Dow Futures Push Quietly Higher After Roller-Coaster Session

Oil prices are up today, too

Dec 28, 2018 at 9:05 AM
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Futures on the Dow Jones Industrial Average (DJI) are trading modestly above fair value following yesterday's sharp reversal on Wall Street. Another win for the Dow today would make it three in a row, with the blue-chip index on track to snap its three-week losing streak. Oil prices are up, too, with February-dated crude futures up 0.8% at $44.97 per barrel, though the commodity still seems set to end the week at a loss.

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

us stock market futures fair value on dec 28

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 738,959 call contracts traded on Thursday, compared to 535,793 put contracts. The single-session equity put/call ratio jumped to 0.73, and the 21-day moving average ticked up to 0.74.
  2. Wedbush upgraded Wingstop Inc (NASDAQ:WING) to "outperform" from "neutral," citing signs of stronger-than-anticipated fourth-quarter same-store sales. The brokerage firm also cut its WING price target by $2 to $69, a nearly 14% premium to last night's close at $60.59. The shares of the chicken wing chain are up 3.2% in electronic trading, following a successful test of their 140-day moving average earlier this week.
  3. The shares of Aphria Inc (NYSE:APHA) are up 12.8% in electronic trading, after U.S. cannabis retailer Green Growth offered to buy its Canadian peer for $8.09 per share -- a more than 45% premium to last night's close at $5.57. Aphria has since responded, saying the buyout bid significantly undervalues the company. Earlier this month, Citron Research targeted a move to double digits for APHA stock.
  4. Dell Technologies (NYSE:DVMT) will begin trading on the New York Stock Exchange this morning, as the computer specialist makes its return to the public sphere for the first time in five years. J.P. Morgan Securities initiated coverage on DVMT with an "outperform" rating and $60 price target.
  5. The Chicago purchasing managers manufacturing index (PMI) and the pending home sales index are due today, while the release of international trade data is delayed due to the government shutdown. Looking ahead, remarks from Fed Chair Jerome Powell and the monthly jobs report will highlight the upcoming holiday-shortened week.

stocks in the news december 28

Japan's Nikkei Closes Out 2018 at a Loss

Markets in Asia were mostly higher today in a low-volume session. China's Shanghai Composite added 0.4%, after China's commerce ministry confirmed face-to-face trade talks with the U.S. next month. Hong Kong's Hang Seng closed up 0.1%, while the South Korean Kospi added 0.6%. Japan's Nikkei, however, bucked the regional trend to finish down 0.3%, after the Bank of Japan pointed to "heightening uncertainties" for the economy, and data showed declining industrial output in November. This is the Nikkei's first annual decline since 2011.

Meanwhile, stocks in Europe are enjoying solid gains at midday. Resurgent tech and banking sectors are powering the rally, while basic resource stocks are getting a lift from upbeat developments in U.S.-China trade relations. At last check, London's FTSE 100 is up 1.9%, while the French CAC 40 is up 1.6%. Lastly, the German DAX is 1.7% higher, although still in bear market territory after yesterday’s sharp decline.

 

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