Dow Jones Industrial Average Futures Point to Positive Start to Q2

The ETF to Watch as Traders Turn to Europe

by Josh Selway

Published on Apr 3, 2017 at 9:09 AM

Dow Jones Industrial Average (DJIA) futures are cautiously higher ahead of the first day of the second quarter. Stocks will likely take their cues from a busy day of economic data, including updates on the manufacturing sector and construction spending. Traders will also digest a post-close speech from Richmond Fed President Jeffrey Lacker. Most attention, however, will likely be centered around events later in the week, including the Fed's March meeting minutes, President Trump's Thursday meeting with Chinese President Xi Jinping, and Friday's nonfarm payrolls report. Against this backdrop, the Dow and S&P 500 Index (SPX) begin their trek to expand their historic quarterly win streaks. 

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

  • The ETF to watch as traders fall back in love with Europe, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • The blue chip that could be flashing "buy."
  • The auto parts stock that's more than doubled year-over-year.
  • Plus, Tesla set to rally; Macau data could boost WYNN once again; and Accenture hit with a big bear note.

stock futures today

Futures on the Dow Jones Industrial Average (DJIA) are nearly 22 points above fair value.

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 790,248 call contracts traded on Friday, compared to 443,073 put contracts. The resultant single-session equity put/call ratio dipped to 0.56, while the 21-day moving average stayed at 0.64.
  2. Tesla Inc (NASDAQ:TSLA) could be poised to take aim at 2014's record high of $291.42, after the company reported a record 25,000 vehicles delivered for the first quarter. The shares have rallied 3.4% ahead of the open, and TSLA stock is already up over 56% since its November low. 
  3. Wynn Resorts, Limited (NASDAQ:WYNN) is another hot stock that's looking to move higher once again. Specifically, WYNN stock is up roughly 2% in electronic trading, after gambling revenue in Macau rose 18% in March, representing an eighth consecutive monthly increase. Wynn Resorts is already up 32.5% year-to-date, and touched a nearly two-year high of $116.19 last week. 
  4. Shares of consulting firm Accenture Plc (NYSE:ACN) have been pulling back in recent weeks, and more losses are in store today, after Goldman Sachs downgraded the stock to "sell" from "neutral," while also cutting its price target to $110 from $119.88. After hitting a record high of $126.53 on March 22, ACN stock has shed 5.3%. 
  5. The Institute for Supply Management (ISM) manufacturing index and the purchasing managers manufacturing index (PMI) come out today. The earnings docket is relatively quiet, but traders will be able to pick up new Monday-expiring weekly options on the SPX and E-mini SPX futures.

Buzz Stocks April 3

Overseas Trading

Ahead of this week's highly anticipated meeting between Chinese President Xi Jinping and U.S. President Donald Trump, Asian stocks got off to a strong start. Japan's Nikkei jumped 0.4%, though the Bank of Japan's Tankan survey showed sentiment among major manufacturers rose less than expected last quarter. Meanwhile, Toshiba stock sank over 5% amid reports that the conglomerate could delay its earnings report for a third time. Elsewhere, South Korea's Kospi advanced 0.3% and Hong Kong's Hang Seng added 0.6%, with traders weighing Trump's comments that "if China is not going to solve North Korea, we will." While markets on the mainland were shuttered for holiday, China's Caixin manufacturing purchasing managers index (PMI) suggested expansion cooled in March relative to the prior month.

European markets are mixed to start the week, with chemical and basic resources stocks higher, while Britain's Imagination Technologies has suffered a more than 60% drop, after Apple terminated its contract with the chipmaker. Separately, the U.K. manufacturing PMI slipped to its lowest level in eight months in March, but London's FTSE 100 is still clinging to a 0.05% gain.  The German DAX is also slightly higher, up 0.2% on upbeat manufacturing data, but France's CAC 40 was last seen down 0.2%. Traders across the globe are also eyeing developments in St. Petersburg, Russia, where an explosion at a metro station reportedly killed at least 10 people.


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