Stock Futures Slip After Tech Earnings

The Dow is signaling a breather after its best session in months

Managing Editor
Aug 17, 2018 at 9:16 AM
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Dow Jones Industrial Average (DJI) futures are signaling a breather today, after yesterday's breakneck session. Although there were optimistic trade developments out of China yesterday, the Trump administration said it is prepared to impose sanctions on any country that imports oil from Iran, which includes China. 

S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed lower as well, as the latter faces pressure in the technology sector amid subpar earnings reports from chipmakers. Elsewhere, investors are digesting the latest tweets from President Donald Trump, where he abandoned plans for a military parade, and called for the Securities and Exchange Commission (SEC) to study six-month corporate reporting periods. 

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

  • Steer clear of this biopharma stock.
  • Options traders piled on these potential Amazon victims.
  • Molina Healthcare stock could be headed for higher highs.
  • Plus, Deere stock sinks on an earnings miss; Elon Musk tells all to The New York Times; and Applied Materials gives a weak outlook.

Stock Futures Chart Aug 17

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.15 million call contracts traded on Thursday, compared to 687,191 put contracts. The single-session equity put/call ratio dropped to 0.60, and the 21-day moving average rose to 0.64.
  2. Deere & Company (NYSE:DE) stock is down 3.5% in electronic trading, after the machinery company reported fiscal third-quarter earnings that fell short of analyst expectations. Should today's price action pan out, DE stock will be trading near its lowest level of 2018. Overall, the shares have shed 12% this year, and have recently encountered resistance at their 100-day moving average.
  3. Tesla Inc (NASDAQ:TSLA) stock is down 3.4% ahead of the bell, as controversial CEO Elon Musk found himself in the headlines again following an interview with The New York Times. In the wide-ranging interview, Musk noted that this past year was "excruciating," and detailed the events that led up to his tweet about taking Tesla private -- which has him in potentially hot water with the SEC. Despite the negative headlines lately, TSLA has gained 18% in the last three months.
  4. Shares of Applied Materials, Inc. (NASDAQ:AMAT) are down 4.2% in electronic trading, after the chipmaker gave a current-quarter forecast for profit and revenue that came in under analyst expectations, adding to worries that the semiconductor boom may be slowing. AMAT has shed 24% from its mid-March highs of $62.40, ending Thursday at $47.43.
  5. The Baker-Hughes rig count and consumer sentiment report are anticipated today. 

stock market news august 17

Asian Markets Rally, Chip Stocks Sink Europe

Easing U.S.-China trade worries and a quick rebound from internet stock Tencent pushed Asian markets mostly higher for today. Leading the pack was Japan's Nikkei and Hong Kong's Hang Seng, both of which finished up 0.4%. South Korea's Kospi managed a 0.3% gain, while China’s Shanghai Composite suffered a steep 1.3% loss -- marking its fifth straight daily decline.

European stocks are trading lower at midday, as chipmakers dropping on disappointing Applied Materials earnings and Turkey concerns linger. Traders are also weighing the latest eurozone inflation data, with consumer prices for the currency bloc rising 2.1% year-over-year in July. At last check, London's FTSE 100 and France's CAC 40 are both down 0.3%, while Germany's DAX is suffering a 0.6% loss.


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