S&P Futures Signal Longest Win Streak in Years

The Dow is eyeing a seventh straight up day

Oct 5, 2017 at 9:14 AM
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Dow Jones Industrial Average (DJIA) futures are higher, with the index aiming for a seventh straight win and another all-time high. Likewise, the S&P 500 Index (SPX) is eyeing its eighth consecutive up day, which would mark its longest win streak in years. Ahead of tomorrow's closely watched nonfarm payrolls report, the Labor Department said weekly jobless claims fell by more than expected last week. Traders will also be watching the central bank today, with Fed Governor Jerome Powell and San Francisco Fed President John Williams stepping up to the mic. Already this morning, Philadelphia Fed President Patrick Harker opined that the economic growth rate will remain around 2% until Washington works out the details on tax reform.

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

  • Behind the $10 million VIX options hedge.
  • One more reason to consider this FAANG stock.
  • Why one analyst thinks Tesla stock can soar another 40%.
  • Plus, one drugmaker's FDA win; a downgrade for Coach; and strong September sales for Zumiez.

premarket stock index oct 5

5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 766,713 call contracts traded on Wednesday, compared to 448,462 put contracts. The single-session equity put/call ratio fell to 0.58, and the 21-day moving average dipped to 0.62.
  2. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) stock is up 6% in pre-market trading -- and could open in annual-high territory -- after the U.S. Food and Drug Administration (FDA) granted the biotech breakthrough therapy for its psychosis drug, Pimavanserin. As such, JMP Securities and Piper Jaffray upped their price targets on ACAD stock to $50 and $61, respectively.
  3. Another security on Piper Jaffray's radar today is Coach Inc (NYSE:COH) stock, last seen down 0.8% in electronic trading, after the brokerage firm downgraded the luxury goods maker to "neutral" from "overweight" and cut its price target on COH shares to $43 from $48. The analyst expects the stock to enter a "period of digestion" as the company integrates Kate Spade into its current line. Wolfe Research also downgraded Coach stock to "peer perform" from "outperform."
  4. Better-than-expected September sales has Zumiez Inc. (NASDAQ:ZUMZ) stock up 8.5% before the bell. The sports apparel retailer also raised its current-quarter revenue. At last night's close, ZUMZ stock was up 65.4% from the seven-year low of $11.43 it hit on Aug. 21.
  5. International trade data and factory orders will be released today. Kansas City Fed President Esther George will speak after the close. Constellation Brands (STZ) and Costco (COST) will report earnings.

stock news october 5

Overseas Trading

There's little to cover for Asian stocks, with markets in China, Hong Kong, and South Korea closed for public holidays. That leaves just Japan, where the Nikkei managed to grab a 0.01% win. Electronics stocks such as Sharp and Nintendo outperformed, while major exports also thrived thanks to a weaker yen.

In Europe, major benchmarks are mixed halfway through the day. Investors continue to monitor the political upheaval in Spain, while also digesting disappointing car sales data out of the U.K. Still, the FTSE 100 was last seen up 0.3%, and France's CAC 40 has added 0.1%. Germany's DAX, on the other hand, is down 0.2%.


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