Stocks Set to Rise Alongside Bitcoin Futures

There will also be more jobs data to digest ahead of this week's Fed meeting

Dec 11, 2017 at 9:07 AM
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Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as stocks try to build off Friday's strong session. In focus today are newly released bitcoin futures, which soared in their debut, resulting in a temporary halt in trading. Investors are also monitoring headlines of an explosion near Times Square in New York City. Looking ahead, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report will come out shortly after the open today, while others await this week's Fed meeting, which begins tomorrow and is expected to culminate in a rate hike.

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

stocks today


5 Things You Need to Know Today
  1. The Chicago Board Options Exchange (CBOE) saw 843,575 call contracts traded on Friday, compared to 501,996 put contracts. The single-session equity put/call ratio moved up to 0.60, while the 21-day moving average edged down to 0.60.
  2. One stock set to get a bitcoin-related jolt is retailer Overstock.com Inc (NASDAQ:OSTK). The shares are up 10.3% in pre-market trading, with a fresh 11.4% passive stake from Morgan Stanley fueling the rally, as well. OSTK stock has pulled back from its decade-plus high of $65.70 from Nov. 27, closing Friday at $45.08, but found support from the 50-day moving average.
  3. Shares of bluebird bio Inc (NASDAQ:BLUE) are up 23.3% before the open, set for record highs, as investors cheer early stage trial results for the company's immunotherapy treatment for advanced myeloma, co-developed with Celgene Corporation (NASDAQ:CELG). Jefferies was one of a handful of brokerage firms to weigh in, upgrading BLUE stock to "buy" from "hold" and raising its price target to $211 from $130 -- in uncharted territory. BLUE stock closed Friday at $171.15, already up 177% year-to-date.
  4. Another equity ready to jump at the open is RV maker Winnebago Industries, Inc. (NYSE:WGO), as traders react to news that the company is repricing its term loan B debt. WGO stock has been a major winner the past year, rising almost 78% year-to-date and touching a record high of $55.90 on Dec. 1.
  5. There are no earnings to monitor today.

stock market news december 11

Overseas Trading

Asian markets ended higher today, even as most regional currencies gained ground against the U.S. dollar. Financial stocks and brokerages were among the standouts, even as the tech sector turned in a spotty performance. By the close, Hong Kong's Hang Seng gained 1.1%, China's Shanghai Composite advanced 1%, Japan's Nikkei tacked on 0.6%, and South Korea's Kospi erased early losses to edge up 0.3%.

European stocks are mixed at midday, with most bourses sticking close to breakeven. As in Asia, banks are a pocket of strength; London-listed HSBC shares have added 1.7 % after the U.S. Department of Justice moved to dismiss deferred criminal charges from 2012. At last look, the U.K.'s FTSE 100 is 0.6% higher, France's CAC 40 is down 0.1%, and Germany's DAX is down 0.05%.

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