Global stocks are cheering Abe's election victory in Japan
Dow Jones Industrial Average (DJIA) futures are higher this morning, with the index eyeing a fresh set of record highs. The Dow and S&P 500 Index (SPX) are both looking to extend their daily win streaks to seven. Traders are digesting the latest round of corporate earnings, and global stocks are higher after Japanese Prime Minister Shinzo Abe won a snap election. Traders are also giddy over the increased prospects that President Donald Trump’s administration will be able to push on with tax cuts, after the Senate's budget blueprint was passed last week. Elsewhere, with no major Fed speakers on tap today, talk could turn to who Trump will select for the position of Fed Chair.
Continue reading for more on today's market, including:
- The buyers' guide to choosing options.
- Option bulls are banking big on Box stock.
- Strong earnings powered this stock to a record high.
- Plus, options volume spikes; JPMorgan Chase unveils a new app; and AT&T Inc files for an extension.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1,356,600 call contracts traded on Friday, compared to 816,522 put contracts. It was the most calls and puts traded since Nov. 10, just after the U.S. presidential election. The single-session equity put/call ratio fell to 0.60, while the 21-day moving average fell to 0.65.
- Apple Inc. (NASDAQ:AAPL) has been plagued by concerns about iPhone 8 and iPhone X production. To combat these issues, contract electronics manufacturer Foxconn will reportedly be holding a meeting with Apple executives to discuss production problems. AAPL stock is up 0.4% before the bell.
- JPMorgan Chase & Co. (NYSE:JPM) today will be launching a smartphone app that will allow users to set up online bank accounts live. JPM stock is up 0.2% in electronic trading, and coming off a successful week that saw the purchase of online payment platform WePay.
- This morning, AT&T Inc (NYSE:T) filed a merger termination date extension with the Securities and Exchanges Commission (SEC) over its deal to buy Time Warner Cable Inc (NYSE:TWX). The telecom stock needs extra time for financial regulatory approval. T stock is down 16% year-to-date.
- The week starts off slow today, with a bare economic calendar. Kimberly-Clark (KMB), Knoll (KNL), Owens-Illinois (OI), Seagate Technology (STX), V.F. Corp (VFC), Whirlpool (WHR), and Zions Bancorp (ZION) will report earnings.
Japan’s Nikkei again stole the show in Asia, as the index rallied to a 15th straight win after Prime Minister Shinzo Abe’s ruling coalition won a snap election over the weekend. By the close, the index was up another 1.1%. Gains from other Asian benchmarks were limited, though. In South Korea, the Kospi squeaked out a 0.02% win. And in China, the Shanghai Composite added just 0.1%, while Hong Kong’s Hang Seng fell 0.6%, as bank stocks underperformed.
Over in Europe, stocks have shown strength so far today. Many investors are likely already preparing for Thursday’s monetary policy announcement from the European Central Bank (ECB). Today, though, it’s been healthcare stocks that have outperformed, while a reading on business optimism in the U.K. disappointed. Still, the FTSE 100 is up 0.2% so far, while the DAX has gained 0.4% in Germany, and the French CAC 40 is sporting a 0.5% lead.