Traders are digesting disappointing economic data, as well
Ahead of the long Christmas weekend, U.S. stock futures are searching for direction this morning. Just a day after Congress passed the GOP's tax bill, the House voted to approve a spending bill to avoid a government shutdown this weekend. Traders will also digest the latest economic data. Namely, personal income and durable goods orders both fell short of estimates for November, while the University of Michigan's consumer sentiment survey will be released shortly after the open. A poorly received earnings report from blue chip Nike (NKE) and a sharp decline in cryptocurrency bitcoin will likely grab headlines, as well. Still, the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are both pacing for a fifth straight weekly win.
Continue reading for more on today's market, including:
- The hot financial stock with more room to run.
- The utilities stock burned by California wildfires.
- A surprising bull note couldn't save Chipotle stock.
- Plus, Nike stock dips; Cintas beats again; and Papa says goodbye.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 847,770 call contracts traded on Thursday, compared to 472,857 put contracts. The single-session equity put/call ratio stayed at 0.56, while the 21-day moving average stayed at 0.57.
- NKE shares have shed 2.7% in pre-market trading, despite a fiscal second-quarter earnings beat. Analysts are concerned about the company's North America sales outlook going forward. Nike stock hit a 52-week high of $65.19 earlier this week.
- Cintas Corporation (NASDAQ:CTAS) just delivered another earnings beat, sending shares of the workplace uniform company up 2.4% in electronic trading. This puts CTAS stock on pace for record-high territory. It's already up over 38% in 2017.
- "Papa John" has left Papa John's International, Inc. (NASDAQ:PZZA). Specifically, founder John Schnatter has stepped down as CEO. PZZA shares are edging higher before the open. They've struggled below resistance in the form of the 50-day moving average since September, pleasing short sellers.
- There are no earnings today, and next week's economic schedule is quiet, too.
Asian stocks took their bullish cue from Wall Street, with most markets closing higher ahead of the long holiday weekend. Hong Kong's Hang Seng outpaced its peers, adding 0.7% as real estate stocks surged. South Korea's Kospi rose 0.4% as THAAD-related names bounced, while Japan's Nikkei tacked on 0.2% as financial stocks gained. China's Shanghai Composite, on the other hand, ended with a 0.08% loss.
European markets are mostly lower at midday, as traders digest the results from yesterday's election in Catalonia, where separatists gained control of the region -- sending Spanish stocks and the euro tumbling. The German DAX was last seen down 0.3%, while the French CAC 40 is off 0.5%, even after third-quarter GDP was upwardly revised and consumer spending rose in November. London's FTSE 100, meanwhile, closed the holiday-shortened session down 0.2%.