Dow futures are pointing to a healthy rise at the open
U.S. stocks will try again to gain at the open today, after yesterday's rally attempt turned into a massive sell-off. For now, the Dow Jones Industrial Average (DJI) is eyeing a healthy jump, and futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are pointing to positive starts, as well. Traders again will be focusing on corporate earnings, including quarterly updates from blue chips Coca-Cola (KO) and Pfizer (PFE), with tech giant Facebook (FB) set to report after the close. Meanwhile, Apple (AAPL) will be grabbing headlines due to its product event later this morning.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1.04 million call contracts traded on Monday, compared to 767,001 put contracts. The single-session equity put/call ratio fell to 0.74 and the 21-day moving average held at 0.67.
- Sony Corp (NYSE:SNE) stock is set to jump roughly 6% at the open, after the company posted impressive fiscal second-quarter earnings and hiked its full-year outlook. The shares had been hit by the market sell-off in recent days, falling below the 200-day moving average for the first time in over a year, though they're still up almost 35% year-over-year.
- General Electric Company (NYSE:GE) announced quarterly results that missed estimates, slashed its dividend, and said the Securities and Exchange Commission (SEC) was expanding the scope of its accounting investigation. The former Dow member also said it will split its power unit in two. As such, GE stock is down 3.1% in electronic trading, set for territory not charted since early 2009.
- The shares of Under Armour Inc (NYSE:UAA) are trading up 14% before the opening bell, thanks to the company's third-quarter earnings beat and upwardly revised full-year outlook. The company's international sales were the bright spot, overshadowing tepid sales in North America. UAA stock had been trending lower in recent months, but has seemingly found a floor atop the 320-day moving average.
- Today will bring the S&P Corelogic Case-Shiller home price index and consumer confidence data. Stepping into the earnings confessional will be 3D Systems (DDD), Baidu (BIDU), eBay (EBAY), Electronic Arts (EA), Fiat Chrysler (FCAU), Mastercard (MA), and MGM Resorts (MGM)
Asian Stocks Rise, Eurozone GDP In Focus
Asian markets ended mostly higher today, with a 1.5% jump in Japan's Nikkei setting the pace after positive employment data. Elsewhere, China's Shanghai Composite rebounded 1% after the China Securities Regulatory Commission (CSRC) issued a rare, brief statement during trading hours where it outlined plans to encourage share buybacks and boost market liquidity. South Korea's Kospi closed up 0.9% on strength in chip stocks, but Hong Kong's Hang Seng surrendered the previous session's leadership role to give up 0.9%.
European stocks are holding close to breakeven at midday, as investors weigh a mixed bag of corporate earnings and economic data. Eurozone gross domestic product (GDP) arrived at just 0.2% in the third quarter, down from 0.4% in the second quarter. The 1.7% year-over-year growth fell short of expectations for a 1.8% pace. Among individual stocks, automaker Volkswagen is rallying after earnings, while banking giant BNP Paribas and airliner Lufthansa are selling off after their quarterly results. At last check, the German DAX is down 0.2%, the French CAC 40 is off 0.09%, and London's FTSE 100 has added 0.3%.