Stock Futures Point to Uneasy Pre-Fed Session

The Trump-Kim meeting didn't produce any major surprises for Wall Street

Managing Editor
Jun 12, 2018 at 9:14 AM
facebook X logo linkedin


Following the highly anticipated U.S.-North Korea summit, futures on the Dow Jones Industrial Average (DJI) and the Nasdaq-100 Index (NDX) are both trading flat. The historic meeting, which took place in Singapore, concluded with President Donald Trump and North Korean leader Kim Jong-Un signing a document wherein Pyongyang committed "to work toward complete denuclearization of the Korean Peninsula," though the agreement was light on details. Now, traders are bracing for the start of the two-day Federal Open Market Committee (FOMC) meeting, with policymakers expected to announce a rate hike tomorrow afternoon. 

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

  • Why the odds of a post-Fed pullback are higher than usual, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • Fitbit stock could double, says one notorious research firm.
  • The luxury retailer flashing a short-term bearish signal.
  • Plus, Dave & Buster's post-earnings surge; an "overweight" rating for Weight Watchers; and a mixed finish for Asian markets.

Futures Chart June 12

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.03 million call contracts traded on Monday, compared to 558,167 put contracts. The single-session equity put/call ratio fell to 0.54, while the 21-day moving average remained at 0.58.
  2. Dave & Buster's Entertainment Inc (NASDAQ:PLAY) is 14.2% higher in pre-market trading, after the company last night reported fiscal first-quarter results that surpassed forecasts. PLAY has been on a fresh trend higher since the end of May, but is still 13.3% lower year-to-date.
  3. Also set to soar from a fiscal first-quarter earnings beat is home retailer RH (NYSE:RH), up 21% in pre-market trading. While revenue fell short of expectations, RH hiked its fiscal 2018 forecast. Just yesterday, RH stock touched a fresh record high of $119.75.
  4. J.P. Morgan Securities this morning initiated coverage on Weight Watchers International, Inc. (NYSE:WTW) with an "overweight" rating and a $105 price target. WTW has been on a tear since early 2017, and is now up 218% year-over-year. The stock touched a record high of $88.44 last Thursday.
  5. Aside from the start of the two-day FOMC meeting, today brings the consumer price index (CPI), the NFIB small business optimism index, and the Treasury budget. Casey's General Stores (CASY) and H&R Block (HRB) are scheduled to report earnings.

stock market news june 12

Trump-Kim Summit Pushes Asian Markets Higher

Asian stock markets traded mostly higher during the Trump-Kim meeting, though gains were somewhat limited across the board. China’s Shanghai Composite overcame early losses to rally to a 0.9% win, snapping a three-day losing streak in the process. Hong Kong’s Hang Seng also rose, finishing up 0.1%. In Japan, the Nikkei got a boost from a weakening yen and settled up 0.3%, while South Korea’s Kospi dipped 0.1%.  

There’s less enthusiasm in Europe, where major equity benchmarks are seeing weak price action at midday. After positive starts, London’s FTSE 100 and France’s CAC 40 were last trading down 0.2% and 0.1%, respectively. Germany’s DAX has also pulled back some from its opening move, but the index is sporting a fractional gain. Traders in the region also digested wage data out of the U.K., which was weaker than expected in April, while looking ahead to the upcoming European Central Bank (ECB) meeting.

 

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