Dow Jones Industrial Average Futures Pop on Jobs Friday

Buy the Dip On These 2 Metals Stocks

Mar 10, 2017 at 9:04 AM
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Dow Jones Industrial Average (DJIA) futures are well above fair value, pointing to a strong start for the day. The index made an eleventh-hour comeback Thursday to snap a three-day losing streak, but is still on pace to finish the week in the red. This morning, stocks are reacting to the crucial nonfarm payrolls report, which showed a whopping 235,000 jobs created in February, blasting past the 190,000 predicted, while the unemployment rate fell to 4.7%. The strong jobs report makes an interest rate hike at next week's Fed meeting all but certain.

Continue reading for more on today's market, including:

  • Recent history suggests you should buy the dip on these 2 mining stocks. 
  • Uncertain of where stocks will go next? It may be time to consider trading options.
  • The retail stock that spiraled over 30% after earnings.
  • Plus, El Pollo Loco slides, Zumiez earnings fall short, and Ulta guidance fails to impress. 

Dow Futures March 10

Futures on the Dow Jones Industrial Average (DJIA) are nearly 90 points above fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 735,507 call contracts traded on Thursday, compared to 526,787 put contracts. The resultant single-session equity put/call ratio jumped to 0.72, while the 21-day moving average remained at 0.62.
  2. Restaurant chain El Pollo LoCo Holdings, Inc. (NASDAQ:LOCO) reported earnings just below analysts' expectations, inspiring Morgan Stanley to lower its price target on the stock. The shares are down 4.4% ahead of the bell, but that's a minute loss compared to what options traders have been expecting.
  3. A per-share earnings beat couldn't save retailer Zumiez Inc. (NASDAQ:ZUMZ), which also reported a disappointing current-quarter outlook, sending the stock down 14.8% in electronic trading. No fewer than four brokerage firms have already lowered their price targets on ZUMZ, which could finish below the $18 mark and the 50-week moving average for the first time since September, should these losses materialize. 
  4. Makeup supplier Ulta Beauty Inc (NASDAQ:ULTA) is set to drop 2.8% at the open, as lackluster current-quarter guidance overshadows a quarterly earnings beat. Jefferies subsequently cut its price target on the stock to $266 from $270, which represents a steeper discount to ULTA's closing price of $273.77 on Thursday. ULTA has nonetheless been a long-term outperformer, notching a record high of $281.16 on March 6. 
  5. This week will wrap up with the release of the Treasury budget, while Hibbett Sports (HIBB) and Vail Resorts (MTN) will polish off the week's earnings results. Next week, traders will fix their attention on the Federal Open Market Committee's (FOMC) policy meeting.

Buzz Stocks March 10

Overseas Trading

Stocks in Asia closed mostly higher, as traders awaited today's jobs data out of the U.S. The gains came despite political uncertainty out of South Korea, with President Park Geun-hye's impeachment upheld by the Constitutional Court. Still, the Kospi added 0.3%. Hong Kong's Hang Seng also added 0.3%, though China's Shanghai Composite shed 0.1%. Japan's Nikkei was the best performer in the region, rising 1.5%, as the yen weakened and financial stocks rallied.

European stocks are higher at midday, as investors continue to digest yesterday's decision from the European Central Bank (ECB) to leave interest rates unchanged. Bank stocks, in particular, are enjoying a big day, while rising oil prices are also adding to the upbeat outlook -- with energy shares among the top gainers thus far. Elsewhere, U.K. Prime Minister Theresa May told reporters that "Brexit" negotiations will begin this month. London's FTSE 100, France's CAC 40, and Germany's DAX were all 0.6% higher at last check.

Stay on top of breaking stock market news with Schaeffer's Midday Market Check.

 

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