Hurricane Irma has weakened to Category 4, but remains "extremely dangerous" as it approaches Florida
Dow Jones Industrial Average (DJIA) futures are pointed lower this morning, with investors cautious as Hurricane Irma heads toward Florida this weekend. The U.S. National Hurricane Center said the storm weakened slightly to Category 4, but remains "extremely dangerous." Meanwhile, North Korea is also in focus, with fears rising of another missile test to mark Saturday's national holiday. Against this backdrop, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling a lower open.
Continue reading for more on today's market, including:
- 2 sinking restaurant stocks in Irma's path.
- How Fitbit conquered a key trendline.
- North Korea worries sparked extreme call demand for this ETF.
- Plus, Equifax was hacked; American Outdoor Brands falls after earnings; and upbeat drug data sends Clovis Oncology stock higher.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 901,271 call contracts traded on Thursday, compared to 496,641 put contracts. The single-session equity put/call ratio fell to 0.55, and the 21-day moving average dropped to 0.66.
- Equifax Inc. (NYSE:EFX) stock is down 13.2% in pre-market trading, after the credit bureau reported that personal details of as many as 143 million U.S. consumers were accessed by hackers between mid-May and July. The FBI is tracking the situation, during which consumers' names, Social Security numbers, driver's license numbers, and credit card numbers were accessed. In response, Morgan Stanley and Cowen and Company cut their respective price targets on EFX to $140 and $149.
- Worse-than-expected fiscal first-quarter earnings and lackluster sales has American Outdoor Brands Corp (NASDAQ:AOBC) stock down 18.8% before the bell. As such, no fewer than four brokerages slashed their price targets on AOBC, including a cut to $15 from $23 at Craig Hallum. The gun stock, formerly known as Smith & Wesson, is on course to open at its lowest level in more than two years.
- Shares of Clovis Oncology Inc (NASDAQ:CLVS) are up 4% in electronic trading, after the company reported positive late-stage study results for its ovarian cancer drug. The biotech stock hit a nearly two-year high of $99.45 on July 28.
- Philadelphia Fed President Patrick Harker will deliver a speech today ahead of next week's inflation data.
Overseas Trading
It was a mostly lower finish for Asian stocks, as traders digested a raft of regional economic data and caution set in ahead of North Korea's Foundation Day on Saturday -- when some speculate the rogue nation could launch another missile. In Japan, the Nikkei shed 0.6%, following a lower-than-expected reading on second-quarter gross domestic product (GDP). Likewise, a smaller-than-forecast rise in China's dollar-denominated exports sent the Shanghai Composite to a fractional loss. And while South Korea's Kospi closed down 0.1%, Hong Kong's Hang Seng bucked the bearish trend, adding 0.5%.
Stocks in Europe are under pressure at midday, as the euro climbs to levels not seen since January 2015 in the wake of yesterday's European Central Bank (ECB) policy statement. Uncertainty surrounding North Korea and potential storm damage in the U.S. are also weighing on traders, while mining stocks are selling off after China's soft export data. At last check, London's FTSE 100 is down 0.4% and the French CAC 40 is off 0.2%. Germany's DAX, however, is holding slightly above breakeven -- up 0.06%.