Oil prices are higher this morning, too
Stock futures are trading above fair value this morning, pointing to a recovery from a historically brutal Christmas Eve trading session that pushed the Dow Jones Industrial Average (DJI) to a 15-month low, and the S&P 500 Index (SPX) to the cusp of bear-market territory. Amid what's expected to be another low-volume session, oil prices will be in focus, with February-dated crude futures up 1.7% at $43.23 per barrel.
Additionally, traders will be keeping a close eye on Washington, D.C., after President Donald Trump told reporters on Christmas Day, "I can't tell you when the government's going to be open." POTUS also chimed in on the Fed again, saying, "They're raising interest rates too fast."
Continue reading for more on today's market, including:
- Bulls just lost their last technical lifeline, according to Schaeffer's Senior V.P. of Research Todd Salamone.
- This Amazon rival could rally into the new year.
- Plus, Teva pops on patent news; Needham's top pick; and JD.com's big buyback announcement.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 510,716 call contracts traded on Monday, compared to 403,762 put contracts. The single-session equity put/call ratio fell to 0.79, and the 21-day moving average remained at 0.74.
- Teva Pharmaceutical Industries Ltd (NYSE:TEVA) said it has settled a patent dispute for an ADHD treatment with fellow drugmaker Neos Therapeutics Inc (NASDAQ:NEOS). TEVA stock has sold off sharply since its mid-November peak near $24, but is set to open up 3.8% today above $15.
- Needham named Roku Inc (NASDAQ:ROKU) a "Top Pick for 2019," with analyst Laura Martin waxing optimistic on the streaming device maker's growth potential. After hitting an annual low of $26.30 on Monday, ROKU stock is 6% higher in electronic trading.
- JD.com Inc (NASDAQ:JD) announced a $1 billion stock buyback plan, sending shares of the China-based e-commerce concern up nearly 3% ahead of the bell. Longer term, JD stock has surrendered more than 50% of its value in 2018, and tagged a record low last month.
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The S&P Corelogic/Case Shiller home price index is the lone data point today, but the economic calendar heats up tomorrow.
Tokyo Stocks Bounce in Low-Volume Trading
Asian stocks were mixed today, with global trading volumes still thin amid holiday closures -- including Hong Kong and Europe today -- and traders on edge after Monday's heavy losses for U.S. markets. Japan’s Nikkei finished up 0.9%, clawing back from a roughly 5% plunge on Tuesday. South Korea’s Kospi, on the other hand, dropped 1.3%, with tech giant Samsung Electronics among the big decliners. Over in mainland China, the Shanghai Composite shed 0.3%.