Netflix Earnings Lift Nasdaq Futures

Dow and S&P futures are flat ahead of the bell

Managing Editor
Jan 23, 2018 at 9:15 AM
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Dow futures are sluggish this morning, despite a round of relatively well-received blue-chip earnings and the end of the government shutdown. Verizon (VZ), Johnson & Johnson (JNJ), and Travelers (TRV) stocks are pointed higher after earnings, though fellow Dow stock Procter & Gamble (PG) is headed lower. The big earnings winner ahead of the bell so far is FAANG stock Netflix (NFLX), which has the Nasdaq-100 Index (NDX) on track for a solid open.

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

  • How to trade a short-covering market, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • The latest stock upgraded on tax reform optimism.
  • Options traders blasted 2 red-hot chip stocks.
  • Plus, JPMorgan takes advantage of the tax bill; analysts eye Adobe stock; and Elon Musk is held accountable.

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5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.2 million call contracts traded on Monday, compared to 657,283 put contracts. The single-session equity put/call ratio stayed at 0.56, while the 21-day moving average stayed at 0.55.
  2. JPMorgan Chase & Co (NYSE:JPM) unveiled a $20 billion investment program, in the wake of the new tax reform bill. Wages will be increased for some employees, while plans were made for about 4,000 new hires and over 400 new branch openings. JPM stock has added 36% year-over-year, and touched a record high of $114.39 yesterday.
  3. Adobe Systems Incorporated (NASDAQ:ADBE) stock is up 2.5% ahead of the bell, on track to open at a new record high this morning, after the firm raised its quarterly and yearly profit forecast. The software company attributed the hike to a lower tax rate. The upbeat news has resulted in no fewer than nine brokerages upping their price targets on Adobe stock, including KeyBanc, to $225. ADBE stock has added 78% year-over-year.
  4. Over at Tesla Inc (NASDAQ:TSLA), the stock is up 3.1% in electronic trading, after the company announced a new compensation plan for CEO Elon Musk. Musk's pay will be directly tied to the automaker's performance, and will vary based on market milestones. TSLA stock has added nearly 44% year-over-year, and recently topped the key $350 level.  
  5. Chicago Fed President Charles Evans will speak after the close. Capital One Financial (COF), Cree (CREE), Fifth Third (FITB), Kimberly-Clark (KMB), and Texas Instruments (TXN) will report earnings.

stock market news january 23

Asian Markets Higher Despite New Trump Tariffs

Asian stock markets managed solid gains despite President Trump’s new tariffs on imported solar panel and washing machines, which were mostly aimed at the region. Investors are also digesting the latest policy update from the Bank of Japan (BoJ), with the central bank maintaining its stimulative measures. The Nikkei added 1.3% as a result, hitting another 26-year high thanks to strong performances from auto stocks. In China, the Shanghai Composite added 1.3%, and the Hong Kong-based Hang Seng jumped 1.7%, with both indexes touching fresh highs. In fact, the latter index has only experienced one losing session since Dec. 21. South Korea’s Kospi also enjoyed a winning session, rising 1.4%. 

In Europe, though, trading is mixed at midday. While Germany’s DAX was last seen 0.7% higher after earlier touching a record high, and the FTSE 100 is up 0.3% in London, France’s CAC 40 is fractionally lower. Traders are considering the end of the government shutdown in the U.S., as well as a number of high-profile corporate updates. For example, retail giant Carrefour SA is pushing higher on the company’s plans to cut costs, and shares of airline carrier easyJet are on the rise, too, thanks to impressive quarterly revenue.

 

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