U.S. Stock Futures Signal a Rebound

Category 5 Hurricane Irma is expected to make landfall in Florida on Saturday

Sep 6, 2017 at 9:15 AM
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The Dow Jones Industrial Average (DJIA) is signaling a positive start, after ending its four-day win streak with a 234-point loss yesterday. Traders are attempting to shake off rising tensions with North Korea and Category 5 Hurricane Irma, which is currently making its way through the Caribbean, and was deemed "potentially catastrophic" by the National Hurricane Center. The storm is expected to make landfall in Florida this weekend. Futures on the S&P 500 Index (SPX) and the Nasdaq-100 Index (NDX) are also pointed higher before the open.

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

  • The options indicator favoring a breakout for stocks, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • Goldman Sachs took this real estate stock off its America's Buy List.
  • How traders are targeting technical resistance for this energy ETF ahead of Hurricane Irma.
  • Plus, the car stock set to drive to record highs; Sarepta Therapeutics' upbeat drug data; and the apparel stock soaring after earnings.

US Stock Futures September 6

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 787,424 call contracts traded on Tuesday, compared to 531,004 put contracts. The single-session equity put/call ratio rose to 0.67, and the 21-day moving average remained at 0.68.
  2. Fiat Chrysler Automobiles NV (NYSE:FCAU) stock is up 5.2% in electronic trading -- poised to open at record levels -- after Barclays upgraded the car stock to "overweight" from "equal weight," and raised the price target of Milan-listed shares to 18 euros from 13 euros. The U.S. stock touched its current record high of $16.03 on Friday, after the company said it gained market share in Italy last month, and Standard & Poor's (S&P) revised its outlook on FCAU to "positive" from "stable." 
  3. Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) are up 14.5% in pre-market trading, and could touch a new 2017 high, after the company announced positive early-stage study results for its new treatment for Duchenne Muscular Dystrophy. Up to Tuesday's close, the biotech stock had risen roughly 50% year-to-date.
  4. After reporting a slimmer-than-expected second-quarter loss and raising its full-year guidance, G-III Apparel Group, Ltd. (NASDAQ:GII) stock is up 4.4% before the bell. The apparel company's quarterly sales also beat forecasts. GII closed at $27.54 yesterday, up 53% from its four-year low of $18, which it set on May 19. 
  5. The economic calendar features international trade data, the Institute for Supply Management (ISM) non-manufacturing index, and the Fed's Beige Book. Plus, Fred's (FRED), JinkoSolar (JKS), and Verint Systems (VRNT) will report earnings.

Buzz Stocks September 6

Overseas Trading

Most Asian benchmarks finished lower, tracking their U.S. counterparts into the red. In Japan, the Nikkei closed down 0.1%, as a strengthening yen weighed on exporters. It was a similar setup in South Korea, where declining automakers dragged the Kospi to a 0.3% loss. And while Hong Kong's Hang Seng shed 0.5% amid a selloff in financial shares, China's Shanghai Composite bucked the regional bearish trend -- adding 0.05%.

It's a mixed session in Europe ahead of tomorrow's latest policy update from the European Central Bank (ECB). Despite an unexpected drop in the country's manufacturing orders, Germany's DAX is 0.5% higher. The French CAC 40 is also in positive territory, up a modest 0.06%. In London, however, the FTSE 100 is down 0.5%, as bank and insurance stocks retreat.  

 

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