U.S. Trade Representative Robert Lighthizer is optimistic on talks with China
Dow Jones Industrial Average (DJIA) futures are down this morning, as investors around the world nervously monitor the G-20 summit unfolding in Buenos Aires, Argentina. All eyes are on President Donald Trump and Chinese leader Xi Jinping, who are expected to meet -- along with White House advisor Peter Navarro -- tomorrow to discuss trade. However, futures on the Dow, S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) have pared early losses, after U.S. Trade Representative Robert Lighthizer said he expects U.S.-China talks to be a "success." All three major benchmarks are poised to lock up weekly wins. The Dow and S&P 500 are also heading toward monthly gains.
Continue reading for more on today's market, including:
- Analysts: Buy these 2 Dow stocks.
- This penny stock more than doubled yesterday.
- Put buyers are blasting American Eagle stock ahead of earnings.
- Plus, GameStop sinks on guidance; Under Armour upgraded; and Marriott reports a big data breach.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 886,977 call contracts traded on Thursday, compared to 506,021 put contracts. The single-session equity put/call ratio fell to 0.57, and the 21-day moving average slipped to 0.69.
- GameStop Corp. (NYSE:GME) stock, which has historically struggled during the holiday season, is down 12% in electronic trading, after the video game retailer slashed its full-year outlook. Three brokerages have already issued price-target cuts in response, including to $9 at Benchmark. As of yesterday's close, GME had shed 18.5% year-to-date, and nabbed a decade-plus low of $12.14 on Nov. 20.
- Under Armour Inc (NYSE:UAA) stock is up 1.4% ahead of the bell, after Wells Fargo upgraded the athleisure retailer to "market perform" from "underperform," while noting the bearish case for UAA "has run out of steam." UAA bounced off its supportive 320-day moving average in early November following an upbeat quarterly report, and has gained 70% year-over-year.
- Marriott International Inc (NASDAQ:MAR) stock is down 4.6% in electronic trading, after the hotel chain reported hackers had accessed its Starwood guest database. The personal information of roughly 500 million guests has been tapped, including some payment and passport data. MAR stock had been rallying off its late October lows near $107, but is set to backpedal today.
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Today will also feature the Chicago purchasing managers manufacturing index (PMI) and the Baker-Hughes rig count. New York Fed President John Williams will close out the Fed speeches for the week.
Asian Markets Get G-20 Boost; Europe Sinks With Auto Sector
Asian markets closed mostly higher ahead of this weekend's highly anticipated Trump-Xi meeting. China's Shanghai Composite edged closer to recent resistance at the 2,600 level, adding 0.8%. Elsewhere in the region, Hong Kong's Hang Seng gained 0.2% and Japan's Nikkei rose 0.4% for its sixth straight win. South Korea's Kospi, however, fell 0.8% after the Bank of Korea hiked its benchmark interest rate.
Stocks in Europe are lower at midday, with pressure coming from the automotive and basic resources sectors ahead of this weekend's G-20 summit. Mining stocks, in particular, are taking a big hit in the U.K., with London's FTSE 100 last seen down 0.8%. The German DAX, meanwhile, is off 0.6%, and the French CAC 40 is 0.4% lower.