Dow Futures Jump Again After ADP Jobs Report

The Dow looks poised for a fifth straight win

Oct 3, 2018 at 9:11 AM
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Dow Jones Industrial Average (DJI) futures are trading more than 100 points above fair value, hinting at a fifth straight gain and more record highs for the blue-chip index. Stocks are getting a boost from this morning's impressive ADP's private-sector employment report for September, which blew past expectations with 230,000 jobs added. This has the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) set for strong starts, as well. Meanwhile, traders will also be monitoring a long list of Fed speeches throughout the day, including an appearance from Fed Chair Jerome Powell. 

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

stock futures oct 3

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1 million call contracts traded on Tuesday, compared to 544,094 put contracts. The single-session equity put/call ratio moved down to 0.54, and the 21-day moving average ticked down to 0.59.
  2. Lennar Corporation (NYSE:LEN) stock is set for a slightly higher open, after the company reported a top- and bottom-line beat for the third quarter, thanks to stronger-than-expected orders. Along with the results, Executive Chairman Stuart Miller added that the fundamentals of the housing industry are still "favorable." LEN stock has been crushed this year, losing more than one-fourth of its value and hitting an annual low of $46.60 just last week -- though the strong quarterly results echo those of peer KB Home (KBH), which delivered an earnings beat exactly a week ago.
  3. Facebook, Inc. (NASDAQ:FB) is again receiving negative press, this time because of a worldwide outage of its Instagram application. The photo-sharing app is back up and running, but this follows a major security breach that had options traders betting on downside for FB stock, which suffered its lowest close since April yesterday.
  4. Looking at notable pre-market winners, aluminum stock Alcoa Corp (NYSE:AA) is set to open 7.1% higher this morning. This comes due to a rise in aluminum prices after the world's largest refinery in Brazil halted production. AA shares needed a boost, suffering a nasty multi-month downtrend amid all the global trade uncertainty.
  5. Chicago Fed President Charles Evans kicked things off bright and early with a speech this morning. There will also be remarks from Richmond Fed President Tom Barkin, Philadelphia Fed President Patrick Harker, and Cleveland Fed President Loretta Mester throughout the day. The weekly crude inventories report, MBA mortgage index, and the ISM non-manufacturing index are also slated for release. Acuity Brands (AYI) and Pier 1 Imports (PIR) will step into the earnings confessional.

stock market news oct 3

Light Trading Volumes In Asia, Europe

Stocks in Asia closed lower in today's trading, with volume light as markets in South Korea and China were closed for holiday. Japan's Nikkei retreated from yesterday's 27-year closing highs as auto stocks sold off, and finished down 0.7%. Meanwhile, Hong Kong's Hang Seng shed 0.1%.

European markets are modestly higher at midday. Italy remains in focus, after a local newspaper reported the government's plan to lower the deficit to 2% from 2.2% by 2021. At last glance, London's FTSE 100 and France's CAC 40 are both up 0.6%, while markets in Germany are closed for public holiday.

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