Dow Jones Industrial Average Futures Signal Higher Open

The Stock Crushing Short Sellers

Jul 10, 2017 at 9:09 AM
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Dow Jones Industrial Average (DJIA) futures are trading slightly above fair value this morning. Following last week's impressive jobs data, investors will now turn their attention to Fed Chair Janet Yellen's congressional testimony, which begins on Wednesday, while preparing for second-quarter earnings season. In the meantime, the tech sector is showing signs of life, lifting the Nasdaq-100 Index (NDX) ahead of the opening bell, with semiconductor stocks set to lead the charge. Oil prices will likely remain in focus, too, with August-dated crude futures down 0.7% at $43.93 per barrel. 

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

  • Detailing the massive demand for AMD call options
  • This stock's sudden surge is crushing short sellers
  • Tesla stock is higher in electronic trading, set to widen Friday's bounce.
  • Plus, PayPal stays hot; the drug stock extending its recent sell-off; and OCUL remains under pressure. 

stock futures today

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 895,055 call contracts traded on Friday, compared to 586,846 put contracts. The single-session equity put/call ratio rose to 0.66, and the 21-day moving average moved stayed at 0.64.
  2. Paypal Holdings Inc (NASDAQ:PYPL) is among the pre-market winners this morning. The shares are trading 1.5% higher, following an upgrade to "outperform" from "market perform" at Bernstein, which also upped its price target to $61 from $46. Today's pre-market upside has PYPL stock within striking distance of its June 9 all-time high of $55.14. 
  3. One stock trading lower in electronic trading is drugmaker Cara Therapeutics Inc (NASDAQ:CARA), as its recent sell-off is set to continue. CARA shares are down 0.8% ahead of the open, putting the stock on pace for its lowest open since January 25. 
  4. Ocular Therapeutix Inc (NASDAQ:OCUL) is also getting hit in electronic trading. Shares of the biopharmaceutical issue are set to open 6% lower, amid no apparent news. OCUL stock suffered steep losses on Friday, but could find support near the $6.50 -- an area that contained its late-January pullback. 
  5. The May consumer credit report comes out today. Additionally, San Francisco Fed President John Williams will speak in Sydney, Australia. Earnings reports from Barracuda Networks (CUDA), Helen of Troy (HELE), and WD-40 (WDFC) are also expected. 

Buzz Stocks July 10

Overseas Trading

Asian markets closed mostly higher today, bolstered by Friday's stronger-than-forecast U.S. jobs growth. Traders in Tokyo shrugged off a surprise downturn in core machinery orders as a softer yen supported exporters, with the Nikkei rising 0.8% to settle back above 20,000. Over in Hong Kong, Wanda Hotel shares vaulted higher after striking a deal to sell dozens of properties to China's Sunac, while Orient Overseas rallied sharply on a $6.3 billion buyout bid from Cosco Shipping. The Hang Seng tacked on 0.6% -- but over on the Chinese mainland, the Shanghai Composite slipped 0.2% after in-line inflation data. Rounding out the regional action, South Korea's Kospi finished the day little changed, up 0.09%.

Stocks in Europe are mixed at midday. Following the conclusion of last weekend's G-20 summit, traders are now turning their attention to a meeting of eurozone finance ministers in Brussels. Germany's DAX is up 0.4% at last check, with Frankfurt's main bourse leading the charge higher after surprisingly robust trade data for May. Elsewhere, France's CAC 40 has climbed 0.1%, and London's FTSE 100 is 0.04% lower.


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