to the corporate’s deep tradition of innovation, ZM now has a number of probably game-changing merchandise out there.”

Morgan Stanley additionally remained equal weight, with analyst Meta Marshall noting the worldwide enterprise, free money flows and enterprise as areas to observe going ahead.

— Alex Harring

UBS says Fed’s charge hikes are creating “draw back dangers” for markets

The U.S. Federal Reserve’s charge hikes have weighed on fairness markets, in accordance with UBS Monetary Companies. 

“We choose that the economic system is in late-cycle, with the Fed persevering with to hike charges and development more likely to sluggish. Tighter coverage creates draw back dangers for markets,” UBS senior U.S. economist Brian Rose wrote in a be aware to shoppers on Monday. 

The agency anticipates the S&P 500 will end the yr near present ranges, with higher upside potential in cyclical markets exterior of the U.S., particularly in rising markets and Germany. 

“We want worth over development,” Rose wrote. 

In keeping with Rose, monetary situations haven’t tightened in step with the Fed’s charge hikes. The Fed raised rates of interest by 25 foundation factors on February 1, and prompt there can be additional charge hikes within the months forward.

— Pia Singh

Stephanie Hyperlink says Goal is ‘de-risked’ following earnings

Goal remains to be price shopping for coming off its earnings report, in accordance with Stephanie Hyperlink, chief funding strategist and portfolio supervisor at Hightower.

The large-box retailer topped analyst expectations for its quarter for the primary time in a yr. The corporate additionally gave a conservative full-year outlook, noting altering client habits.

“I purchased some this morning, I will be persevering with to purchase,” Hyperlink mentioned on CNBC’s “Halftime Report.” “Good quarter, and I believe it is de-risked.”

The inventory was up almost 3% in Tuesday’s session.

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Inventory market right this moment: Reside updates


Morgan Stanley reiterates underweight ranking for Fisker

Morgan Stanley reiterated its underweight ranking for Fisker shares following the electrical car maker’s disappointing fourth-quarter earnings. 

“Amongst an ever growing vary of EV producers, what attracts us to Fisker is the corporate’s centered technique on design and engineering and provide chain,” analyst Adam Jonas wrote in a Monday consumer be aware.

“Whereas we just like the story and technique, a necessity for capital, the re-balancing of provide and demand within the EV house, and the continued deterioration within the macro setting drives our UW,” he continued. 

The analyst maintained his value goal of $4, implying a 48% draw back from Monday’s closing value.

Fisker shares have gained greater than 6% in 2023, however have dropped 37% in the course of the previous 12 months.

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Inventory market right this moment: Reside updates

Fisker inventory

— Hakyung Kim, Michael Bloom

Shares of Arconic soar almost 20% on experiences it is going to be acquired by Apollo

Shares of Arconic jumped greater than 19.8% after the Wall Avenue Journal reported that private-equity agency Apollo International Administration Inc. is in talks to amass the aluminum merchandise maker.

Apollo submitted a bid in February and has debt financing in place, in accordance with the Journal’s sources. The Pittsburgh-based firm has a market worth of about $2.2 billion. It additionally has a debt load of greater than $1.5 billion, suggesting the deal would carry a “vital premium” if it goes by way of, the Journal reported.

Earlier Tuesday, Goldman Sachs downgraded Arconic to promote from impartial, citing a weak European demand outlook. The corporate’s inventory value is up greater than 26% up to now this yr.

—Pia Singh

Canaccord Genuity, Mizuho Financial institution reiterate purchase scores on Tesla

Canaccord Genuity and Mizuho Financial institution reiterated their purchase scores on Tesla forward of the electrical car maker’s Analyst Day on Wednesday. 

Canaccord Genuity maintained its value goal of $275, which suggests an upside of 32.4% from Monday’s shut. 

Mizuho additionally maintained its purchase ranking and a $250 value goal on the automaker, including that it sees continued energy in Tesla’s market share within the close to time period. The financial institution famous, nonetheless, that cheaper competitor EV makers may very well be “probably dilutive” to Tesla’s share within the U.S. EV market.Competitor Rivian Automotive is reporting earnings after the closing bell right this moment, and Chinese language EV startup Nio is reporting on March 1. 

Mizuho managing director Vijay Rakesh mentioned the financial institution is trying to Tesla’s potential bulletins of updates to its current merchandise, new bulletins of a possible robotaxi and last-mile supply van, updates on its battery and power storage enterprise, and progress on FSD Beta, the live-testing section of Tesla’s self-driving software program.

– Pia Singh

Bernstein expects robust earnings report from Costco

Costco Wholesale has delivered distinctive outcomes throughout all of its key efficiency indicators over the past two years, and Bernstein expects that robust, steady efficiency to proceed.

The warehouse membership experiences its fiscal second-quarter earnings on Thursday. Bernstein, which has an outperform ranking on Costco, adjusted its internet gross sales development estimates all the way down to 7%, 11 foundation factors under consensus, after December and January’s outcomes got here in at 7% and 6.9%, respectively. The agency additionally anticipates some margin restoration within the quarter.

“Unfavorable surprises could be … stunning,” analyst Dean Rosenblum wrote in a be aware Monday. “COST is much less uncovered to inventory-related dangers, and TGT/WMT-type information appears unlikely. Plus we get pleasure from month-to-month gross sales releases, which give us advance perception into the quarter.”

In the meantime, Credit score Suisse, which has a impartial ranking on the inventory, is forecasting earnings per share to return in at $3.11, versus the FactSet consensus of $3.21. It raised its comparable same-store gross sales estimate, excluding fuel and forex, to six.8% from 5%.

“We’re elevating our gross sales est. for FY2Q23, given site visitors and gross sales energy seen within the firm’s December and January gross sales outcomes, however we’re cautious on flow-through, because of the elevated price setting on the whole,” analyst Karen Quick wrote in a Monday be aware.

— Michelle Fox

Goldman Sachs downgrades Arconic, cites murky demand outlook

Shares of aluminum merchandise maker Arconic fell almost 5% following a downgrade to promote from a impartial ranking by Goldman Sachs.

Analyst Emily Chieng cited a weakening demand outlook in Europe and the postponement of development initiatives among the many causes for the downgrade.

Learn extra on the downgrade right here.

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Arconic shares fall on Goldman Sachs downgrade

Oaktree Capital is elevating $10 billion for leveraged buyout fund

Oaktree Capital Administration introduced Tuesday it is elevating $10 billion for a brand new fund centered on leveraged buyout lending.

The supervisor plans to supply senior secured loans of $500 million or extra to non-public equity-owned U.S. corporations, sometimes with over $100 million in EBITDA, the corporate mentioned in a launch.

“The necessity for such a lending is important, however we anticipate restricted competitors given the retreat of banks from this space and the dearth of nonbank lenders with the requisite scale, flexibility and credit score experience,” Howard Marks, Co-Chairman of Oaktree, mentioned in an announcement.

Oaktree mentioned it believes this space of the market is particularly engaging now as a result of there’s restricted debt capital to finance massive leveraged buyouts and there are record-high ranges of dedicated personal fairness capital but to be deployed.

— Yun Li

Citi downgrades Dick’s Sporting Items

Dick’s Sporting Items‘ inventory slumped 2% following a downgrade to impartial from a purchase ranking by analysts at Citi.

“With DKS up towards tough multi-year comparisons in 2023 (esp 2H), it is robust to see how they’ll sustainably develop gross sales/EPS, notably if demand slows in key classes of attire/footwear (~55% of gross sales),” mentioned analyst Paul Lejuez in a Tuesday be aware to shoppers.

Learn extra on the decision from Citi right here.

— Samantha Subin

Shares making the largest strikes in noon buying and selling

These shares are amongst these making the largest strikes in noon buying and selling:

  • Dish — Shares of the satellite tv for pc supplier misplaced 7.3% after the corporate disclosed {that a} beforehand disclosed “community outage” was the results of a cybersecurity breach. Financial institution of America additionally double-downgraded the inventory to the inventory to underperform from purchase. The financial institution mentioned Dish may fall almost 20% as the corporate’s timeline for its wi-fi community service build-out extends.
  • Norwegian Cruise Line Holdings — The cruise firm fell 12% after reporting a wider-than-expected loss for the fourth quarter. Norwegian misplaced an adjusted $1.04 per share on $1.52 billion of income. Analysts surveyed by Refinitiv had forecast an 85 cents per share loss on income of $1.5 billion.
  • Advance Auto Elements — The automotive aftermarket elements firm gained 3.3% after reporting better-than-expected income and fourth-quarter earnings of $2.88 per share, topping StreetAccount’s estimate of $2.41.

Click on right here to see extra shares making noon strikes.

— Pia Singh

Bond yields are near a serious psychological degree that would actually spook the inventory market

The benchmark 10-year Treasury yield is hovering near a key degree that strategists say may give inventory buyers a fright.

The 10-year Treasury yield broke by way of resistance in current classes and is now a hair under the vital 4% degree. Yields, which transfer reverse value, have been rising by way of February after sliding in January. The yield was at 3.94% in late morning buying and selling.

For shares, a transfer to 4% may create extra volatility.

For the whole evaluation, try the complete story on CNBC Professional.

— Patti Domm, Tanaya Macheel

Cybersecurity, chip shares outperform in February

With one buying and selling day left in February, two sub sectors of the tech trade have notably outperformed this month.

  • The International X Cybersecurity ETF (BUG) is up virtually 2% in February, on monitor for its second-straight constructive month. Palo Alto Networks, Rapid7 and Crowdstrike have all risen a minimum of 15% this month.
  • The iShares Semiconductor ETF (SOXX) is up 1.4% in February, on monitor for its second-straight constructive month. Nvidia, Monolithic Energy, and Silicon Labs are all up a minimum of 12% this month.

Outdoors of tech, transports has been one other constructive sector in February, with large beneficial properties from Avis Funds and FedEx.

— Jesse Pound, Gina Francolla

Dish Community shares fall on Financial institution of America double downgrade

Shares of Dish Community fell greater than 6% after Financial institution of America double-downgraded the inventory to underperform from a purchase ranking.

“Over the previous 12 months, the corporate has needed to navigate a chronic interval of anticipated and surprising technological challenges and would not going hit cruising pace till 2024, by our estimate,” wrote analyst David Barden.

Learn extra on the decision from the Wall Avenue agency right here.

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Dish Community shares fall

Inventory market this yr might defy March’s typical historical past of constructive beneficial properties

March is most frequently a constructive month for the inventory market, however this yr it could convey extra of the identical turbulence that rattled buyers in February.

Shares are set to exit February with steep losses, with the S&P 500 down 2.3% for the month by way of Monday. The index remains to be up 3.7% for the yr up to now.

“February is the second worst month of the yr, posting a mean decline of 0.21%, which is the second worst after September,” mentioned Sam Stovall, chief funding strategist at CFRA. “Nevertheless, March on common posts a achieve of 1.1%, rising 64% of the time.” March is the fifth-best month for the S&P 500, in accordance with CFRA information going again to 1945.

For extra, learn the complete story on CNBC Professional.

— Patti Domm, Tanaya Macheel

U.S. 10-year hits highest degree since November

The yield on the 10-year U.S. Treasury be aware hit a excessive of three.983% on Tuesday, its highest degree since Nov. 10, when the be aware yielded as excessive as 4.117%. It was final greater by about 3 foundation factors at 3.955.

Treasury yields added to their sharp February beneficial properties as merchants continued weighing the prospects of upper tighter financial coverage for longer than anticipated.

— Gina Francolla, Tanaya Macheel

Worries concerning the economic system grew in February, Convention Board says

Customers grew extra pessimistic in February as worries over the longer-term outlook for the economic system diminished, in accordance with a Convention Board report Tuesday.

The board’s Client Confidence Index fell to 102.9 for the month, down from 106 in January and under the 108.5 estimate from Dow Jones.

Although the Current Scenario Index really ticked up barely to 152.8, the Expectations Index slid to 69.7, down from 76 in January. A studying under 80 within the expectations facet is taken into account per a recession within the subsequent 12 months.

“Expectations for the place jobs, incomes, and enterprise situations are headed over the subsequent six months all fell sharply in February,” mentioned Ataman Ozyildirim, senior director, economics, at The Convention Board.

—Jeff Cox

Dow falls to start out the ultimate buying and selling day of February

The Dow traded greater than 100 factors in early Tuesday buying and selling, as merchants wrapped up a troublesome month for shares. The S&P 500 and Nasdaq hovered across the flatline.

— Fred Imbert

Indicators level to 10-year Treasury yield above 4%, says Katie Stockton

Technical indicators assist a breakout above 4% for the 10-year Treasury yield, technical analyst Katie Stockton instructed CNBC’s “Squawk Field” Tuesday.

The yield is at present hovering close to 3.94%. Yields transfer inversely to costs.

“The following resistance that is significant is on the October 2022 excessive and that is about 4.34[%] for yields. We do assume there’s going to be progress in the direction of that resistance degree,” the founder and managing accomplice of Fairlead Methods mentioned.

In the meantime, the upper correlation between bitcoin and the Nasdaq 100 and different threat property is predicted to return now that equities are declining.

“In case you have a look at bitcoin versus resistance, it is nonetheless in that 25,200 space. It must clear that degree with a view to look higher as a result of that might resolve the buying and selling vary to the upside and inform us that vary is extra probably a reversal sample vs. a continuation sample,” she mentioned.

— Michelle Fox

Bitcoin and ether on monitor for a constructive February, regardless of mid-month slide

Bitcoin and ether rose barely Tuesday morning and had been on tempo to finish the month greater, regardless of slipping earlier within the month.

Bitcoin is on monitor for a roughly 1% February achieve, in accordance with Coin Metrics. Ether is up about 3% for the month. In January bitcoin posted a 38.39% achieve and its finest month since 2021.

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Inventory market right this moment: Reside updates

Bitcoin and ether in February

Traders had been spooked earlier within the month after what gave the impression to be the start of a possible regulatory crackdown on crypto companies within the U.S. — together with the Securities and Change Fee’s enforcement motion towards Kraken, its Wells Discover of a future settlement towards Paxos and the New York State Division of Monetary Companies’ ordering Paxos to cease minting the Binance USD (BUSD) stablecoin.

Nevertheless, crypto buyers are Fed watch like a lot of the remainder of the market, and financial information stays the largest driver of cryptocurrency costs.

— Tanaya Macheel

Shares making the largest premarket strikes

Listed here are a number of the shares making the largest strikes in premarket buying and selling.

  • Dish Community — The satellite tv for pc firm dropped 6.3% amid its multi-day service outage and double-downgrade from Financial institution of America. Dish Community shares are down 13.5% in 2023 amid a 61.8% drop in the course of the previous 12 months.
  • Dick’s Sporting Items — The sporting-good retailer dropped about 2% after being downgraded to impartial from purchase by Citi. The agency mentioned it expects near-term gross margin strain to proceed.
  • Celsius Holdings — The energy-drink maker gained 3.9% after being upgraded by Credit score Suisse to outperform from impartial. The Wall Avenue agency mentioned the distribution settlement with Pepsi goes nicely and the long-term potential is excessive.

To see extra premarket movers, learn the complete story right here.

— Michelle Fox

Goal rises after earnings

Goal shares had been greater by 1% in early buying and selling after the retailer mentioned earnings per share for the fiscal fourth quarter was $1.89, nicely above the $1.40 consensus of analysts gathered by Refinitiv. Income got here in at $31.4 billion, additionally above the $30.72 billion Wall Avenue consensus estimate from Refinitiv. Goal additionally mentioned holiday-quarter gross sales rose about 1% from a yr in the past.

The achieve was muted as Goal mentioned it expects full-year earnings per share to be in a spread of $7.75 to $8.75. Wall Avenue analysts had been anticipating a consensus $9.23 per share, in accordance with StreetAccount estimates.

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Goal 1-day

International market breadth stays strong regardless of February strain, BofA says

Financial institution of America chart analyst Stephen Suttmeier famous that, whereas shares have been below strain this month, world breadth is holding up nicely.

“Robust market breadth for world fairness indices suggests a broad-based rally, which is bullish within the face of a difficult marketplace for fairness buyers in February,” Suttmeier mentioned in a be aware Monday.

“The weekly advance-decline (A-D) line of 73 nation indices hit new highs in February. Sustaining this transfer to new highs would rhyme with previous bullish breakouts for this A-D line from November 2020, March 2019, December 2016, January 2013 and March 2010,” he mentioned.

International shares had been slated to finish February with a loss. The iShares MSCI ACWI ETF — which tracks the All Nation World Index — was down 2.8% for the month by way of Monday’s shut. The S&P 500, in the meantime, has misplaced 2.3% in February.

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ACWI in February

CNBC Professional: Semiconductors, A.I. and extra: These top-rated ETFs supply a solution to play tech’s hottest traits

Two tech themes have taken Wall Avenue by storm up to now this yr.

One is the return of semiconductor shares, as demand bounces again for chips; the opposite is synthetic intelligence, following the thrill surrounding chatbot ChatGPT.

CNBC Professional screened for the highest-rated ETFs with publicity to semiconductor and/or AI-related shares (amongst others) utilizing Morningstar information. The ensuing funds all obtained a four- or five-star ranking by Morningstar, and have carried out nicely over the previous three years.

CNBC Professional subscribers can learn extra right here.

— Weizhen Tan

CNBC Professional: ‘Fairly bearish on Tesla’: Market professional says value cuts will hit the EV big’s share value

Occidental Petroleum shares decline on earnings miss

Occidental Petroleum‘s inventory slipped 1% after the bell after posting a miss on the top-and-bottom traces for the fourth quarter.

The power big reported adjusted earnings of $1.61a share on $8.33 billion in income. Refinitiv estimates known as for EPS of $1.80 on revenues of $8.66 billion.

The corporate additionally hiked its dividend by greater than 38% to 18 cents a share and introduced a $3 billion share buyback plan.

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Occidental Petroleum’s inventory falls on earnings miss

The place the most important averages stand forward of ultimate buying and selling day of February

That is the place all the most important averages stand as February buying and selling nears an finish.

Dow Jones Industrial Common:

  • Down 3.5% in February
  • Down 0.8% up to now this yr
  • 11% % of file excessive
  • 80.57% % off pandemic low

S&P 500:

  • Down 2.3% this month
  • Up 3.7% in 2023
  • 17.36% off file excessive
  • 81.68% off pandemic low

Nasdaq Composite:

  • Down 1% in February
  • Up 9.6% yr up to now
  • 29.27% off file excessive
  • 72.92% off pandemic low

— Samantha Subin

Zoom shares pop on robust fourth-quarter outcomes

Shares of Zoom Video popped 8% in prolonged buying and selling after fourth-quarter earnings and income surpassed Wall Avenue’s expectations.

The video communications firm reported earnings of $1.22 a share on $1.12 billion in income. Analysts surveyed by Refinitiv had anticipated incomes of 81 cents per share on revenues of $1.10 billion.

Regardless of expectations for slowing development this yr, Zoom additionally shared better-than-expected steerage for the present interval.

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Zoom shares rise on earnings outcomes

— Samantha Subin, Jordan Novet

Inventory futures open barely greater

Inventory futures opened barely greater in in a single day buying and selling Monday.

Futures tied to the Dow Jones Industrial Common gained 45 factors, or 0.14%, whereas S&P 500 and Nasdaq 100 futures added 0.13% and 0.15%, respectively.

— Samantha Subin

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