Stock Market Futures Sink Following Previous Day’s Whipsaw Session
U.S. stock futures are heading into the red ahead of the opening bell today. This follows a rather volatile trading day across markets. The likes of which, initially, stem from big-box retailer Target (NYSE: TGT) providing less-than-ideal profit guidance. For those unaware, Target is trimming its short-term profit outlook as it aims to further reduce its inventory. The company is aiming to do so via a combination of markdowns and order cancellations. It hopes that this will help to clear shelves for more desirable items overall. While investors initially went on the defensive following the announcement before the opening bell, the major U.S. stock indexes ended Tuesday in the green.
For today, investors will likely continue to digest Target’s latest update and how it paints the current picture of inflation. Speaking of inflation, the Bureau of Labor Statistic’s May Consumer Price Index (CPI) reading is set for release on Friday. Weighing in on the overall situation now is LPL Financial’s (NASDAQ: LPLA) chief equity strategist, Quincy Krosby. She writes, “Watching the market, actually fairly calm, as it teeters between inching ahead and pulling back, suggests that until there’s a more definitive reading on the inflation front coupled with the Fed’s thinking on further rate hikes in September, we can expect this bounce back and forth.” Amidst all of this, here is how the major U.S. stock index futures are doing now. As of 5:42 a.m. ET, the Dow, S&P 500, and Nasdaq futures are trading lower by 0.45%, 0.38%, and 0.22% respectively.
Novavax In Focus After Receiving Regulatory Nod From FDA On Covid-19 Vaccine
Among the major head turners in the stock market now would be Novavax (NASDAQ: NVAX). For the most part, this is thanks to the company receiving a positive update on the regulatory front. In detail, the U.S. Food and Drug Administration (FDA), as of yesterday, is green lighting Novavax’s Covid-19 vaccine. Following the latest panel meeting, the company’s shot regimen is now being recommended for emergency use authorization (EUA). For one thing, this could be a push by U.S. health officials to appeal to 27 million unvaccinated Americans. After all, Novavax is offering a conventional protein vaccine. The likes of which have been used for decades to prevent hepatitis B and shingles among other illnesses.
Speaking on this in further detail is CEO Stanley Erck. He notes, “The advisory committee’s positive recommendation acknowledges the strength of our data and the importance of a protein-based COVID-19 vaccine developed using an innovative approach to traditional vaccine technology.” Furthermore, Erck also adds that Novavax has already submitted an amendment with updated manufacturing information for the EUA to the FDA. With this piece of news in mind, it would not surprise me to see investors keeping an eye on NVAX stock now.
Apple Pulls Out All The Stops On Software During WWDC
In other news, Apple (NASDAQ: AAPL) continues to unveil new major updates to its software portfolio. Overall, this would range from the iOS operating systems across its core iPhone, iPad, and MacBook offerings. For starters, both the iPhone and iPad are getting their annual refreshes on the software front. With the iPhone, users are getting iOS 16. According to Apple SVP of software engineering, Craig Federighi, this is the “biggest update ever to lock screen, completely reimagining how it works.” In essence, iOS 16 users will be able to customize their lock screens with widgets and other personalization features. Alongside that, Apple also revealed a slew of new capabilities from shared iCloud libraries to iMessage updates and a Family Sharing tool.
Not to mention, another key update coming to iPhones through iOS 16 would be buy-now-pay-later (BNPL). With this feature coming onto Apple’s fintech portfolio, the company would be making a splash in the industry. Moreover, the company also revealed some new software for its Macs, macOS Ventura. It brings a new stage manager feature to the table, allowing users to better organize open windows. On top of all that, the company also provided a sneak peek into its latest devices, a new 13-inch MacBook Pro and 13-inch MacBook Air. The key selling point of these devices would be the addition of Apple’s cutting-edge M2 processor chip. All in all, the latest news from Apple’s WWDC would attract attention from both investors and consumers alike. Because of this, AAPL stock could be worth looking out for today.
ExxonMobil Trades Towards All-Time Highs Following Upbeat Analyst Updates
ExxonMobil (NYSE: XOM) is gaining traction in the stock market thanks to positive analyst updates. This would be the case seeing as XOM stock continues to trade within striking distance of its all-time high of $103.43 per share. To begin with, the company appears to be receiving praise from analysts over at Evercore ISI (NYSE: EVR). Notably, Evercore analyst Stephen Richardson hit XOM stock with a price target of $120 per share from $88. Alongside that, Richardson is also upgrading the company’s shares to a Buy rating from Hold.
Additionally, Credit Suisse (NYSE: CS) also recently raised its price target for XOM stock to $115 from $102. On top of that, the firm is also raising its estimates for full-year operating earnings per share. The reason for this, Credit Suisse notes, is due to rising natural gas prices. Also, on the operational end, ExxonMobil continues to press forward as well. As of yesterday, the company is getting a stake in the world’s largest liquefied natural gas project offshore in Qatar. It will help in the expansion of this project alongside Shell (NYSE: SHEL) and ConocoPhillips (NYSE: COP). As such, I could see XOM stock coming into focus at today’s opening bell.
DocuSign Gains Following Expansion Of Global Partnership With Microsoft
At the same time, shares of DocuSign (NASDAQ: DOCU) could be receiving attention in the stock market today. On the whole, this could be thanks to the company’s latest update regarding its partnership network. Diving in, the company is expanding its current global strategic collaboration with Microsoft (NASDAQ: MSFT). As a result, users of Microsoft’s business solutions now have access to a wave of new DocuSign Agreement Cloud integrations. Simply put, joint customers can now prepare, sign, and manage agreements in the cloud through DocuSign.
With the addition of these integrations, enterprise customers can accomplish all this from “practically anywhere,” according to DocuSign. Also, the duo are bolstering existing integrations between DocuSign and Microsoft 365, Dynamics 365, and Power Platform applications. In practice, this serves to better automate contract processes for clients across these Microsoft solutions. With this notable development in mind, DOCU stock could be worth keeping an eye on in the stock market.