Dow Futures Slip on Trade Tensions, Trump's Veto Tweet

Trump suggested he could veto a massive spending measure passed overnight in the Senate

Mar 23, 2018 at 9:16 AM
facebook X logo linkedin


U.S. stock futures have been bouncing between positive and negative territory, but those on the Dow Jones Industrial Average (DJI) were last seen trading below fair value. Investors are reacting to the latest trade headlines, following President Donald Trump's announcement yesterday to hit China with $60 billion in tariffs. Beijing has responded with a list of U.S. products that may now be subject to higher tariffs of their own, reigniting trade war fears and sending global stock markets spiraling.

Elsewhere, Wall Street is digesting a massive spending bill out of the Senate that would avert a government shutdown -- though Trump just tweeted he is considering vetoing the measure because it doesn't address DACA recipients and border wall funding -- a larger-than-expected 3.1% jump in durable goods orders last month, and strong earnings from blue chip Nike (NKE).

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

stock futures today march 23

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 868,595 call contracts traded on Thursday, compared to 643,022 put contracts. The single-session equity put/call ratio jumped to 0.74, and the 21-day moving average moved up to 0.63.
  2. Micron Technology, Inc. (NASDAQ:MU) is down 2% in electronic trading, even though the company topped earnings expectations and several analysts raised their price targets. Nonetheless, such a move would be well below the exaggerated price action MU options traders were expecting.
  3. Nike Inc (NYSE:NKE) has added 5% in pre-market action, after the company reported better-than-expected top- and bottom-line results for the fiscal third quarter. The company highlighted a "significant reversal of trend in North America," prompting another round of bullish analyst notes.
  4. Big box retailer At Home Group Inc (NYSE:HOME) is up almost 11% before the open thanks to impressive quarterly results. The stock, which began trading publicly back in August 2016, has had a solid year on the charts, up almost 77% in the last 12 months, as of yesterday's close at $26.46.
  5. New home sales come out today. A speech from Minneapolis Fed President Neel Kashkari is also on the calendar. Finish Line (FINL) will round out the week's earnings roster. Looking ahead, next week's economic schedule is highlighted by a final reading on fourth-quarter GDP.

stock market news march 23

Asian, European Markets Hit Hard

Stocks in Asia finished lower across the board today, joining the rest of the world in steep losses as China issued a list of U.S. products as potential tariff retaliation targets. Hong Kong's Hang Seng lost 2.5%, while China's Shanghai Composite dipped 3.4%, pressured by plunging steel and aluminum stocks. Japan's Nikkei fell 4.5%, with exporters falling hard as the safe-haven yen surged to a 16-month high. South Korea's Kospi gave back 3.2%, echoing the action in China with heavy losses for technology and steel stocks.

European markets are not exempt from the slide, with automakers, tech, and basic resource stocks taking serious hits. London's FTSE 100 is down just 0.4% at last check, as a post-earnings rally from Next and M&A-related gains for GlaxoSmithKline are helping to limit losses. The French CAC 40 is down 1.2% as officials monitor a grim hostage situation in Trebes, while Germany's DAX is down 1.3%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI