Apple stock will try to recover from yesterday's slide
Dow Jones Industrial Average (DJIA) futures are trading modestly above fair value this morning. Stocks will try to bounce back from yesterday's bearish session, where a pullback from Apple (AAPL) stock pressured the tech sector. Traders will also have some economic data to sift through today, namely stats on consumer confidence and pending home sales. Plus, blockchain stocks could remain in focus, considering bitcoin is pushing higher once again.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone explains why bulls can't count on favorable seasonality.
- 2 high-flying retail stocks with options on sale.
- The Dow stock that could struggle next week.
- Plus, the tech stock set to double; more good news for Boeing; and another blow to Apple.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 608,935 call contracts traded on Tuesday, compared to 353,448 put contracts. The single-session equity put/call ratio moved down to 0.58, while the 21-day moving average slipped to 0.57.
- Wireless charging expert Energous Corp (NASDAQ:WATT) stock is set to roughly double in value at the open, thanks to news the Federal Communications Commission (FCC) certified the company's WattUp transmitter. Still, WATT stock would remain lower on a year-over-year basis, even with the expected move.
- Boeing Inc (NYSE:BA) could get another bump today, following news Royal Air Maroc has ordered four 787 Dreamliners, valued at $1.1 billion. BA shares settled yesterday at $295.36, just below their Dec. 20 record peak of $299.33.
- On top of recent iPhone X woes, AAPL will have to deal with eight new lawsuits claiming the company defrauded customers by slowing down their older phones. Each lawsuit is seeking class-action status to potentially include millions of iPhone users around the country.
- The earnings schedule is bare today.
Trading action was fairly muted in Asia today, with most equity benchmarks ending little changed. China's Shanghai Composite managed one of the bigger moves, giving up 0.9% amid weakness in the insurance sector. Elsewhere, traders in Hong Kong returned from the long Christmas weekend to sell Apple suppliers, responding to Tuesday's sell-off in the Dow stock -- but the Hang Seng managed to edge up 0.07% by the close. South Korea's Kospi also closed higher, gaining 0.4% despite a record 29% daily drop for Hyundai Heavy Industries after the shipbuilder unveiled a massive share sale plan. Finally, it was a mixed session for Tokyo-listed exporters, but a banner day for oil prices and energy stocks helped push Japan's Nikkei up 0.08%.
Over in Europe, traders have returned from the Christmas break in a cautious mood, with Apple suppliers and an overnight surge in oil prices commanding most of the attention. Against this backdrop, France's CAC 40 is down 0.1%, and the German DAX has backpedaled 0.2%. However, London's FTSE 100 is up 0.2%, and on track to take out last Thursday's record close.