Another win today would make it nine in a row for the tech-heavy COMP
Dow Jones Industrial Average (DJIA) futures are trading just above fair value, following yesterday's earnings-induced slide. Today's muted pre-market action comes even with Dow stock IBM trading nearly 3% lower after Big Blue's revenue miss. Stock traders are also digesting a strong reading on June housing starts and permits, while August-dated crude futures are trading up 0.2% at $46.50 per barrel ahead of this morning's domestic inventories update.
Futures on the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also higher, putting both indexes on track to open around record highs. Another win today would make it nine in a row for the tech-heavy COMP -- extending its longest stretch of consecutive gains since early 2015.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White reveals when size matters with it comes to the Nasdaq winning streak.
- QUALCOMM stock's negative earnings history isn't scaring off options bulls.
- Implied volatility ramped up as Chipotle shares spiraled.
- Plus, Morgan Stanley shares jump after earnings; and while this drug stock is up 27% on solid data, its rival is eyeing a steep drop at the open.

5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 911,208 call contracts traded on Tuesday, compared to 561,487 put contracts. Both the single-session equity put/call ratio and the 21-day moving average arrived at 0.62.
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Morgan Stanley (NYSE:MS) reported per-share earnings of 87 cents for the second quarter, topping analysts' estimates. In addition, the company's quarterly sales beat expectations, and the firm upped its dividend by 25%. As a result, MS stock is headed for a gain of 3.4% out of the gate -- breaking the recent string of poorly received bank earnings -- and could test resistance in the $47 area, home to the stock's post-financial crisis highs. MS closed Tuesday at $45.14.
- Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) said three combinations of its cystic fibrosis treatment showed significant improvements in the lung function of patients. As a result, no fewer than three brokerage firms upgraded VRTX stock, with even more lifting their price targets. After closing yesterday at $132.16, VRTX shares are pointed 27% higher in pre-market trading, and will likely assail record heights.
- On the other hand, Vertex rival Galapagos NV (ADR) (NASDAQ:GLPG) is reeling after the upbeat drug data. GLPG shares are pointed 6.3% lower ahead of the bell, and Morgan Stanley analysts added salt to the proverbial wound, cutting their price target on the stock to $87 from $93. GLPG finished at $77.49 on Tuesday, down 13.2% over the past three months.
- The regularly scheduled crude inventories update will hit the Street today. American Express (AXP), Alcoa (AA), Canadian Pacific (CP), Kinder Morgan (KMI), QCOM, Sarepta Therapeutics (SRPT), Steel Dynamics (STLD), T-Mobile (TMUS), and United Rentals (URI) are scheduled to report earnings.

Overseas Trading
Asian stocks closed higher today, as a record close for the tech-heavy COMP in the U.S. fueled investor sentiment. China's Shanghai Composite added 1.4% and Hong Kong's Hang Seng rose 0.6%, as financial and energy shares surged. Elsewhere in the region, South Korea's Kospi tacked on 0.2%, while Japan's Nikkei edged up 0.1% as the Bank of Japan (BoJ) kicked of its two-day policy-setting meeting.
Stocks are on the rise in Europe, thanks to a round of well-received earnings reports -- including ones from Swedish appliance name Electrolux and Dutch chipmaker ASML Holding. The European Central Bank (ECB) is also in focus, with its two-day policy meeting beginning today. At last check, London's FTSE 100 is up 0.3%, the French CAC 40 is flirting with a 0.2% lead, and the German DAX has edged 0.02% higher.