U.S. Stock Futures Climb Ahead of iPhone Reveal

Apple's highly anticipated event will kick off this afternoon

Sep 12, 2017 at 9:18 AM
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After enjoying its best day in months yesterday, Dow Jones Industrial Average (DJIA) futures are signaling another positive open this morning, as traders await Apple's expected iPhone reveal. The highly anticipated event is set to kick off at 1 p.m. ET. In addition, traders are eyeing Treasury Secretary Steve Mnuchin, who said tax reform should be done by year-end, and that President Trump is considering backdating the policy.

In other news, the United Nations Security Council unanimously adopted new sanctions against North Korea yesterday. Stock traders today are seemingly shrugging off the isolated country's warning that the U.S. will soon "suffer the greatest pain it ever experienced," which follows threats that America will pay a "due price" if the council implemented harsh sanctions.

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

  • The SPY strike options traders are targeting, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • The courtroom win that lifted Tahoe Resources.
  • Why this coal stock could be ready to rally.
  • Plus, Teva Pharmaceutical looks to rally again; the biotech stock sinking on a failed drug study; and Health Insurance Innovations signals a sell-off.

US Stock Futures September 12

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 884,162 call contracts traded on Monday, compared to 578,887 put contracts. The single-session equity put/call ratio fell to 0.65, and the 21-day moving average dropped to 0.64.
  2. Shares of Teva Pharmaceutical Industries Ltd (NYSE:TEVA) are up 8% in pre-market trading, after the company agreed to sell its Paragard contraceptive brand to a unit of Cooper Companies for $1.1 billion. This comes the day after the drugmaker hired Kaare Schultz as its new CEO.
  3. SAGE Therapeutics Inc (NASDAQ:SAGE) stock is down 25.4% before the bell, after the company's seizure disorder drug failed a late-stage study. The biotech stock hit a record high of $90.80 last Friday.
  4. Health Insurance Innovations Inc (NASDAQ:HIIQ) stock is down 15.4% in electronic trading, continuing its slide after Mox Reports tweeted yesterday that it's shorting the stock, citing potential fraud penalties of more than $100 million. The insurance stock closed at $23.35 on Monday as a result, and is pacing for its first open below its 200-day moving average since October 2016.
  5. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) is the lone economic report today, while the earnings calendar is empty.

Buzz Stocks Sept 12

Overseas Trading

Asian stocks closed higher, boosted by a strong finish on Wall Street. Traders also weighed new sanctions levied against North Korea by the United Nations Security Council, which include a sharp haircut in gasoline and diesel imports. Japan's Nikkei led the path higher, adding 1.2% as a cooling yen lifted exporters. Elsewhere in the region, South Korea's Kospi added 0.3%, China's Shanghai Composite tacked on 0.1%, and Hong Kong's Hang Seng edged up 0.06%.

It's a mostly higher session in Europe, though inflation data is weighing on stocks in the U.K. Insurance and financial shares are some of the biggest gainers on speculation Irma's impact on the U.S. could be smaller than anticipated. While the French CAC 40 is up 0.7% and the German DAX is 0.6% higher, London's FTSE 100 is down 0.3% after the country's inflation rate jumped to 2.9% last month -- a bigger move than economists were expecting. Core inflation, meanwhile, hit its highest market since 2011. Separately, the House of Commons voted to advance Prime Minister Theresa May's Brexit plan.

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