Trump tweeted about Apple over the weekend
U.S. stock futures are signaling a higher start, with Apple (AAPL) in focus. Specifically, ahead of Apple's annual product reveal this Wednesday, Sept. 12, President Donald Trump tweeted over the weekend the iPhone parent should make its "products in the United States instead of China." At last check, AAPL stock was up 0.4% in electronic trading, while the Dow Jones Industrial Average (DJI), the S&P 500 Index (SPX), and the Nasdaq-100 Index (NDX) were all trading above fair value, with the latter two set to snap their four-day losing streaks.
Continue reading for more on today's market, including:
- Get ready for this internet stock's next leg higher.
- Behind this steel stock's rare upgrade.
- Plus, a top exec exits Snap; Les Moonves is out at CBS; and Tokyo stocks gain ground on a GDP beat.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1 million call contracts traded on Friday, compared to 686,393 put contracts. The single-session equity put/call ratio fell to 0.69, and the 21-day moving average edged up to 0.62.
- Snap Inc (NYSE:SNAP) said Chief Strategy Officer Imran Khan will be stepping down after three years on the job. Additionally, Pivotal Research reiterated its "sell" rating on Snap stock, saying the Snapchat parent's trends are "weak on a per user basis." Fresh off last week's record low, shares of SNAP are down 1.5% in electronic trading.
- Les Moonves has resigned as chairman and CEO of CBS Corporation (NYSE:CBS), effective immediately. The decision comes amid new allegations of sexual misconduct, which Moonves calls "untrue." As such -- and following a Cowen and Company price-target hike to $58 from $50 -- CBS stock is up 1.7% ahead of the bell, on track to trade at its highest level since July 27, when accusations against Moonves first surfaced.
- Maxim assumed coverage on Overstock.com Inc (NASDAQ:OSTK) with a "buy" rating and $75 price target -- a more than 188% premium to Friday's close at $26. OSTK shares are set to open up 5%, with the retail stock looking to pare a portion of its 59.3% year-to-date deficit.
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Atlanta Fed President Raphael Bostic will speak today, and the Fed's consumer credit report will be released. Hovnanian Enterprises (HOV) and Sonos (SONO) will report earnings.
Tokyo Stocks Outperform on Strong GDP
It was a mixed finish for Asian markets today. Hong Kong's Hang Seng lost 1.3% and China's Shanghai Composite gave up 1.2%, with traders keeping a wary eye on escalating trade rhetoric between the U.S. and Beijing. Elsewhere, an upbeat reading on second-quarter gross domestic product (GDP) out of Tokyo helped push Japan's Nikkei up 0.3%, and South Korea's Kospi followed suit with a 0.3% gain.
European equities are cautiously higher at midday, led by a strong performance for the banking sector. Italian lenders are rallying amid expectations the country will remain within the budget shortfall limits set by the European Union, sparking upside for two-year and 10-year bonds. At last check, the French CAC 40 is up 0.7%, the German DAX has gained 0.5%, and London's FTSE 100 is 0.3% higher.