Dow Set to Resume Climb as Traders Hone In on Jackson Hole

The central bank summit and retailer earnings will be in focus today

Aug 24, 2017 at 9:20 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJIA) is set to pare yesterday's losses, as the highly anticipated central bank summit in Jackson Hole, Wyoming, takes center stage. Fed Chair Janet Yellen and European Central Bank President Mario Draghi are expected to speak tomorrow. Stocks are also reacting to a mostly upbeat round of retailer earnings, and digesting a slimmer-than-expected rise in weekly jobless claims. Traders are now awaiting the release of existing-home sales data, which follows yesterday's surprise drop in new home sales. Futures on the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also signaling a positive open.

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

Stock Futures August 24

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 702,663 call contracts traded on Wednesday, compared to 406,253 put contracts. The single-session equity put/call ratio jumped to 0.58, and the 21-day moving average remained at 0.71.
  2. Shares of Signet Jewelers Ltd. (NYSE:SIG) are up 17.6% in pre-market trading, after the company reported better-than-expected second-quarter earnings and a rise in quarterly sales. The diamond jewelry company also announced plans to acquire R2Net, owner of, to improve customers' integrated shopping experience. 
  3. Although the apparel and accessory brand gave mixed current-quarter guidance, Guess?, Inc. (NYSE:GES) stock is up 14.2% in electronic trading, after the company reported second-quarter earnings that nearly doubled estimates and better-than-expected revenue. As such, Jefferies and Telsey Advisory Group issued price-targets hikes for GES, to $13 and $15, respectively. GES closed Wednesday at $12.48, and today could flirt with post-election highs.
  4. Better-than-expected second-quarter earnings has Dollar Tree, Inc. (NASDAQ:DLTR) stock up 9% in pre-market trading. The discount retailer's revenue also topped estimates, and the firm raised its full-year forecast.
  5. Markit's flash composite purchasing managers index (PMI) will hit the Street today. A slew of companies will report earnings, including Abercrombie & Fitch (ANF), Autodesk (ADSK), Broadcom (AVGO), Hormel Foods (HRL), J.M. Smucker (SJM), Gamestop (GME), Marvell (MRVL), Seadrill (SDRL), Splunk (SPLK), Tiffany (TIF), Veeva Systems (VEEV), and VMware (VMW).

Buzz Stocks August 24

Overseas Trading

Stocks in Hong Kong battled back after markets were closed Wednesday due to tropical storm Hato. The Hang Seng settled up 0.4%, though shares of casino names with exposure to gambling mecca Macau continued to struggle. South Korea’s Kospi joined the Hang Seng at the winner’s table, adding 0.4%, following Samsung Electronics’ release of its Galaxy Note 8. On the other hand, the Nikkei closed down 0.4% in Japan to trade at more than three-month lows. China’s Shanghai Composite, meanwhile, dropped 0.5%.

In Europe, major benchmarks are enjoying a risk-on session. Stocks in the U.K. are leading the way, with London’s FTSE 100 up 0.5% at the halfway point. Traders there are shrugging off seemingly tepid economic data, namely a disappointing update on second-quarter business investments and consumer spending. The German DAX and French CAC 40 are also higher, sporting respective gains of 0.4% and 0.2%. Economic data is also in focus for France, where business sentiment for August touched a 10-year peak. 


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners