DJIA futures trading slightly above fair value amid the latest round of earnings
Dow Jones Industrial Average (DJIA) futures are signaling a positive start for stocks, as
high-profile earnings reports continue to roll in. While a disappointing outlook has Intel Corporation (NASDAQ:INTC) moving lower, Morgan Stanley (NYSE:MS) is eyeing a higher post-earnings start -- making it the latest in a
long line of big banks to impress in the earnings booth. Outside of earnings, traders are digesting a 9% drop in housing starts in September, and a slew of Fed speeches will sandwich the afternoon release of the Fed's Beige Book.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are 22.1 points above fair value.
5 Things You Need to Know Today
- Global stocks are mixed after the latest data out of China.
- The Chicago Board Options Exchange (CBOE) saw 654,468 call contracts traded on Tuesday, compared to 451,936 put contracts. The resultant single-session equity put/call ratio rose to 0.69, while the 21-day moving average increased to 0.67.
- INTC is set to lose 4.8% at the open, as a downbeat outlook overshadows a third-quarter earnings beat. This comes after upbeat revenue guidance lifted the stock just a month ago. Based on today's expected move, though, the shares will still sit above the $35-$36 area, which previously acted as resistance and may now serve as support.
- Oil-and-gas services provider Halliburton Company (NYSE:HAL), on the other hand, is on the rise this morning, after the company posted a surprise quarterly profit. The stock was already up 38.3% in 2016 as of Tuesday's close at $47.07, thanks in part to an M&A-related boost earlier in the year.
- Yahoo! Inc. (NASDAQ:YHOO) is up 1.2% in pre-market trading, after the company delivered solid third-quarter numbers. In the earnings call, CEO Marissa Mayer attempted to ease concerns following news of the company's huge data breach, which some thought could cause Verizon Communications Inc. (NYSE:VZ) to walk away from buying YHOO's core business.
Earnings and Economic Data
Weekly crude inventories and speeches from San Francisco Fed President John Williams and Dallas Fed President Robert Kaplan are also on today's docket. American Express (AXP), Citrix Systems (CTXS), eBay (EBAY), Mattel (MAT), Reynolds American (RAI), Seagate Technology (STX), St. Jude Medical (STJ), Steel Dynamics (STLD), and Xilinx (XLNX) are among the companies in the earnings lineup. To see what else is on this week's schedule, click here.
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