Dow Jones Industrial Average Futures Up Ahead of Apple Earnings

A key Fed inflation indicator rose 1.5% in June from this time last year

Karee Venema
Aug 1, 2017 at 9:30 AM
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Dow Jones Industrial Average (DJIA) futures are trading well above fair value, as the blue-chip index edges closer to the 22,000 millennium mark. A pre-earnings lift for Apple is providing tailwinds for Dow stocks, with the iPhone maker set to report earnings after tonight's close. Ahead of this, Wall Street is digesting June's personal consumption expenditure (PCE), which jumped 1.5% year-over-year, while consumer spending edged up 0.1% from May. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are higher, too, with the U.S. stock market signaling a strong start to August.

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

us stock market futures august 1

5 Things You Need to Know Today
  
  1. The Chicago Board Options Exchange (CBOE) saw 802,355 call contracts traded on Monday, compared to 497,551 put contracts. Both the single-session equity put/call ratio and the 21-day moving average arrived at 0.62.
  2. Under Armour Inc (NYSE:UAA) reported a smaller-than-expected second-quarter loss of 3 cents per share on $1.1 billion in revenue. However, UAA stock is set to open with a 2.6% drop after running headlong into key technical resistance on Monday, as the athletic apparel name lowered its full-year sales forecast and unveiled a restructuring plan -- which includes layoffs. 
  3. Shopify Inc (NYSE:SHOP) said its second-quarter revenue grew 75% to $151.7 million, while the e-tailer's adjusted net loss arrived at a slimmer-than-forecast 1 penny per share. After closing last night at $92.37, SHOP stock is up 11.6% in electronic trading, on track to open at a record high.
  4. Pandora Media Inc. (NYSE:P) reported a smaller-than-forecast adjusted second-quarter loss of 21 cents per share on $376.8 million in revenue. A downwardly revised full-year revenue forecast and round of bearish brokerage notes is weighing on the streaming music stock, though, with Pandora shares set to open 2.8% lower.
  5. Markit's PMI, ISM's manufacturing composite index, auto sales, and construction spending are due today. Honda Motor (HMC), IDEXX Laboratories (IDXX), Illumina (ILMN), Incyte (INCY), Lumber Liquidators (LL), Mazor Robotics (MZOR), Phillips 66 (PSX), Radian Group (RDN), and Royal Caribbean Cruises (RCL) are some other names reporting earnings today. 

Buzz Stocks for Aug 1, 2017

Overseas Trading

It was a positive session for stocks throughout Asia, thanks to upbeat economic and earnings data. Most notably, Chinese equities got a lift from better-than-expected manufacturing data in the region, helping the Shanghai Composite and Hang Seng to respective gains of 0.6% and 0.8%. In Japan, investors responded to strong earnings from several high-profile companies, such as Honda and Sony. This resulted in a 0.3% gain for the Nikkei. Rounding out the region, South Korea's Kospi enjoyed a 0.8% gain.

It's also turning out to be a risk-on session in Europe. Impressive earnings from BP PLC and Rolls-Royce are headlining the action, as both stocks move higher at midday. Traders are also digesting a rise in manufacturing activity for the U.K. in July. Against this backdrop, the German DAX and French CAC 40 are both sporting gains of 0.5%, while the FTSE 100 is up 0.6%.


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