DJIA Futures: +80 (+0.2%)
SPX Futures: +15 (+0.3%)
NASDAQ Futures: +85 (+0.5%)
Good morning friends!
Futures are up as the S&P 500 looks set to build upon new all-time highs.
Let’s get right to it!
The S&P 500 is rising to start the new week of trade after hitting a new all-time high on Friday.
The index broke both its intraday and closing records from January 2022 during the last session, confirming Wall Street is in a bull market that started in October 2022.
Now traders are looking ahead to some important earnings and economic data releases this week.
On the earnings calendar, Netflix (NFLX) reports after the close Tuesday, Tesla (TSLA) reports after the close Wednesday, Intel (INTC) reports Thursday, and more big companies are sprinkled in between.
For economic data, the first estimate of Q4 GDP growth will be released Thursday morning while the Fed’s preferred inflation gauge, the PCE price index will be out Friday morning.
This is the final inflation data to be released before the Fed’s first meeting of the year next week.
Macy’s (M) shares are up 1.9% in premarket trade after the retailer rejected a private takeover offer.
The company rejected a $5.8 billion proposal from Arkhouse Management and its partner Brigade Capital Management, citing concerns over deal financing and valuation.
The investment firms submitted the proposal last month to acquire the Macy’s shares they don’t already own for $21 per share.
Arkhouse said the see “the potential for a meaningful increase to the original proposal if we are granted access to the necessary due diligence.”
But Macy’s said the offer was not financially attractive or credible enough to grant that access.
Spirit Airlines (SAVE) shares are up 3.9% with JetBlue Airways (JBLU) shares slipping 0.4% ahead of the open after the companies said they would appeal a judge’s ruling to block their proposed merger.
A federal judge blocked JetBlue’s proposed deal to acquire Spirit for $3.8 billion last Tuesday on antitrust grounds, saying removing Spirit from the market would create higher prices for customers.
JetBlue said it was appealing the decision “consistent with the requirements of the merger agreement.”