Stock Futures Rise Amid Jobs Data, Earnings – Schaeffer’s Investment Research

Nasdaq futures are up triple digits before the bell

Stock futures are firmly higher amid a batch of strong earnings reports. Nasdaq-100 Index (NDX) futures are up 106 points ahead of the open, as Nvidia (NVDA) looks to extend its record highs. The ADP employment report released this morning showed job growth coming in at 152,000 in May, below April numbers and analyst estimates, while the S&P flash U.S. services purchasing managers’ index (PMI) and ISM services index are due out later today. Investors are already peering ahead to Friday’s jobs data, however. 

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

• Schaeffer’s Senior Quantitative Analyst Rocky White shares how to play the Nvidia stock split.
• Oil bull signal that flashed ahead of OPEC+ meeting.
• Plus, 2 stocks soaring after beat-and-raises; NIO set to build another factory.
  
  
  

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1 million call contracts and 639,295 put contracts exchanged on Tuesday. The single-session equity put/call rose to 0.61, while the 21-day moving average stayed at 0.69.
2. 
   

   Stitch Fix Inc (NASDAQ:SFIX) is up 15% premarket, after the personal styling name’s strong fiscal third-quarter results and upbeat guidance. Should these gains hold, the penny stock will rise to its highest levels since early March. Year to date, the equity is down 25.2% headed into today. 

3. 
   
   Hewlett Packard Enterprise Co (NYSE:HPE) is also soaring after better-than-expected fiscal second-quarter results and guidance, up 15.9% before the bell. To follow, no fewer than 10 analysts lifted their price targets on the stock. This gap higher will build on the computer hardware stock’s 3.7% year-to-date lead, and may have it notching a new record high today. 

4. Nio Inc (NYSE:NIO) is in the spotlight as well, after Reuters reported that the company won regulatory approval to build a third factory in China. The security is up 1.5% in electronic trading. Since the start of 2024, NIO is down 42.6%. 

Asian Stocks Struggle After Economic Reports

Asian markets were mostly lower Wednesday. Japan’s Nikkei led the laggards, losing 0.9% after real wages fell for a 25th straight month in April. China’s Shanghai Composite followed up with a 0.8% loss, after the country’s services activity rose to 54, growing at its fastest pace in 10 months in May. Rounding out the region, Hong Kong’s Hang Seng shed 0.1%, while South Korea’s Kospi added 1%.

Stocks in Europe are higher this afternoon, with investors still looking towards the next meeting o the European Central Bank (ECB). In addition, euro zone business activity grew for a third straight month in May. In response, London’s FTSE 100 was last seen 0.4% higher, while France’s CAC 40 and Germany’s DAX are both up 1%.