Fed Chair Janet Yellen and European Central Bank President Mario Draghi will speak at the central bank summit today
The Dow Jones Industrial Average (DJIA) is set for a positive start, after closing modestly lower on Thursday. Driving stock futures higher today are highly anticipated central bank summit speeches from Fed Chair Janet Yellen and European Central Bank President Mario Draghi, with traders looking for Yellen to provide clarity on the Fed's plans for its bloated balance sheet and the path of future rate hikes. Meanwhile, October crude futures are up 0.4% at $47.64 per barrel, as refineries along the Gulf Coast close down operations in anticipation of Hurricane Harvey's impact.
Continue reading for more on today's market, including:
- The best time to buy stocks after this S&P signal.
- How Home Depot options bears doubled their money.
- Teva stock gets another downgrade.
- Plus, the drug stock up 50% after an FDA nod; Ulta's ugly quarterly report; and the tech stock scoring price-target hikes.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 658,211 call contracts traded on Thursday, compared to 455,653 put contracts. The single-session equity put/call ratio jumped to 0.69, and the 21-day moving average remained at 0.71.
- Adamas Pharmaceuticals Inc (NASDAQ:ADMS) stock is up 50.5% before the bell, after the Food and Drug Administration (FDA) approved the company's drug to treat dyskinesia, a side effect caused by a commonly prescribed Parkinson's drug. The pharmaceutical company said it will formally launch the new drug, called Gocovri, in January 2018. As such, JMP Securities and Cowen and Company raised their price targets on ADMS to $33 and $55, respectively.
- Despite raising its full-year guidance, Ulta Beauty Inc (NASDAQ:ULTA) stock is down 6.2% in electronic trading -- and set to open at its lowest price in more than a year -- after the company reported comparable store sales that narrowly missed estimates. As a result, BMO downgraded the beauty stock to "market perform" from "outperform," and cut its price target to $235 from $345.
- Shares of Autodesk, Inc. (NASDAQ:ADSK) stock are up 5.8% in pre-market trading, after the company reported a slimmer-than-expected second-quarter loss and a significant increase in subscriptions. As such, no fewer than 10 brokerages raised their price targets on ADSK, with the biggest hike being Evercore ISI's bump to $135 from $115.
- Durable goods orders fell by a sharper-than-forecast 6.8% last month, but non-defense capital goods orders excluding aircraft improved by a better-than-expected 0.4%. Looking ahead, the August nonfarm payrolls report will be the focal point of next week's calendar.
Overseas Trading
It was a higher finish in Asia today, with financial shares in the region climbing ahead of today's big central bank speeches in Jackson Hole. Chinese stocks outpaced their peers, with the Shanghai Composite surging 1.8%. Hong Kong's Hang Seng also turned in a strong performance, jumping 1.2%. Elsewhere, Japan's Nikkei climbed 0.5%, as the yen weakened against the U.S. dollar and consumer prices rose an expected 0.5% last month. South Korea's Kospi added 0.1%, with Samsung Electronics in focus after Vice Chair Jay Y. Lee was found guilty of bribery and embezzlement, and sentenced to a five-year jail term.
European stocks are higher ahead of today's Jackson Hole meeting, though Draghi isn't due to speak until 3 p.m. ET. At last check, London's FTSE 100 was flirting with a 0.4% lead, while the French CAC 40 has added 0.2%, even after a report showed consumer confidence slipped in August. The German DAX, meanwhile, has tacked on 0.2%, following a slight drop in Ifo's business sentiment reading and data confirming the economy is on track for its best year of growth since 2011.