Dow Futures Fall Ahead of Heavy Earnings Week

More big bank earnings are set to hit tomorrow

Jan 14, 2019 at 9:04 AM
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Dow Jones Industrial Average (DJI) futures are trading below fair value this morning, as Wall Street prepares for fourth-quarter earnings season. Banking name Citigroup (C) kicked things off bearishly this morning, reporting a surprise drop in quarterly revenue, setting the stage ahead of earnings reports from fellow big banks throughout the week. Weak trade data out of China is also weighing on stocks, fueling concerns about the global economy. Meanwhile, traders will also keep monitoring any developments out of Washington, D.C., as the record-breaking government shutdown drags on.

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

stock futures jan 14

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.11 million call contracts traded on Friday, compared to 849,105 put contracts. The single-session equity put/call ratio jumped to 0.77, and the 21-day moving average moved up to 0.72.
  2. One of the biggest stories this morning is PG&E Corporation (NYSE:PCG) plans to file for bankruptcy protection stemming from its role in the California wildfires. The shares were trading near $50 before the fallout hit in mid-November, and today they're set to open just below $10 per share.
  3. M&A action out of the commodity world is grabbing headlines, too. Goldcorp Inc. (NYSE:GG) will be bought by Newmont Mining (NEM) for roughly $10 billion, sending GG stock up 10% in pre-market trading.
  4. Traders will have more numbers to digest out of the retail sector, with both Crocs, Inc. (NASDAQ:CROX) and Lululemon Athletica Inc. (NASDAQ:LULU) presenting strong fourth-quarter sales guidance. CROX and LULU stocks have both been strong performers over the past year, and each are higher in electronic trading.
  5. The economic schedule is bare today, but will pick up tomorrow.

stock market news jan 14

China Data Hits Asian Markets Again

Asian markets closed lower after data showed Chinese imports and exports to the U.S. contracted in December, while the mainland's trade surplus with the U.S. rose to a record high last year. China's Shanghai Composite gave back 0.7%, while Hong Kong's Hang Seng dropped 1.4% on pressure from tech giant Tencent, and South Korea's Kospi shed 0.5% as chip stocks struggled. Japan's Nikkei was closed for holiday.

European stocks are lower at midday as weak data from China weighs on mining and energy stocks, while tomorrow's key Brexit vote in the U.K. could also be sparking caution. At last check, London's FTSE 100 is down 0.9%, the French CAC 40 is off 0.8%, and the German DAX is flirting with a 0.6% loss.

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