Stock Futures Gain But Amazon Sinks On Trump Tweet

Facebook remains in the news, as well

by Josh Selway

Published on Mar 29, 2018 at 9:14 AM

Stocks look ready to close the shortened week on a positive note, with Dow Jones Industrial Futures (DJI) futures trading above fair value this morning. Maybe more importantly, Nasdaq-100 (NDX) futures are also indicating a positive open, as tech heavyweight Facebook (FB) is pointed higher after the company cut ties with a number of data brokers. Amazon (AMZN) shares, on the other hand, are down again after President Donald Trump tweeted about his "concerns with Amazon" and its tax status.

Meanwhile, traders will also sift through a large amount of economic data. Already this morning, weekly jobless claims came in lower than expected, touching a 45-year low, and the core personal consumption expenditures (PCE) -- a key inflation measure -- rose 0.2% in February, matching expectations.

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 845,151 call contracts traded on Wednesday, compared to 577,929 put contracts. The single-session equity put/call ratio fell to 0.68, and the 21-day moving average stayed at 0.64.
  2. A weak full-year outlook is seemingly set to overshadow better-than-expected quarterly profit and sales for GameStop Corp. (NYSE:GME), with shares of the online retailer down more than 10% in electronic trading. GME stock has been in a strong downtrend for years now, and it could touch fresh 12-year lows today.
  3. Another retailer in focus is Tommy Hilfiger parent PVH Corp (NYSE:PVH). The stock is ready to rise almost 4% when the market opens, after the company's fourth-quarter earnings and revenue topped estimates. More bullish analyst attention has come through, too, with J.P Morgan Securities, Deutsche Bank, Credit Suisse and Cowen all predicting record highs for PVH.
  4. Progress Software Corporation (NASDAQ:PRGS) is also set to gain after earnings, with shares of the tech name up 6% before the open. The equity has struggled in recent months, falling from its mid-January record high above $53 to its Wednesday close at $38.48, though it should take back its 200-day moving average if these pre-market gains comes to fruition.
  5. The Chicago purchasing managers index (PMI) and the University of Michigan's consumer sentiment index are also on tap today, as well as a speech from Philadelphia Fed President Patrick Harker. The stock market is closed tomorrow for Good Friday, while all eyes will be on jobs data next week.

stock market news march 29

Auto Stocks Boost European Markets

Stocks in Asia finished higher on Thursday, despite a shaky start to the session. Japan's Nikkei gained 0.6%, with geopolitical optimism driving the yen lower after Prime Minister Shinzo Abe reportedly expressed interest in a meeting with North Korea's Kim Jong Un. China's Shanghai Composite rose 1.2% and South Korea's Kospi added 0.7%, as strength in bank stocks offset lingering weakness in the tech sector.  Hong Kong's Hang Seng ended up 0.2%.

Markets in Europe are pointed higher at midday as well. Auto stocks are the big winners so far, as Renault boasts a 5.5% gain in Paris after Bloomberg reported on a possible merger with Nissan. The French CAC 40 is up 0.6% at last check. The German DAX is sporting a 0.8% lead, as unemployment numbers fell to a record low in March. Elsewhere, London's FTSE 100 is up 0.3% at last check, as the U.K.'s gross domestic product (GDP) for the fourth quarter arrived in line with expectations.


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