Dow Futures Fall with Trade Talks in Focus

Tesla stock is lower after earnings

by Josh Selway

Published on May 3, 2018 at 9:15 AM

Dow Jones Industrial Average (DJI) futures are pointing to a triple-digit pullback this morning, as Wall Street continues to digest yesterday's Fed announcement. Traders could also be jittery ahead of a meeting today on trade between U.S. and Chinese officials. As such, investors are digesting this morning's import and export update, which showed the U.S. trade deficit fell 15% last month. Jobs data is also in focus, with weekly jobless claims coming in lower than expected -- despite a slight uptick from last week -- as well as the latest round of corporate earnings, including Tesla's (TSLA) quarterly update, with shares of the electric auto stock sliding in pre-market trading.

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

dow futures

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 902,455 call contracts traded on Wednesday, compared to 586,391 put contracts. The single-session equity put/call ratio slipped to 0.65, while the 21-day moving average stayed at stayed at 0.64.
  2. Analysts are upping their outlooks on FireEye Inc (NASDAQ:FEYE) this morning, after the company's first-quarter sales topped estimates, and it said it'll become profitable in 2018. At least four brokerage firms raised their price targets on FEYE stock, including Susquehanna, who's eyeing a move up to $21 -- two-year-high territory. And while the equity is trading 4.6% lower before the open, it could again find support at the 40-day moving average.
  3.  Beaten-down Blue Apron Holdings Inc (NYSE:APRN) is set to bounce today, after the company reported a smaller-than-expected loss for the first quarter, while growing its subscriber base. APRN stock had hit one low after another in 2018, but is up 7.1% before the open.
  4. Kraft Heinz Co (NASDAQ:KHC) is another long-time loser set to gain after earnings, though the 2.8% pre-market rise would be just a drop in the bucket compared to KHC's 39.1% year-over-year slide. While the food giant topped bottom-line estimates, all the subsequent analyst attention has been negative, with at least four brokerage firms slashing their price targets.
  5. Labor costs rose 2.7% in the first quarter. Factory orders, the ISM non-manufacturing index, are Markit's PMI services index are also on today's schedule. DowDuPont (DWDP), 2U (TWOU), Activision Blizzard (ATVI), AerCap (AER), GoPro (GPRO), Regeneron Pharmaceuticals (REGN), Sarepta Therapeutics (SRPT), Shake Shack (SHAK), Universal Display (OLED), and Weight Watchers (WTW) are some other companies reporting earnings.

premarket stock movers may 3 2018

Global Stock Markets Struggle For Upside

Asian markets finished mixed, as traders digested the U.S Fed policy announcement. China's Shanghai Composite closed up 0.7%, as trade talks between Washington and Beijing kick off. The tariff negotiations sparked caution elsewhere, with Hong Kong's Hang Seng falling 1.3% and South Korea's Kospi seeing a 0.7% drop. Markets in Japan were closed for a four-day holiday weekend.

Stocks in Europe were lower at midday, following a surprising slowdown in eurozone inflation last month, and another day focused on corporate earnings -- with shares of Adidas and Logitech lower after earnings. At last check, France's CAC 40 and Germany's DAX are 0.4% lower, while London's FTSE 100 is down 0.3%.


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