Canada and the U.S. are expected to continue trade talks today
Dow Jones Industrial Average (DJI) futures are sitting just below fair value today, as traders eye ongoing trade talks between the U.S. and Canada, following the former's recent trade deal with Mexico. Canadian Foreign Minister Chrystia Freeland said yesterday's round of talks were "constructive," and praised Mexico's concessions in the latest deal.
In addition, investors are digesting the latest reading of second-quarter gross domestic product (GDP), which was upwardly revised to show 4.2% growth from 4.1% -- the fastest pace of growth since 2014. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are flat, though, putting the prospect of more record closes in jeopardy.
Continue reading for more on today's market, including:
- Grab these stocks before the long weekend, according to Schaeffer's Senior Quantitative Analyst Rocky White.
- This airline stock could takeoff soon.
- Lululemon stock nabbed a bull note as earnings approach.
- Plus, Alphabet gets an ambitious price target; Amazon's new app; and surging sales power Tilray's first earnings report.

5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 940,682 call contracts traded on Tuesday, compared to 500,470 put contracts. The single-session equity put/call ratio remained at 0.53, and the 21-day moving average fell to 0.62.
- Alphabet Inc (NASDAQ:GOOGL) stock is up 0.7% in electronic trading, after receiving a price-target hike to $1,515 from $1,325 -- the highest on Wall Street -- at Morgan Stanley. "We see the launch of Waymo's ride-hailing service by year-end as a potential catalyst for value realization," the brokerage firm said. On the charts, the FAANG stock nabbed a record high $1,291.44 on July 27 and promptly pulled back, although the dip was contained by its 40-day moving average.
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Alphabet isn't the only FAANG stock getting lofty price targets from Morgan Stanley. Amazon.com (NASDAQ:AMZN) received a price-target hike to $2,500 from $1,957, also the highest on Wall Street. In addition, reports surfaced that Amazon is developing a new video app for its Fire TV device. In response, AMZN is up 1.1% ahead of the bell. The equity is fresh off a record high of $1,941.77 yesterday, and has more than doubled off its late-September lows near $930.
- Shares of Tilray Inc (NASDAQ:TLRY) are up 17.3% in electronic trading, after the cannabis company's first public earnings report exceeded analyst expectations, as sales roughly doubled. Should today's price action pan out, Tilray stock would have nearly quadrupled its July 19 initial public offering (IPO) price of $17.
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Slated for today is the MBA mortgage index, weekly crude inventories, pending home sales report, and the highly anticipated GDP data. American Eagle (AEO), Dick's Sporting Goods (DKS), Dycom (DY), Express (EXPR), Guess? (GES), Movado Group (MOV), Salesforce.com (CRM), and Tilly's (TLYS) are slated to release earnings.
Asian, European Markets Eye U.S.-Canada Trade Talks
Asian markets finished the day mixed, as traders kept a close eye on U.S.-Canada trade talks. Shipping stocks pushed Japan's Nikkei up 0.2% to a seventh straight gain. Hong Kong's Hang Seng closed 0.2% higher, as well, while South Korea's Kospi saw a lift of 0.3% -- its ninth consecutive win, the longest such streak since mid-2009. On the flip side, China's Shanghai Composite struggled, and finished down 0.3%.
Stocks in Europe are making moves on both sides of breakeven in afternoon trading, as global trade discussions take center stage. At last glance, London's FTSE is down 0.4%, while Germany's DAX and France's CAC 40 are 0.1% and 0.2% higher, respectively.