Dow Futures Soar on JPMorgan Earnings Beat

U.S. stocks look ready to join in a global equities recovery

Oct 12, 2018 at 9:16 AM
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Dow Jones Industrial Average (DJIA) futures are signaling a huge comeback for U.S. stocks. The S&P 500 Index (SPX) and Nasdaq-100 (NDX) are both set for substantial jumps at the open, too, taking their cue from a broader recovery in global stock markets. Traders are digesting earnings releases from a number of big banks, including Dow component JPMorgan Chase (JPM), which is on pace to open higher thanks to a top- and bottom-line beat. Even with the Dow set to rally, however, it's well on pace for a weekly loss following the massive stock sell-off that trimmed 1,377 points off its value over the past two days.

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

  • Why option bulls should watch for an ATVI stock bounce.
  • Analysts calls out a "game changer" for Boot Barn.
  • 2 mining stocks flashing buy signals.
  • Plus, 2 other bank stocks to watch; analyst jumps on Square pullback; and Snap in focus again.

us stock futures oct 12

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 788,231 put contracts. The single-session equity put/call ratio fell to 0.68, and the 21-day moving average stayed at 0.61.  
  2. Square Inc (NYSE:SQ) is getting more bullish analyst attention following a massive two-day pullback, with Canaccord Genuity today upgrading the stock to "buy" following the high-profile departure of Chief Financial Officer Sarah Friar. After trading as high as $101.15 on Oct. 1, the shares closed yesterday at $69.03 -- marking the first close below their 80-day moving average since April. The equity is now set to open up 8.2%, however, bouncing from support at its 160-day trendline.
  3. It seems as though we've covered Snap Inc (NYSE:SNAP) every day this week, and the social media stock is again in focus today. Despite the fact that the shares hit an all-time low yesterday, Pivotal Research just upgraded the shares to "buy" from "hold," though the firm trimmed its price target to $8 from $9. SNAP is set to open up 5% after settling Thursday at $6.81.
  4. Elsewhere on the earnings front, Citigroup Inc (NYSE:C) and Wells Fargo & Co (NYSE:WFC) are both set for positive opens after the companies' quarterly reports. C shares are up 2.7% in pre-market trading and WFC is poised to pop 1.5%. Both bank stocks suffered their lowest closes in weeks yesterday.
  5. Today will bring us the latest import and export prices, as well as data on consumer sentiment. Next week the stock market schedule picks up, with third-quarter earnings set to continue.

stock market news oct 12

Global Markets Move Higher

Asian stocks were in recovery mode today, with all major indexes closing in positive territory. Specifically, China's Shanghai Composite saw notable gains after logging its worst day in more than two years on Thursday, rising 0.9% following data that showed exports to the U.S. surged 16.6% last month. Meanwhile, a rebound from Tencent helped push Hong Kong's Hang Seng 2.1% higher, while South Korea's Kospi settled with a 1.5% advance. In Japan, the Nikkei closed up 0.5%.

European markets are also bouncing back to trade higher this afternoon, with tech stocks in particular seeing notable gains. At last check, London's FTSE 100, Germany's DAX, and France's CAC 40 are all sporting 0.8% leads.

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