Dow Futures Sink With Goldman Sachs

Disappointing factory data is also weighing on investor sentiment

Dec 17, 2018 at 9:14 AM
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Stocks are set to pick up right where they left off on Friday, with Dow Jones Industrial Average (DJI) futures trading well below fair value. Today's pressure is coming from Goldman Sachs (GS), with the shares down more than 2% in pre-market trading, on news Malaysia has charged the big-cap bank and two of its former employees in connection with the 1MDB money laundering probe. A disappointing Empire State manufacturing update is only stoking the bearish flames, as factory activity in New York grew at a slower-than-expected pace in December.

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

stock index futures dec 17

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 808,892 call contracts traded on Friday, compared to 639,628 put contracts. The single-session equity put/call ratio jumped to 0.79, and the 21-day moving average edged up to 0.71.
  2. BofA-Merrill Lynch downgraded Best Buy Co Inc (NYSE:BBY) to "underperform" from "neutral," and slashed its price target to $50 from $70, a discount to the electronics retailer's Friday close at $55.37. BBY stock is down 7.4% in electronic trading, set to open at a new annual low near $51.30.
  3. A California regulator has initiated a case against PG&E Corporation (NYSE:PCG), saying the utility company falsified natural gas pipeline safety records from 2012 through 2017. PCG stock is set to open down 4.5%, and was already down 42% year-to-date heading into today's trading.
  4. Stifel upgraded Lululemon Athletica inc. (NASDAQ:LULU) to "buy" from "hold," citing positive sales momentum for the athletic apparel retailer. LULU stock is 1.5% higher in pre-market trading, set to build on its 51.6% 2018 gain.
  5. The housing market index and Treasury International Capital (TIC) data will be released today. Red Hat (RHT) and Steelcase (SCS) will report earnings.

stocks in the news dec 17

Global Economic Woes Weigh on European Stocks

Asian stocks were either flat or cautiously higher today in a low-volume session. Hong Kong's Hang Seng finished modestly lower, while South Korea's Kospi gained 0.1%. Over in China, the Shanghai Composite added 0.2%, as investors shook off the subpar economic data from the mainland on Friday, and await a big speech from President Xi Jinping. Japan's Nikkei tacked on 0.6%, powered by a solid day from Softbank as it prepares for the public listing of its mobile unit on Wednesday.

Markets in Europe, meanwhile, are heading lower amid concerns over a global economic slowdown. They are fueled today by the Bank of International Settlements (BIS), which on Sunday issued a report stating the recent market sell-off and central bank policy changes could trigger more sharp drops in the coming year. Retail stocks in particular are struggling, led by British retailer Asos after its subpar sales and profit forecast. At last check, London's FTSE 100 is 0.6% lower. The German DAX is sporting a 0.7% loss, while the French CAC 40 is off by 0.8%.

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