The monthly JOLTS report is also due out later today
Dow Jones Industrial Average (DJI) futures are signaling a lower start this morning, as caution sets in ahead of this afternoon's 2 p.m. ET announcement from President Donald Trump, who is expected to give his decision on the Iran nuclear deal. Ahead of the highly anticipated event, oil prices are churning near the $70-per-barrel mark, with June-dated crude futures down 0.8% at $70.12 per barrel. Traders are also digesting an overnight speech from Fed Chair Jerome Powell, who said the central bank will "communicate our policy strategy as clearly and transparently as possible to help align expectations and avoid market disruptions."
Continue reading for more on today's market, including:
- The key level small-cap bulls should be watching, according to Schaeffer's Senior V.P. of Research Todd Salamone.
- Amazon boosted this penny stock to the top of the Nasdaq.
- Why straddle traders want to buy low vega.
- Plus, Valeant undergoes a face-lift; big media buyout buzz; and Snap appoints a new CFO.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 969,102 call contracts traded on Monday, compared to 522,133 put contracts. The single-session equity put/call ratio fell to 0.54, while the 21-day moving average dipped to 0.64.
- Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock is up 9.3% in electronic trading -- set for another volatile post-earnings move. The pharmaceutical company reported a first-quarter adjusted profit beat, raised its revenue outlook for 2018, and announced it was changing its name to Bausch Health Companies. The new brand name will be put into effect in July, and the stock will trade under the ticker "BHC."
- Comcast Corporation (NASDAQ:CMCSA) stock is down 1.7% ahead of the bell, after Reuters reported the media giant was preparing a $60 billion all-cash bid for the entertainment assets of 21st Century Fox (FOXA). Fox already has deal in place to sell these assets to Disney (DIS) in a $52.4 billion deal. Comcast stock fell to an annual low of $30.55 on May 3, and has given back 19% in 2018.
- Shares of Snap Inc (NYSE:SNAP) are up 2% in electronic trading, after appointing former Amazon.com (AMZN) executive Tim Stone as chief financial officer. Stone was integral in Amazon's integration of Whole Foods. SNAP stock has shed 52% year-over-year, and fell to a record low of $10.51 on May 3.
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The Job Openings and Labor Turnover Survey (JOLTS) is due today. Disney (DIS), Discovery (DISCA), Etsy (ETSY), Fossil (FOSL), Intercept Pharma (ICPT), Match Group (MTCH), Monster Beverage (MNST), Papa John's (PZZA), SeaWorld Entertainment (SEAS), Sturm Ruger (RGR), SunPower (SPWR), TripAdvisor (TRIP), Twilio (TWLO), and Wendy's (WEN) will report earnings.
Overseas Markets Mixed Ahead Of Iran Decision
Asian markets finished today mostly higher, as investors await Trump's Iran decision. Oil prices gave back some recent gains ahead of the announcement, with Brent crude backpedaling from yesterday's three-year high. Stronger-than-forecast trade data gave China a lift; Hong Kong's Hang Seng notched a 1.4% gain, while China's Shanghai Composite added 0.8%. Japan's Nikkei shrugged off a stronger yen and a surprise drop in household spending to pick up 0.2%, and South Korea's Kospi resumed trading with a 0.5% loss.
Stocks in Europe are mostly lower at midday, as energy stocks follow crude futures into the red. Shire PLC is among today's leading stocks, up 4% in London following Takeda Pharmaceutical's announcement that it will purchase the drug name for $62 billion. London's FTSE 100 is 0.01% higher, Germany's DAX is down 0.6%, and France's CAC 40 is 0.5% lower.