Stock Futures Edge Higher; Harvey Sends Jobless Claims Soaring

Hurricane Harvey's devastation sparked the highest level of new applications for unemployment benefits in more than two years

Sep 7, 2017 at 9:10 AM
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Dow Jones Industrial Average (DJIA) futures are trading cautiously higher this morning, as investors remain wary ahead of Hurricane Irma's expected landfall in Florida this weekend. Investors are also digesting today's weekly jobless claims, which surged by 62,000 to 298,000 -- reaching the highest level since spring 2015, due to the impact of Hurricane Harvey.

Plus, a slew of Fed speeches will hit the Street today, including those from Atlanta Fed President Raphael Bostic, New York Fed President William Dudley, Kansas City Fed President Esther George, and Cleveland Fed President Loretta Mester.

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

stock index futures sept 7

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 716,553 call contracts traded on Wednesday, compared to 399,029 put contracts. The single-session equity put/call ratio fell to 0.56, and the 21-day moving average dropped to 0.67.
  2. Shares of RH (NYSE:RH) are up 35.6% in pre-market trading, after the retailer reported better-than-expected second-quarter earnings and raised its fiscal year forecast. In response, Buckingham Research upgraded RH to "buy" from "neutral," while Telsey Advisory Group and Cowen and Company raised their respective price targets on the Restoration Hardware parent to $66 and $61.
  3. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) stock is down 12.1% before the bell, after the drugmaker suspended its experimental drug trial for a rare bleeding disorder following a patient's death. This comes a year after patient safety concerns caused the pharmaceutical company to discontinue a study of another drug. The biotech stock hit an annual high of $89.45 last Friday. 
  4. FireEye Inc (NASDAQ:FEYE) stock is up 4.5% in electronic trading, after Morgan Stanley upgraded the cybersecurity stock to "overweight" from "equal weight," citing optimism over the company's new Helix platform. The brokerage also raised its price target on FEYE to $19 from $13. 
  5. Productivity and labor costs and the holiday-delayed update on domestic crude inventories come out today. Plus, Barnes & Noble (BKS), Finisar (FNSR), Navistar (NAV), VeriFone (PAY), and Zumiez (ZUMZ) will report earnings

stocks in the news today sept 7 2017

Overseas Trading

It was a mixed close in Asia today, as traders weighed the U.S. debt limit deal. South Korea's Kospi snapped its five-session losing streak to add 1.1%, with exporters leading the charge on rumors the Trump administration has postponed talks over ending a trade deal between the two countries. Japan's Nikkei also ended in the green, adding 0.2% amid a cooling yen. On the flip side, China's Shanghai Composite shed 0.6% and Hong Kong's Hang Seng ended 0.3% lower.

Stocks in Europe are higher at midday, after the European Central Bank (ECB) said it would maintain its current monetary policy. Also in focus is Eurostat data showing economic growth in the eurozone accelerated at 2.3% in the second quarter -- quicker than previously estimated, and signaling the fastest rate of growth since 2011. With this in mind, traders are currently digesting a speech from ECB President Mario Draghi, looking for updates on the central bank's bond-buying program. At last check, the German DAX was up 1%, the French CAC 40 was flirting with a 0.7% lead, and London's FTSE 100 had tacked on 0.4%.


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