Stock Futures Rise as Tech Tries to Bounce Back

There's also a ton of economic data to digest today

Mar 28, 2018 at 9:10 AM
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Dow Jones Industrial Average (DJI) futures are trading above fair value this morning, as stocks eye a comeback from yesterday's tech-led sell-off. The Nasdaq-100 (NDX) is signaling a positive open, too, thanks in part to news Facebook (FB) has made a number of improvements to its privacy settings, lifting the FAANG stock in pre-market trading. On the other hand, Apple (AAPL) is under pressure after Goldman Sachs cut its iPhone sales estimates.

Traders will also digest a full slate of economic data, led by this morning's final reading on fourth-quarter gross domestic product (GDP). Specifically, the 2.9% growth reported for the period was higher than the previous 2.5% estimate, and topped expectations of 2.7%.

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 913,665 call contracts traded on Tuesday, compared to 649,671 put contracts. The single-session equity put/call ratio rose back to 0.71, and the 21-day moving average stayed at 0.64
  2. BlackBerry Ltd (NYSE:BB) topped earnings expectations on an adjusted basis thanks to continued growth from its enterprise software business, sending the stock 6% higher in pre-market trading. BB shares have pulled back some since their January high of $14.55, but have found support at the 50-day moving average.
  3. Lululemon Athletica inc. (NASDAQ:LULU) is also set to jump after earnings, as several analysts raised their outlooks following the company's blowout fourth-quarter results and upbeat current-quarter outlook. With a pre-market lead of 8% at last check, LULU stock is set to hit record highs after three months of tight consolidation.
  4. Apple Inc. (NASDAQ:AAPL) is in focus this morning after Goldman Sachs lowered its iPhone sales estimates for this current quarter and the next -- a sentiment echoed by RBC. Both firms lowered their price targets on Apple stock, to $159 and $203, respectively.
  5. International trade data, pending home sales, and the weekly crude inventories update will also be released. Earnings from GameStop (GME) are due, too.

stock market news march 28

Asian, European Markets Hit By Tech Sell-Off

The tech sell-off that sent U.S. stocks spiraling on Tuesday pushed Asian stocks lower today. Japan's Nikkei and South Korea's Kospi each fell 1.3%, led by declines for big tech names like Tokyo Electron, down 4.4% by the close, and Samsung Electronics, which gave up 2.6%. Hong Kong's Hang Seng gave back 2.5%, with BYD Company tanking 10.5% post-earnings, while China's Shanghai Composite dropped 1.4% on reports the Trump administration is looking to curb Chinese investment in sensitive technologies.

European markets are also pointed lower at midday. The German DAX is down 0.4% at last check, with chip stock Infineon Technologies sporting a 3.8% loss, while the French CAC 40 is off 0.6%. However, London's FTSE 100 is 0.07% higher at last check, propped up by a 15% rally from drug giant Shire after Japan's Takeda said it is in the "preliminary and exploratory stage" of a potential takeover offer.


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