Dow Jones Industrial Average Futures Gain as Earnings Pour In

What This Rare Sentiment Signal Means for Stocks

Apr 19, 2017 at 9:02 AM
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Following the latest round of corporate earnings, Dow Jones Industrial Average (DJIA) futures are indicating a higher open for stocks. Although blue chip IBM Corp. (NYSE:IBM) is set to open lower after lackluster quarterly results, banking giant Morgan Stanley (NYSE:MS) is getting a pre-market boost thanks to a first-quarter earnings beat. On the economic front, the Fed's Beige Book will be released this afternoon, while oil prices could also be in focus with the latest update on domestic crude inventories set for release this morning. Against this backdrop, the Dow looks poised to pare yesterday's triple-digit decline. 

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

  • What this rare sentiment signal could mean for stocks, according to Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Inside the $1.35 million options hedge on the SPDR S&P 500 ETF Trust (SPY). 
  • Behind the record-high long positions in silver ahead of a historically bearish time of year. 
  • Plus, 3 stocks set to gain following impressive earnings reports. 

stock futures today

Futures on the Dow Jones Industrial Average (DJIA) are 27.7 points above fair value. 

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 687,485 call contracts traded on Tuesday, compared to 429,472 put contracts. The resultant single-session equity put/call ratio dipped to 0.62, while the 21-day moving average stayed at 0.66.
  2. Abbott Laboratories (NYSE:ABT) is looking at a 2.4% rise this morning, thanks to strong first-quarter sales. ABT stock has been strong in 2017, and today's expected move could put the shares within striking distance of their annual high of $45.84 from March 10. 
  3. Lam Research Corporation (NASDAQ:LRCX) is also posting pre-market gains after the company's earnings report, on pace to add 5.2%. This would have the shares of the semiconductor machinery expert trading at fresh record highs. As of Tuesday's close at $127.43, LRCX stock was already up 55% year-over-year. 
  4. Rounding out the earnings winners is da Vinci parent Intuitive Surgical, Inc. (NASDAQ:ISRG). The stock is eyeing a 4% jump, thanks to an impressive first-quarter earnings report and a round of subsequent price-target hikes. ISRG stock has been a long-term winner, hitting a fresh record high of $775.91 on April 5, before closing last night at $759.34. 
  5. American Express (AXP), Abbott Laboratories (ABT), Canadian Pacific (CP), CSX (CSX), eBay (EBAY), Qualcomm (QCOM), Steel Dynamics (STLD), TD Ameritrade (AMTD), and United Rentals (URI) make up the earnings slate today.


Buzz Stocks April 19

Overseas Trading

Asian stocks generally struggled, led lower by mining and financial shares, amid an escalating war of words between the U.S. and North Korea. Specifically, American Vice President Mike Pence warned the rogue state that "the sword stands ready," in the event of any conventional or nuclear attacks. Diving into the indexes, South Korea's Kospi lost 0.5% and Hong Kong's Hang Seng slipped 0.4%, while China's Shanghai Composite tumbled 0.8% to a two-month low, after the People's Bank of China strengthened the yuan. Bucking the bearish trend was Japan's Nikkei, which managed a 0.1% advance.

European markets are largely in the black, as investors react to the latest round of corporate earnings reports, and news that the eurozone's core inflation clocked in above expectations in March. Germany's DAX and France's CAC 40 have each tacked on about 0.3%, at last check. However, London's FTSE 100 is sitting out the rally, retreating 0.3% as the sterling rose to a six-month high -- as traders anticipate the U.K.'s June 8 snap election will strengthen Prime Minister Theresa May's parliamentary majority, translating into a softer Brexit.


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