Dow Jones Industrial Average Futures Trade Lower After Trump's Dollar Remarks

The Tech Stock Surging 25% Ahead of the Bell

Apr 13, 2017 at 8:56 AM
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Dow Jones Industrial Average (DJIA) futures are trading below fair value this morning, with the Dow in danger of posting a third straight loss ahead of the long Easter weekend. The dollar is also trading lower this morning, after President Trump said Wednesday the currency was "getting too strong." Traders are also digesting strong earnings from Dow component JPMorgan Chase & Co. (NYSE:JPM), though fellow bank stock Wells Fargo & Co (NYSE:WFC) is set to open lower following its quarterly results. In economic news, weekly jobless claims beat expectations yet again at 234,000. Still, stocks would need a convincing win today to erase their weekly losses. 

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

  • How China sent United States Steel stock to the short-sale restricted list. 
  • The FDA news that boosted this biotech stock by nearly 25%. 
  • Why Fitbit stock continues to sell off. 
  • Plus, JPMorgan's impressive quarter; Apple's secret team; and the tech stock up 25% pre-market. 

stock futures today

Futures on the Dow Jones Industrial Average (DJIA) are almost 32 points below fair value. 

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 633,668 call contracts traded on Wednesday, compared to 439,276 put contracts. The resultant single-session equity put/call ratio fell to 0.69, while the 21-day moving average moved down to 0.64.
  2. JPMorgan stock is pointed 0.6% higher in electronic trading, after the company's first-quarter profit and revenue topped expectations. JPM shares are already up almost 39% year-over-year, and could stand to benefit further from bullish analyst attention
  3. Apple Inc. (NASDAQ:AAPL) is edging lower ahead of the open, amid a report from CNBC that the company has formed a secret team to find ways to treat diabetes. Elsewhere, an analyst at RBC said it'd be "logical" for Apple to buy Walt Disney Co (NYSE:DIS). 
  4. Looking at the top pre-market moves, fiber optics specialist Applied Optoelectronics Inc (NASDAQ:AAOI) is set to jump 25%, thanks to the company's better-than-expected preliminary first-quarter results. In response, Cowen and Company and Craig-Hallum raised their respective price targets to $75 and $70, representing expectations for a move into record-high territory. AAOI stock has pulled back sharply from its peak at $60.19 in late March, but at $40.82, still boasts a 151% 12-month advance. 
  5. The PPI and the Thomson Reuters/University of Michigan consumer sentiment survey also come out today. Looking to next week, Netflix stock highlights the first full week of earnings season. 

     

stocks on the move premarket april 13

Overseas Trading

Asian markets were mixed today, as traders reacted to comments from President Trump. Specifically, the U.S. commander-in-chief's remark that the dollar is "too strong" lifted the yen to a five-month high against the dollar, pressuring Japan's Nikkei to a 0.7% loss. On the other hand, Trump's pledge not to label China a currency manipulator boosted the Shanghai Composite almost 0.1%, with mainland stocks also getting help from a much larger-than-expected increase in exports last month, returning the nation to a trade surplus. Elsewhere, South Korea's Kospi popped 0.9% after the Bank of Korea kept interest rates at current levels, while Hong Kong's Hang Seng retreated 0.2%.

Across the pond, stocks in Europe are slumping ahead of the Good Friday holiday, with travel and bank shares sinking. Trump's comments on his preference for low interest rates and a weaker dollar -- which represent a reversal from his campaign rhetoric -- have also stoked uncertainty about his administration's agenda, adding to the pressure. At last check, London's FTSE 100 has dropped 0.5%, France's CAC 40 is down 0.6%, and the German DAX has given back 0.3%.

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