Dow Jones Industrial Average Futures Higher Despite U.K. Election Surprise

The Worst May Not Be Over for This Nasdaq Stock

Jun 9, 2017 at 9:12 AM
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Dow Jones Industrial Average (DJIA) futures are trading above fair value, after the blue-chip index hit a record high in Thursday's session. The stock market is brushing off the unexpected results of the U.K. election, which created a hung parliament -- and the lack of a Conservative party majority could put a crimp in Prime Minister Theresa May's plans for a hard Brexit. Meanwhile, it could be a big day for bank stocks, after the U.S. House yesterday voted on a bill that would overhaul Dodd-Frank. Heading into today's trading, the Dow is staring at a 0.1% week-to-date deficit.

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

  • Why yesterday's worst Nasdaq stock could be at risk for more losses.
  • Using cover stories as "buy" or "sell" signals for stocks.
  • In case you missed it, the 25 best stocks for Fed weeks.
  • Plus, NVIDIA takes aim at new highs; the drug stock facing sharp losses; and Pandora gets a $480 million boost.

stock market futures june 9

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 1.06 million call contracts traded on Thursday, compared to 578,765 put contracts. The single-session equity put/call ratio fell to 0.55, and the 21-day moving average remained at 0.61.
  2. NVIDIA Corporation (NASDAQ:NVDA) saw its price target hiked to $140 from $110 at Susquehanna, though still far below last night's close at $163.72. NVDA stock is up 2.3% in electronic trading, on track to open at a record high.
  3. The Food and Drug Administration (FDA) has asked Endo International plc - Ordinary Shares (NASDAQ:ENDP) to remove its pain treatment, Opana ER, from the market amid a growing U.S. opioid abuse crisis. A downgrade from Stifel and pair of price-target cuts followed, with ENDP stock down 12% ahead of the bell.
  4. Confirming recent reports, Pandora Media Inc (NYSE:P) said it will receive a $480 million investment from Sirius XM Holdings Inc. (NASDAQ:SIRI). The news appears to have already been priced into Pandora stock, though, which is just modestly higher in pre-market trading.
  5. Wholesale inventories and the weekly Baker-Hughes rig count will be released today, while. Ferrellgas Partners (FGP) will report earnings. Looking ahead, all eyes are on the Fed.

Buzz Stocks June 9

Overseas Trading

Most Asian stock indexes closed higher, as investors considered the surprising election results out of the U.K. Japan's Nikkei rallied back atop the 20,000 level, adding 0.5%, with shares of SoftBank Group surging on news it's acquiring two robotics companies from Alphabet. In China, the Shanghai Composite climbed 0.3%, though inflation data for May was softer than expected. South Korea's Kospi also had a big day, rising 0.8%. Meanwhile, the Hang Seng dipped 0.1%.

Stocks are also on the rise in Europe despite the recent political bombshells. Prime Minister Theresa May this morning said the Conservative Party will work closely with opposing parties to bring certainty to Brexit discussions. Meanwhile, Labour Party leader Jeremy Corbyn called on May to step down. London's FTSE 100 is leading the charge so far, up 0.4% with the pound sharply lower, while the German DAX has added 0.3% and France's CAC 40 is up 0.2%. 


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