Dow futures are pointing to a higher open this morning
Dow Jones Industrial Average (DJIA) futures are trading above fair value, as traders consider the latest earnings and economic data. Most notably,
Facebook Inc (NASDAQ:FB) and
Tesla Inc (NASDAQ:TSLA) are both moving lower after last night's earning releases. Meanwhile, weekly jobless claims were lower than expected, with 238,000 people filing for unemployment benefits this past week, though U.S. productivity fell at the fastest pace in a year in the first quarter. Stock traders may also be watching oil prices this morning, with June-dated crude futures down another 2% at $46.87 per barrel, and keeping an eye on Washington, D.C., as the House plans to vote on a repeal of Obamacare just weeks after pulling the
healthcare bill from the floor.
Continue reading for more on today's market, including:
- Options traders are watching this European ETF ahead of the French election.
- Why Etsy Inc (NASDAQ:ETSY) got crushed.
- The federal raid that sank this drug stock.
- Plus, Fitbit kicks it into gear; Dunkin sales disappoint; and Square keeps rolling.
Futures on the Dow Jones Industrial Average (DJIA) are 41 points above fair value.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 907,589 call contracts traded on Wednesday, compared to 623,196 put contracts. The resultant single-session equity put/call ratio moved up to 0.69, while the 21-day moving average stayed at 0.67.
- Wearable tech stock Fitbit Inc (NYSE:FIT) is up 8.5% in pre-market trading, putting the shares on pace for their highest open since March 1. This comes after the company's first-quarter revenue flew past estimates, while also saying all its planned product launches for this year were still on schedule. Still, FIT stock has a lot of ground to make up, since it was trading near $15 this time last year, closing yesterday at $5.68.
- Weak same-store sales for the first quarter has shares of Dunkin Brands pointed lower ahead of the open, with CEO Nigel Travis citing an "increasingly challenging environment for retail and restaurants." DNKN stock has performed well over the past year, though, gaining 21%, and hitting a record high back in March.
- Payment specialist Square Inc (NYSE:SQ) looks ready to continue its strong push up the charts, with the shares adding 4.2% ahead of the open. The company posted stronger-than-expected results for a second straight quarter, and SQ stock should now open at record-high levels. The shares closed last night at $18.28, meaning they've more than doubled in value since their 52-week low of $8.42 from June, and analysts see more upside ahead, evidenced by the number of price-target hikes that came through this morning.
- Activision Blizzard (ATVI), CBS Corp (CBS), Chesapeake Energy (CHK), Consolidated Edison (ED), Gogo (GOGO), Herbalife (HLF), Infinera (INFN), Kellogg (K), Monster Beverage (MNST), Shake Shack (SHAK), Viacom (VIAB), and World Wrestling Entertainment (WWE) are some other names on the earnings calendar. Factory orders are also due out today.
Overseas Trading
Most Asian stocks finished a low-volume session in negative territory, with markets in Japan closed for holiday. In China, the Shanghai Composite gave back 0.3%, amid a sharp drop in iron ore futures and following April's dismal Caixin services purchasing managers index (PMI). Hong Kong's Hang Seng shed 0.05%. South Korea's Kospi bucked the trend lower, though, adding 1% to settle at a record high.
European benchmarks are higher at midday, brushing off a sector-wide sell-off in mining stocks thanks to a well-received batch of corporate earnings. Among the big winners are bank stock HSBC and energy name Royal Dutch Shell. At last check, London's FTSE 100 is up 0.3%, the German DAX is flirting with a 0.8% lead, and the French CAC 40 has jumped 1% after centrist Emmanuel Macron was largely declared the victor in last night's presidential debate against far-right opponent Marine Le Pen.