Futures Point Higher Monday; Meta Jumps, Apple Slips

First Look

Futures are pointed higher Monday morning. Strategists at Goldman Sachs lowered earnings estimates for the S&P 500 through 2024, citing margin contractions in the third quarter. China squashed rumors that it is moving away from its covid-zero policy, saying it will "unswervingly" adhere to it. Meta Platforms (META) is up 3.07% after The Wall Street Journal reported that the Facebook parent plans to lay off thousands of employees. Lastly, Apple (AAPL) is down 1.45% after saying it now expects to sell at least 3 million fewer iPhones than expected. The S&P is up 0.43%, the Dow Jones is up 0.41%, the Nasdaq is up 0.28%.

Today's Sentiment

Quote of the Day

If you're not in the game to win, you shouldn't be in the game.
Jerry Yang

Stocks on the Move

International Markets

Stocks in Asia are up. The Hang Seng is up 2.69%, the Nikkei 225 is up 1.21%, the Australia ASX All Ordinaries is up 0.56% the Mumbai Sensex is up 0.39% and the Shanghai SE Composite Index is up 0.23%. In Europe stocks are mixed. The DAX is up 0.85%, the Euro Stoxx 50 is up 0.7%, the CAC 40 is up 0.22% and the FTSE 100 is down -0.22%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.88 at 91.73 per barrel. Brent crude is down -0.77 at 97.8 per barrel. Natural Gas is up 0.66 at 7.06. Precious metals are mixed this morning. Gold is down -5.98 at 1675.89 per ounce. Platinum is up 1.25 at 965.41 while silver is down -0.08 at 20.7. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound. Bitcoin is down -2.24% to $20,752.78 while Ethereum is down -2.35% to $1,580.78.

Put/Call Ratio

Yesterday, 1,958,469 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,542,179 put contracts. The single-session put/call ratio was 0.79.

Today's Economic Calendar

Earnings Expected Today