The major equity benchmarks are set up for another choppy session
Dow Jones Industrial Average (DJIA) futures are trading below fair value, suggesting another choppy trading day could be ahead. Investors are once again monitoring bond yields, though this morning they at least have notable economic data to break up the recent monotony. Specifically, the producer price index (PPI) bounced back in September, rising 0.2% to match expectations. Meanwhile, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are both set for lower opens, while the Cboe Volatility Index (VIX) could be in store for a fifth straight win.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 906,730 call contracts traded on Tuesday, compared to 558,308 put contracts. The single-session equity put/call ratio fell to 0.62, and the 21-day moving average stayed at 0.60.
- Fastenal Company (NASDAQ:FAST) is down close to 5% before the opening bell, following the company's third-quarter earnings. The pre-market losses come despite the fact the industrial company beat estimates on the top and bottom line. The shares have been testing the site of their previous highs from earlier in the year, also near the 80-day moving average, while they're still well above the 320-day moving average which sent them soaring back in July.
- Snap Inc (NYSE:SNAP) is trying to get out of its recent rut, with the shares yesterday hitting an all-time low and set for an unbelievable 14th straight losing week. The stock is up 2% before the open, possibly responding to news that the company is launching its first slate of scripted shows called Snap Originals.
- McDonald's Corporation (NYSE:MCD) has been trending higher since an early August bottom related to food safety issues, yesterday notching its highest close since February. The blue chip is up another 1% before the open, after an upgrade to "buy" from "neutral" at Guggenheim.
- Chicago Fed President Charles Evans will speak, as will Atlanta Fed President Raphael Bostic. FAST is the only name reporting earnings.
Asian Stocks Manage Gains
Asian markets saw a mostly positive session today. Hong Kong's Hang Seng managed an 0.08% advance -- marking its first daily gain this month -- while Japan's Nikkei and China's Shanghai Composite both added 0.2%, the latter of which rose as the yuan continued to fall against the U.S. dollar. On the flip side, South Korea's Kospi returned from Tuesday's holiday with a 1.1% loss.
Stocks in Europe are trading lower at midday, with Italian banks and Comcast's finalized $40 billion bid for British television concern, Sky, in focus. London's FTSE 100 is just below breakeven, last seen down 0.02%, while France's CAC 40 is 0.7% lower, and Germany's DAX is off 0.6%.