Nasdaq Futures Signal Rare Outperformance

U.S. stock futures are mixed this morning, as traders keep a close eye on Washington, D.C., where President Donald Trump is expected to meet with congressional leaders from both the Democratic and Republican parties to discuss a potential government shutdown. Tax reform is also in focus, after Senate Republicans on Wednesday voted to send the bill to a conference committee with the House to hash out differences. In a rare occurrence for stocks recently, futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are lower -- with the latter set to extend its daily losing streak, even as General Electric (GE) trades higher on news of massive job cuts -- though Nasdaq-100 Index (NDX) futures are up.

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

• Options bears are circling this semiconductor ETF.
• Short seller: This tech stock is "rotten to the core."
• 2 stocks threatened by Amazon.
• Plus, another bitcoin milestone; the chip stock set to soar; and, Lululemon eyes new highs post-earnings.

1. The Chicago Board Options Exchange (CBOE) saw 751,845 call contracts traded on Wednesday, compared to 503,753 put contracts. The single-session equity put/call ratio moved up to 0.67, while the 21-day moving average remained at 0.61.
2. Bitcoin buzz has taken Wall Street by storm. Overnight, the cryptocurrency surged past $15,000 -- hitting a record high of $15,200 on the Coinbase exchange -- after toppling $14,000 yesterday.
3. Broadcom Ltd (NASDAQ:AVGO) reported better-than-expected fiscal fourth-quarter earnings on in-line revenue. The chipmaker -- which is in the middle of a hostile bid for Qualcomm (QCOM) -- also gave upbeat current-quarter revenue guidance, lifted its long-term financial targets, and hiked its quarterly dividend. Analysts chimed in with a round of price-target hikes, sending AVGO stock up 4.6% ahead of the bell.
4. Lululemon Athletica inc. (LULU) said third-quarter earnings came in above the consensus estimate, while revenue also beat thanks to strong online sales. The yoga apparel maker also gave an upbeat holiday sales outlook, sparking a flood of bullish brokerage notes -- including an upgrade to "hold" from "sell" at Canaccord Genuity. Unfortunately for LULU options traders, the retail stock is set to pop 8.8% out of the gate, and into annual-high territory.

5. American Outdoor Brands (AOBC), Ciena (CIEN), Dollar General (DG), Finisar (FNSR), United Natural Foods (UNFI), and Vail Resorts (MTN) will report earnings. On the economic front, weekly jobless claims came in at a five-week low ahead of tomorrow's nonfarm payrolls report.

Overseas Trading

Tokyo led the charge in a mixed session for Asian markets, with Japan's Nikkei rallying 1.5% on strength in tech stocks. Hong Kong's Hang Seng also bounced back from Wednesday's drubbing, adding 0.3% by the close. On the other hand, profit-taking sent China's Shanghai Composite down 0.7%, while South Korea's Kospi backpedaled 0.5% amid underperformance by energy and commodity names.

European bourses haven't strayed too far from breakeven at midday. Miners are a weak spot after the International Monetary Fund (IMF) flagged concerns about capital buffers for Chinese banks, and traders are keeping a wary eye on ongoing Brexit negotiations and a looming U.S. government shutdown deadline. At last check, London's FTSE 100 is down 0.08%, Germany's DAX has shed 0.02%, and the French CAC 40 is off 0.03%.