DJIA futures are pointing to a triple-digit lead at the open, as stocks continue to climb after an Election Day surprise
Dow Jones Industrial Average (DJIA) futures are more than 100 points above fair value, pointing to a
fourth straight day of substantial gains and record intraday highs for the large-cap index. Stocks are settling in after Tuesday night's election surprise, with anxiety generally easing, despite ongoing anti-Trump protests in some major cities. Meanwhile, traders are digesting weekly jobless claims that came in slightly lower than expected, at 254,000 -- down 11,000 for the week.
Continue reading for more on today's market, including:
Futures on the Dow Jones Industrial Average (DJIA) are 111 points above fair value.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1,133,177 call contracts traded on Wednesday, compared to 695,764 put contracts. The resultant single-session equity put/call ratio dropped to 0.61, while the 21-day moving average stayed flat at 0.69.
- After reporting earnings and revenue that topped expectations, TASER International, Inc. (NASDAQ:TASR) added 8.5% in pre-market trading. While some of Wednesday's call buyers may be applauding the news, a broader batch of bears could be kicking rocks.
- Drugmaker AstraZeneca plc (ADR) (NYSE:AZN) is down 4.7% ahead of the bell, after reporting disappointing quarterly revenue. The company cited lower sales for its leading cholesterol drug, due to the emergence of several generics in the market.
- After popping on Wednesday, Twitter Inc (NYSE:TWTR) is on track to open 2.3% lower, perhaps to the delight on some remaining option bears. The company reported last night the departure of COO Adam Bain, who is set to be replaced by Twitter CFO Anthony Noto.
- St. Louis Fed President Jame Bullard is set to speak this morning, while the Treasury Budget will be released later in the day. Dow component Walt Disney (DIS), Kohl's (KSS), Macy's (M), Michael Kors (KORS), Nordstrom (JWN), NVIDIA (NVDA), and Sunrun (RUN), are among the stocks on the earnings docket.
Overseas Trading
Asian stocks finished higher, reversing yesterday's losses, as stocks reassessed the results of the U.S. presidential election. Japan's Nikkei made the most dramatic move, finishing 6.7% higher -- its biggest one-day percentage gain since Feb. 15 -- as a cooling yen boosted exporters. China's Shanghai Composite ended up 1.4%, as the yuan tapped a six-year low against the U.S. dollar. Meanwhile, South Korea's Kospi added 2.3%, and Hong Kong's Hang Seng rose 1.9%.
European stocks are trading mostly higher at midday, as insurance, bank, and basic resource stocks rally in the wake of Donald Trump's win. The French CAC 40 is up 0.6%, while Germany's DAX has seen a 0.5% lift. London's FTSE 100 is the lone loser, giving up its early gains to trade 0.1% lower.
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