Stock Futures In the Red as Election Day Kicks Off

The midterm elections could have a big impact on markets

Managing Editor
Nov 6, 2018 at 9:12 AM
facebook X logo linkedin

Futures on the Dow Jones Industrial Average (DJI)S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are cautiously lower today, as investors prepare for Election Day across the country. The midterm elections could have a big impact on markets, as voters decide on the balance of power in Congress. Elsewhere, trade relations between the U.S. and China took a positive turn, after Chinese Vice President Wang Qishan said the country was ready to discuss an "acceptable" solution for both sides. As far as economic data today, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) will be in focus after its release at 10 a.m. ET. 

Continue reading for more on today's market, 

  • Big SPY strikes could spark major stock moves, per Schaeffer's Senior V.P. of Research Todd Salamone.
  • Twilio options traders lean bearish as earnings loom.
  • The biotech stock destroyed after suspending a study.
  • Plus, Mylan toasts an earnings beat; Avis Budget slides post-earnings; and Amazon nears HQ2 decision.

Stock Futures Chart Nov 6

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 852,962 call contracts traded on Monday. This is compared to 518,337 put contracts. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average slid to 0.67.
  2. Mylan NV (NASDAQ:MYL) stock is up 8.9% in electronic trading, after the drugmaker reported third-quarter earnings that topped expectations. BofA-Merrill Lynch responded by upgrading MYL to "buy" from "neutral," but trimmed its price target to $42. MYL shares fell to an annual low of $30.33 on Oct. 25, but are on track to retake their 20-day moving average for the first time since September. 
  3. On the other end of the spectrum is Avis Budget Group Inc. (NASDAQ:CAR), down 6.6% ahead of the bell, after the rental car name reported third-quarter earnings and revenue below analyst expectations. CAR shares had rallied off their Oct. 29 low of $26.97, but were contained by their 30-day moving average.
  4. Shares of, Inc. (NASDAQ:AMZN) are down 0.6% in electronic trading, after the e-commerce giant reportedly decided to split its second headquarters evenly between two locations; Long Island City, N.Y., and Arlington, Va. October was a brutal month for AMZN, but the FAANG name recently flashed a bullish signal.
  5. Earnings season picks up with a slew of quarterly reports, including Axon Enterprise (AAXN), Bausch Health (BHC), CVS Health (CVS), Eli Lilly (LLY), Etsy (ETSY), Glu Mobile (GLUU), GoDaddy (GDDY), Match Group (MTCH), Papa John's (PZZA), Ralph Lauren (RL), Tableau Software (DATA), Twilio (TWLO), Wendy's (WEN), and Zillow (ZG). 

stock market news nov 6

Asian Stocks Get Midterm Boost, Europe Lower On Inflation Data

It was a mostly higher finish in Asia today, with traders upbeat ahead of the U.S. midterm election. Japan's Nikkei tacked on 1.1%, even as a strong day for pharmaceutical stocks offset a post-earnings slump for SoftBank. Hong Kong's Hang Seng and South Korea's Kospi also finished in positive territory, adding 0.7% and 0.6%, respectively. China's Shanghai Composite resumed its downtrend, though, shedding 0.2%.

European markets are lower at midday, after the IHS Markit manufacturing purchasing managers index (PMI) for the eurozone fell to 53.1 last month -- its lowest reading since September 2016. At last check, London's FTSE 100 is off 1%, the French CAC 40 is down 0.5%, and the German DAX is flirting with a 0.4% loss, even as factory orders unexpectedly rose for a second straight month in September.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI